AIIS: U.S. Steel Imports Slip to 3.67 Million Tons in August
09/26/2014 - U.S. steel imports in August 2014 remained well above their level of a year earlier, even as they dipped below the July numbers, according to analysis from the American Institute for International Steel (AIIS).
Imports decreased 5% from July to total 3.67 million tons in August. Imports from South Korea and Brazil showed the biggest declines, with the former falling nearly 24% to 450,000 tons and the latter dropping more than 29% to 312,000 tons. As for the NAFTA countries, Canadian imports were down 5.7% to 497,000 tons, while Mexican imports were up 11% to 326,000 tons. Imports from the European Union fell 8.2% to 583,000 tons.
Notwithstanding the month-to-month decreases, major trading partners increased their steel shipments to the United States relative to August 2013. Brazil was the exception, with imports from that nation almost 22% below the amount from a year earlier. Overall, imports were 27.4% higher in August 2014 than they were in August 2013.
The year-to-date import total was up 35.5% compared to the first eight months of 2013 to total 28.63 million tons. Imports from Russia increased 243% year-over-year, while the U.S. bought 46% more steel from South Korea. Imports from the European Union were up 41.4%, Mexico 10.7% and Canada 8%.
Semifinished imports increased by one-third in the past year to reach 899,000 tons in August. Year-to-date, though, they are 7.2% lower than they were through the first two-thirds of 2013.
The decrease in South Korean imports in August may be repeated in coming months. On Aug. 22, the U.S. International Trade Commission confirmed a Commerce Department ruling that found that South Korean companies had sold oil country tubular goods in the U.S. at what it considered to be less than fair value prices. As a result, duties are to be imposed on steel products from that country. Notably, about a month later, The Wall Street Journal published a story about how U.S. Steel is becoming more efficient and more competitive through a series of internal reforms. This approach recognizes and responds to underlying competitive challenges and doesn't rely on branding legitimate price competition from imports as "unfair."
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.
Notwithstanding the month-to-month decreases, major trading partners increased their steel shipments to the United States relative to August 2013. Brazil was the exception, with imports from that nation almost 22% below the amount from a year earlier. Overall, imports were 27.4% higher in August 2014 than they were in August 2013.
The year-to-date import total was up 35.5% compared to the first eight months of 2013 to total 28.63 million tons. Imports from Russia increased 243% year-over-year, while the U.S. bought 46% more steel from South Korea. Imports from the European Union were up 41.4%, Mexico 10.7% and Canada 8%.
Semifinished imports increased by one-third in the past year to reach 899,000 tons in August. Year-to-date, though, they are 7.2% lower than they were through the first two-thirds of 2013.
The decrease in South Korean imports in August may be repeated in coming months. On Aug. 22, the U.S. International Trade Commission confirmed a Commerce Department ruling that found that South Korean companies had sold oil country tubular goods in the U.S. at what it considered to be less than fair value prices. As a result, duties are to be imposed on steel products from that country. Notably, about a month later, The Wall Street Journal published a story about how U.S. Steel is becoming more efficient and more competitive through a series of internal reforms. This approach recognizes and responds to underlying competitive challenges and doesn't rely on branding legitimate price competition from imports as "unfair."
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.
