AIIS: Steel Imports Plummet in December
01/28/2013 - Steel imports declined 13.9% in December 2012 compared to November according to preliminary government data analyzed by the American Institute for International Steel (AIIS).
Steel imports declined 13.9% in December 2012 compared to November according to preliminary government data analyzed by the American Institute for International Steel (AIIS).
“Imports plummeted in December compared to November as many buyers backed out of the market when these products were ordered and instead minimized inventory as the end of the year approached. Steel buyers, like many in manufacturing in other sectors, also reacted cautiously as the so-called fiscal cliff approached at the end of the year. It is likely that import arrivals will remain at lower levels for some months due to the uncertainty caused by the fiscal cliff,” said David Phelps, president of AIIS.
Steel imports increased by 16.9% in 2012 compared to 2011 based on the preliminary December import data. “Steel imports in 2012 continued their advance from the depths of the Great Recession as domestic steel markets improved. Conditions in the auto, oil and gas as well as durable goods markets continued to improve in 2012 and the improvement is reflected in the healthier import numbers for the year. The 14.5% increase in semifinished steel imports used by the domestic steel industry underscores the improvement in market conditions in 2012. The still-struggling non-residential construction market remains weak and as a result both domestic industry shipments and imports remain below robust levels,” concluded Phelps.
Total Steel imports in December 2012 were 2.338 million tons compared to 2.716 million tons in November 2012, a 13.9% decrease, and a 13.3% increase compared to December 2011. For the full year, total imports increased from 28.515 million tons in 2011 to 33.347 million tons in 2012, a 16.9% increase. The data show that imported semifinished products increased by 40.6% in December 2012 compared to December 2011, from 487 thousand tons in 2011 to 685 thousand tons in 2012 and for the full year from 6.681 million tons in 2011 to 7.648 million tons in 2012.
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