US Finished Steel Import Market Share Estimated at 23% in August

The American Iron and Steel Institute has reported that steel import permit applications for the month of August 2022 totaled 2.421 million net tons. This was a 7.2% decrease from the 2.610 million net tons permit recorded in July and a 9.5% decrease from the July final imports total of 2.675 million net tons. Import permit tonnage for finished steel in August was 2.063 million net tons, down 9.3% from the final imports total of 2.274 million net tons in July. The estimated finished steel import market share in August was 23%Steel imports with large increases in August permits vs. July final imports include sheets and strip hot dipped galvanized up 33%, heavy structural shapes up 32%, sheets and strip all other metallic coatings up 17% and cold rolled sheets up 14%. In August, the largest steel import permit applications were for Canada at 0.587 million net tons up 8% from July final, Mexico 0.479 million net tons up 4%, South Korea 0.202 million net tons down 28%, Brazil 0.107 million net tons down 58% and Vietnam 0.107 million net tons up 110%.For the first eight months of 2022, total and finished steel imports were 21.889 million net tons & 17.789 million net tons, up 8.4% and 28.5%, respectively, from the same period in 2021. The estimated finished steel import market share is 24% year-to-date.Products with significant year-to date increases vs the same period in 2021 include wire rods up 77%, oil country goods up 65%, standard pipe up 55%, line pipe up 51% and cold rolled sheets up 46%. Through the first eight months of 2022, the largest suppliers were Canada at 4.709 million net tons up 1%, Mexico 3.894 million net tons up 35% and South Korea 1.962 million net tons up 10%.