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AIIS: October U.S. Steel Imports Rose Sharply
12/03/2014 - U.S. steel imports rose sharply in October 2014, driven by increases from Brazil, South Korea, and Turkey, according to analysis from the American Institute for International Steel (AIIS).
Total imports increased 12.7% from September to a total of 4.4 million tons. This was nearly 42% higher than the October 2013 amount. Brazil led all countries, sending 642,000 tons to the U.S., more than 42% higher than in the previous month, and almost 58% higher than a year earlier. Imports from South Korea reached 550,000 tons, up 41.4% from September and 30.6% from October of last year, while imports from Turkey jumped more than 88% to 327,000 tons, more than quadruple the amount from the previous October. Trade with North American Free Trade Agreement (NAFTA) partners changed little from month to month, with imports from Canada increasing 3.1% to 547,000 tons, and imports from Mexico dipping 3.3% to 355,000 tons. Those totals, though, were 11.8% and 47.9% higher, respectively, than the October 2013 numbers. Imports from the European Union dipped 7.2% to 604,000 tons, though this was still 46.2% higher than a year earlier.
The E.U. has sent the most steel to the U.S. year to date – 5.74 million tons, nearly 43% more than during the same time in 2013. This represents about one-sixth of the 36.96 million total tons of imports through October. Canada’s 2014 steel sales to the U.S. are up 9.4% to 5.09 million tons, South Korea’s have increased 40.7% to 4.59 million tons, Brazil’s are 21.2% higher at 4.19 million tons, and Mexico’s have jumped 16.8% to 3.17 million tons. Notably, imports from Russia, despite U.S. consternation regarding that country’s involvement in the Ukraine conflict, have spiked 186.5% this year to reach 4.02 million tons.
Semi-finished imports totaled 1 million tons in October, 21.1% more than a year earlier. Through the first 10 months of the year, they have increased nearly 52% to 9.15 million tons.
The October imports increase comes as little surprise with the U.S. economy coming off a strong spring and summer. A 4.6% growth rate in the second quarter was followed by 3.9% growth – recently revised upward from 3.5% – in the third, increasing consumer demand and capital investment. Those who raise a hue and cry about the supposed negative impact of steel imports would do well to consider whether we would be enjoying the same pace of economic growth – and, perhaps, at last, an escape from post-Great Recession sluggishness – without those 37 million tons of steel that the U.S. could not come close to replacing at the same price with domestic production.
The American Institute for International Steel is the only steel-related association that supports free trade. The Institute accomplishes its mission through advocacy, networking, communications, and education.
The E.U. has sent the most steel to the U.S. year to date – 5.74 million tons, nearly 43% more than during the same time in 2013. This represents about one-sixth of the 36.96 million total tons of imports through October. Canada’s 2014 steel sales to the U.S. are up 9.4% to 5.09 million tons, South Korea’s have increased 40.7% to 4.59 million tons, Brazil’s are 21.2% higher at 4.19 million tons, and Mexico’s have jumped 16.8% to 3.17 million tons. Notably, imports from Russia, despite U.S. consternation regarding that country’s involvement in the Ukraine conflict, have spiked 186.5% this year to reach 4.02 million tons.
Semi-finished imports totaled 1 million tons in October, 21.1% more than a year earlier. Through the first 10 months of the year, they have increased nearly 52% to 9.15 million tons.
The October imports increase comes as little surprise with the U.S. economy coming off a strong spring and summer. A 4.6% growth rate in the second quarter was followed by 3.9% growth – recently revised upward from 3.5% – in the third, increasing consumer demand and capital investment. Those who raise a hue and cry about the supposed negative impact of steel imports would do well to consider whether we would be enjoying the same pace of economic growth – and, perhaps, at last, an escape from post-Great Recession sluggishness – without those 37 million tons of steel that the U.S. could not come close to replacing at the same price with domestic production.
The American Institute for International Steel is the only steel-related association that supports free trade. The Institute accomplishes its mission through advocacy, networking, communications, and education.
