US Finished Steel Imports in Jan-Oct 2020 Shrink by 26% YoY
Based on preliminary Census Bureau data, the American Iron and Steel Institute reported today that the US imported a total of 1,502,000 net tons of
steel in October 2020, including 1,244,000 net tons of finished steel, up 19.6% and 6.6%, respectively MoM. Through the first ten months of 2020, total and finished steel imports are 19,149,000 net tons and 13,612,000 net tons, down 22.8% and 25.9%, respectively YoY. Annualized total and finished steel imports in 2020 would be 23.0 and 16.3 million net tons, down 17.7% and 22.4%, respectively vs 2019. Finished steel import market share was an estimated 18% in October and is estimated at 18% over the first ten months of 2020.
Key finished steel products with a significant increase in imports in October compared to September are oil country goods up 105.9%, reinforcing bars up 95.4%, cold rolled sheets up 41.2%, heavy structural shapes up 37.1%, wire rods up 35.8%, hot rolled bars 31.3% and wire drawn up 16.2%. MoM decrese is reported for tin plate minus 23.9%, standard pipe 21.3%, sheets hot rolled14.9%, plates in coils 14.7% & line pipe 11.1%. In October the largest volumes of finished steel imports from offshore were from South Korea 146,000 net tons up 17% from September final, Japan 78,000 net tons up 32%, Turkey 68,000 net tons up 943%, Germany 67,000 net tons up 31% and Brazil 34,000 net tons up 5%.
For the first ten months of 2020, the largest offshore suppliers were South Korea 1,664,000 net tons down 25% vs. the same period in 2019, Japan 665,000 net tons down 39%, Germany 592,000 net tons down 35%, Turkey 496,000 net tons up 75% and Taiwan 487,000 net tons down 37%.