According to the latest data, flat-rolled steel prices in the US accelerated their downward trend in June. Hot rolled coil prices have recorded a huge decline of 9% since February, while cold rolled coil and galvanized sheet prices have decreased by 6% and 4% respectively.
Imports from Vietnam stand out as a determining factor in price declines in the local market. In the second quarter of 2024, the gap between US steel prices and global market prices widened significantly, leading to increased import demand. It has been confirmed that the increasing import trend in March and April continued in May.
Flat coil steel imports, especially from Vietnam, have increased significantly since the beginning of 2024. In the first five months of the year, the average monthly import volume increased by 453% compared to the same period of the previous year. While the basis of this increase was galvanized sheet imports, cold rolled coil imports also increased significantly. As of March, Vietnam has become the second largest galvanized sheet supplier of the USA, replacing Mexico.
According to May data, Vietnam's steel imports to the US accounted for more than 23% of the total. This situation shows the impact and importance of imports from Vietnam on the US steel market.
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