US Steel Imports in Jan-Jul’20 Shrink by 19%
Based on preliminary Census Bureau data, the American Iron and Steel Institute reported that the US imported a total of 2,690,000 net tons of steel in July 2020, including 1,367,000 net tons of finished steel (up 92.0% and 3.6%, respectively, vs. June final data). Through the first seven months of 2020, total and finished steel imports are 15,088,000 and 10,010,000 net tons, down 19.2% and 26.1%, respectively, vs. the same period in 2019. Annualized total and finished steel imports in 2020 would be 25.9 and 17.2 million net tons, down 7.4% and 18.5%, respectively, vs. 2019. Finished steel import market share was an estimated 20% in July and is estimated at 19% over the first seven months of 2020. Key finished steel products with a significant increase in imports in July compared to June are reinforcing bars (up 61%), tin free steel (up 61%), heavy structural shapes (up 51%), tin plate (up 43%) and hot dipped galvanized sheets and strip (up 35%). A product with a significant year-to date (YTD) increase vs. the same period in 2019 was tin free steel (up 29%).
In July the largest volumes of finished steel imports from offshore were from South Korea (158,000 net tons, down 15% from June final), Brazil (88,000 net tons, up 286%), China (60,000 net tons, up 53%), Turkey (52,000 net tons, up 76%) and Japan (50,000 net tons, down 17%). For the first seven months of 2020, the largest offshore suppliers were South Korea (1,282,000 net tons, down 21% vs. the same period in 2019), Japan (484,000 net tons, down 40%), Germany (422,000 net tons, down 39%), Turkey (375,000 net tons, up 80%) and Brazil (373,000 net tons, down 6%). Below are charts on estimated steel import market share in recent months and on finished steel imports from offshore by country.
Source : STRATEGIC RESEARCH INSTITUTE