The U.S. imported a total of 2,675,000 net tons of steel in June 2008, a 7% increase vs. May final data, according to the latest report from the American Iron and Steel Institute (AISI).
The report, which is based on preliminary Census Bureau data, shows that total June imports included 2,068,000 net tons of finished steel, up 1% vs. May final data.
While total and finished steel imports through the first six months of 2008 are down 11% and 13%, respectively vs. the same period in 2007, the monthly average for finished imports in the most recent 3-month period (April to June 2008) is up 2% vs. the monthly average in the previous 3 months (January to March 2008). On an annualized basis, total and finished imports this year are each down 5% vs. 2007, with total annualized imports of steel projected to reach 31.8 million net tons in 2008.
Key products with large increases in June compared to the month before include:
- Wire Rods, +56%
- Sheets & Strip All Other, +53%
- Standard Pipe, +47%
- Cut Length Plates, +27%
- Bars – Hot Rolled, +26 %
- Reinforcing Bar, +18%
Products showing significant increases for the first six months of 2008 vs. the same period in 2007 include Oil Country Goods (+24%) and Line Pipe (+16%).
In June, the largest volume of finished steel imports from offshore was from China (347,000 net tons, up 20% from May). While steel imports from China in the first six months of 2008 are down 40& compared to the same period last year, June saw China register its highest monthly volume of the year. Much of this tonnage is in high-value steel products still receiving government export tax rebates (e.g., OCTG, line pipe and hot-dipped galvanized sheet).
Other major offshore suppliers in June include South Korea (168,000 net tons, down 16% from May), Japan (124,000 net tons, up 5%) and Germany (105,000 net tons, up 29%).
AISI serves as the voice of the North American steel industry in the public policy arena and advances the case for steel in the marketplace as the preferred material of choice. AISI also plays a lead role in the development and application of new steels and steelmaking technology. The Institute comprises 28 member companies, including integrated and electric furnace steelmakers, and 138 associate and affiliate members who are suppliers to or customers of the steel industry.