The U.S. imported a total of 1,987,000 net tons of steel in December 2008, a 17% decrease vs. November 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 the total included 1,771 ,000 net tons of finished steel, a 20% decrease vs. November final data.
Total and finished steel imports reached 31.8 million net tons and 25.9 million net tons in 2008, respectively, reflecting decreases of 4% and 3%, respectively, vs. the same period in 2007. However, the 4Q monthly average for finished steel imports was the same as it was in the first 9 months, even as sharply deteriorating market conditions caused monthly average 4Q domestic shipments to decline by 38% compared to the monthly average of the prior three quarters. As a result, while finished steel import market share was an estimated 24% for 2008 as a whole, this imports’ share rose to 32% in the last quarter of the year.
Key products with large increases in 2008 compared to the year before included Oil Country Goods (+104%), Plates in Coils (+17%) and Hot Rolled Bars (+12%).
In December, the largest volume of finished imports from offshore was from China (476,000 net tons, down 21% from November), accounting for 27% of all finished imports. Finished steel imports from China in 2008 were in excess of 4.8 million net tons, which was 4.7% above 2007. This was also more than twice the import tonnage of any other offshore supplier. In addition, finished steel imports from China increased by over 100% in the second half of 2008 vs. the first half of the year. Finished steel imports from China in the second half of 2008 would annualize at 6.4 million net tons, which is about 1 million net tons more than the record 2006 import tonnage from China. Much of the second half 2008 import surge from China was in tubular and other high-value products still receiving substantial government export tax rebates.
Other major offshore suppliers in December included Korea (111,000 net tons, down 52% from November), India (108,000 net tons, up 85%), Japan (107,000 net tons, down 27%), Germany (83,000 net tons, up 14%) and Turkey (72,000 net tons, down 54%).
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. AISI comprises 25 member companies, including integrated and electric furnace steelmakers, and 138 associate and affiliate members who are suppliers to or customers of the steel industry.