AIIS: U.S. Steel Imports Fell 2% in December
03/04/2015 - Steel imports declined slightly in December, marking the second straight monthly decrease, the American Institute for International Steel (AIIS) reported.
Imports fell to 3.62 million tons in December, 2% lower than in November. This followed an 18.2% drop the previous month. December imports were still 44.4% higher than they were a year earlier, though.
The most notable decrease was in imports from South Korea, which fell 10.6% from November to 418,000 tons. Russia had the most significant increase – 28.7% to 376,000 tons, which was more than double the December 2013 total. Several of the United States’ major Western Hemisphere trading partners increased their steel shipments to the U.S., with Canada up 3.4% to 487,000 tons, Brazil 7.2% to 430,000 tons, and Mexico 2.3% to 270,000 tons. Imports from the European Union, however, fell 5.2% to 677,000 tons. Steel imports from Japan, meanwhile, increased nearly 16% to 225,000 tons.
For all of last year, imports of 44.32 million tons were 37.8% higher than they were in 2013. Canada accounted for more than any other single country – 6.05 million tons, 10.4% more than a year earlier. South Korea was next at 5.48 million tons (a 43.7% increase), followed by Brazil at 5.03 million tons (20.8%), Russia at 4.69 million tons (152.7%), and Mexico at 3.71 million tons (16.2%). Imports from the European Union increased 46.8% to 7.14 million tons.
Semi-finished imports totaled 679,000 tons in December, up nearly 10% from a year earlier, and 10.59 million tons in 2014, up 44.6% from the previous year.
Notwithstanding the slowdown in November and December, 2014 was clearly a strong year for steel imports. This resulted, at least in part, from a strengthening U.S. economy and sluggish economic performance in many other parts of the world. We may see some significant changes in the U.S. energy sector in 2015, though, as falling oil prices lead companies to roll back drilling and fracking projects, reducing the demand for oil country tubular goods and line pipe. This could mean that the downward trend in steel imports that started in November will continue, and, when combined with weak demand outside the United States, this has the potential to push down the global price of steel this year.
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 most notable decrease was in imports from South Korea, which fell 10.6% from November to 418,000 tons. Russia had the most significant increase – 28.7% to 376,000 tons, which was more than double the December 2013 total. Several of the United States’ major Western Hemisphere trading partners increased their steel shipments to the U.S., with Canada up 3.4% to 487,000 tons, Brazil 7.2% to 430,000 tons, and Mexico 2.3% to 270,000 tons. Imports from the European Union, however, fell 5.2% to 677,000 tons. Steel imports from Japan, meanwhile, increased nearly 16% to 225,000 tons.
For all of last year, imports of 44.32 million tons were 37.8% higher than they were in 2013. Canada accounted for more than any other single country – 6.05 million tons, 10.4% more than a year earlier. South Korea was next at 5.48 million tons (a 43.7% increase), followed by Brazil at 5.03 million tons (20.8%), Russia at 4.69 million tons (152.7%), and Mexico at 3.71 million tons (16.2%). Imports from the European Union increased 46.8% to 7.14 million tons.
Semi-finished imports totaled 679,000 tons in December, up nearly 10% from a year earlier, and 10.59 million tons in 2014, up 44.6% from the previous year.
Notwithstanding the slowdown in November and December, 2014 was clearly a strong year for steel imports. This resulted, at least in part, from a strengthening U.S. economy and sluggish economic performance in many other parts of the world. We may see some significant changes in the U.S. energy sector in 2015, though, as falling oil prices lead companies to roll back drilling and fracking projects, reducing the demand for oil country tubular goods and line pipe. This could mean that the downward trend in steel imports that started in November will continue, and, when combined with weak demand outside the United States, this has the potential to push down the global price of steel this year.
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.
