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Steel Import Permit Applications Drop 20% in May
06/05/2008 - Steel import permit applications totaled 2,393,000 net tons in May, a 20% decrease compared to April, according to the latest report from the AISI.
Steel import permit applications totaled 2,393,000 net tons in May, according to the latest report from the American Iron and Steel Institute (AISI).
The report, which is based on the U.S. Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data, shows that the total reflects a 20% decrease from the 2,988,000 permit tons recorded in April 2008, and a 19% decrease from the April preliminary imports total of 2,944,000 net tons.
For finished steel, import permit tonnage totaled 1,916,000 net tons in May, a 13% decrease from the preliminary imports total of 2,194,000 net tons in April.
Total YTD steel imports for the first five months of 2008 (including May SIMA and April preliminary), total steel imports were 13,058,000 net tons, down 12% from the 14,772,000 net tons imported in the first five months of last year. Total steel imports for 2008 would annualize at 31.3 million net tons, or 6% below 2007’s 12-month total.
For May 2008, the largest finished steel import permit applications for offshore countries were for China (285,000 net tons), Korea (184,000 net tons), India (123,000 net tons), Japan (113,000 net tons), and Germany (77,000 net tons). Finished steel import permit applications for China increased 58% in May compared to April preliminary imports and were the highest monthly total for 2008 so far.
Product categories that increased in May vs. April preliminary include:
- Hot Dipped Galvanized Sheet & Strip, + 80%
- Oil Country Goods, + 26%
- Heavy Structural Shapes, + 9%
- Tin Plate, + 37%
Significant products that showed a year-to-date increase vs. 2007 include Oil Country Goods (+ 18%) and Line Pipe (+16%).
“Of particular concern are the sharp increases in monthly imports from China and in galvanized sheet, where imports from China were more than one-fourth of total imports of this high value product,” AISI President and CEO Andrew G. Sharkey III, said.
AISI serves as the voice of the North American steel industry in the public policy arena and advances the case for steel in the marketplace as the preferred material of choice. AISI also plays a lead role in the development and application of new steels and steelmaking technology. It is comprised of 30 member companies, including integrated and electric furnace steelmakers, and 138 associate and affiliate members who are suppliers to or customers of the steel industry.
