The American Iron and Steel Institute (AISI), using preliminary Census Bureau data, reported that US steel imports totaled 2.067 million net tons (NT) in November 2024, a 13,7% decline from October. Finished steel imports also fell to 1.593 million NT, marking a 13,5% monthly decrease. Despite this drop, total steel imports for the year to date showed a 2,5% increase compared to 2023, with finished steel imports rising by 3,0%. Over the 12-month period from December 2023 to November 2024, imports of total and finished steel rose by 1,9% and 1,6%, respectively, compared to the previous 12 months.
Some steel products experienced significant increases in November, even as overall imports declined. Oil country goods saw a 45% rise in import volume, while sheet and strip products coated with other metallics grew by 33%, and line pipe imports increased by 22%. Looking at the 12-month period ending in November, sheets and strips coated with other metallics showed a 46% increase, while hot-dipped galvanized sheets rose by 36%. Imports of cold-rolled sheets and tin plate increased by 24% and 23%, respectively, while wire rods grew by 19%.
In November, Canada was the largest supplier of steel to the US, providing 475,000 NT, a 13% decrease from October. Brazil followed with 306,000 NT, down 16%, and Mexico contributed 282,000 NT, a 22% decline. Conversely, South Korea and Vietnam showed growth, with imports rising by 10% and 18%, respectively. Over the 12-month period, Canada remained the top supplier with 6.575 million NT, while Brazil and Vietnam experienced notable increases of 29% and 136%, respectively. The market share of finished steel imports was 21% in November and averaged 23% for the first eleven months of 2024.
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