U.S. steel imports increase significantly in July

According to data from American Steel and Iron Institute (AISI), the U.S. witnessed an increase in steel imports, with total steel imports rising by 12,5% to reach 2.421 million net tons, and imports of finished steel products also increasing by 17,6% to 2.017 million net tons in July. This surge is part of a modest yearly increase, with total and finished steel imports growing by 2,2% and 3,2%, respectively, compared to the same period in 2023.

Specific steel products saw marked increases in their U.S. import volumes for July 2024. Cut length plates, for instance, surged by 131% in imports, while tin plates experienced a 115% increase. Wire rods and cold rolled sheets also showed significant rises in imports, indicating robust demand for these products. Despite these overall increases, the largest supplier, Canada, reduced its shipments to the U.S. by 3%, totaling 542,000 net tons. In contrast, Brazil, another major supplier, increased its exports to the U.S. substantially, up by 33% to 413,000 net tons. Other key suppliers displayed mixed performance levels; South Korea and Mexico saw decreases, while Japan significantly boosted its exports by 74%, reaching 146,000 net tons.

Over the year from August 2023 to July 2024, both total and finished steel imports showed a slight decline, decreasing by 0,7% and 3,0% respectively. The market share for finished steel imports remained stable at 23% in July, as it was over the first seven months of 2024.