According to the latest data released by the US Department of Commerce, US slab imports increased by 3.8% in February, totaling 394,717 mt. This marked a significant increase compared to January's figures and a massive 37.8% increase compared to January last year.
The value of imports during this period, slab imports totaled $268.7 million in February 2024, reflecting a significant increase from previous months, reflecting the growing demand for steel products in the US market.
Brazil emerged as the main source of US slab imports in February, accounting for a significant share of total imports, exporting 341,420 mt. This increase in imports from Brazil points to the solid trade relationship between the two countries in the steel sector.
Other major contributors to slab imports in February were Canada with 32,847 mt and Mexico with 20,449 mt.
Factors such as the increase in steel imports, infrastructure projects and construction activities emphasize the demand for steel products in the US. As the US moves forward in its economic recovery and industrial growth, steel imports continue to play an important role in meeting domestic demand and supporting various sectors of the economy.
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