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July Imports Reach Second-Highest Monthly Total for 2007

08/29/2007 - The U.S. imported a total of 3,222,000 net tons of steel in July 2007—including 2,452,000 net tons of finished steel—according to the latest report from the American Iron and Steel Institute. Total and finished steel imports reflect a 6% and 2% increase, respectively, compared to June’s final data.

The U.S. imported a total of 3,222,000 net tons of steel in July 2007 according to the latest report from the the American Iron and Steel Institute (AISI).
 
The report, which is based on preliminary Census Bureau data, shows that the July total includes 2,452,000 net tons of finished steel. Total and finished steel imports reflect a 6% and 2% increase, respectively, compared to June’s final data.  
 
Total imports in July were the second-highest monthly total for the year. While overall imports for the year-to-date have declined vs. the all-time record year of 2006, total and finished steel imports through the first seven months of 2007, on an annualized basis, are still 12 and 15% higher, respectively, vs. 2005, which itself saw significant import levels. In addition, the three-month rolling average of finished imports (monthly average of last 3 months vs. previous 3 months) is up by 12%.
 
Large increases in July 2007compared to the previous month include
  • Sheets and strip (all other metallic coated), +45%
  • Cut-length plates, +42%
  • Reinforcing bars, +23%
  • Line pipe, +22%
  • Semi-finished steel (used primarily by converters and processors), +21%  
In July, finished steel imports from China (again) exceeded those from all other foreign suppliers, including Canada. The five largest offshore suppliers of finished steel in June were China (484,000 net tons, down 5% vs. June), South Korea (199,000 net tons, up 3%), Taiwan (155,000 net tons, up 96%), Japan (144,000 net tons, up 21%) and Brazil (118,000 net tons, up 8%). 
 
“Despite high inventories and slowing demand in some segments, the U.S. market remains very attractive to foreign producers, including those in non-market economies with a history of shipping dumped and subsidized product to the United States,” said AISI Chairman Ward J. Timken Jr., who is Chairman of the Timken Board of Directors. “When Congress returns from August recess, we will continue to work with lawmakers and other industries in support of a legislative agenda that includes strengthening our trade laws at the core.”