Steel Import Permit Applications Expand 9% in July
08/07/2008 - Steel import applications totaled 2,916,000 net tons in July, a 9% increase from both the 2,671,000 permit tons recorded in June 2008, and the June preliminary imports total of 2,675,000 net tons.
Steel import applications totaled 2,916,000 net tons in July, according to the latest report from the American Iron and Steel Institute (AISI) — a 9% increase from both the 2,671,000 permit tons recorded in June 2008, and the June preliminary imports total of 2,675,000 net tons.
The report, which is based on the Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data, shows that the July import permit tonnage total included 2,206,000 net tons of finished steel, reflecting an increase of 7% from the preliminary imports total of 2,068,000 net tons in June.
Total YTD steel imports for the first seven months of 2008 (including July SIMA and June preliminary) were 18,791,000 net tons, an 11% decrease from the 21,110,000 net tons imported in the first seven months of last year. Total steel imports for 2008 would annualize at 32.2 million net tons, or 3% below the 2007 12-month total.
For July 2008, the largest finished steel import permit applications for offshore countries were for China (367,000 net tons), Korea (223,000 net tons), Japan (164,000 net tons), Germany (108,000 net tons) and India (85,000 net tons). Finished steel import permit applications for China increased 6% in July compared to June preliminary imports and were the highest monthly total since July of 2007.
Product categories that increased in July vs. the June preliminary include:
- Reinforcing Bar, +45%
- Oil Country Goods, +21%
- Hot Rolled Bar, +19%
- Hot Dipped Galvanized Sheet & Strip, +17%
- Line Pipe, +13%
Products that showed a significant year-to-date increase vs. 2007 include Oil Country Goods (+33%), Line Pipe (+13%), and Hot Rolled Sheet (+6%).
“Imports of finished steel from Asia—and especially China—were up last month and, for the past three months, Asia has overtaken NAFTA countries as the lead supplying region for such imports,” commented Andrew G. Sharkey III, AISI President and CEO.
“We know that the problem of dumped and subsidized imports has not gone away and, above all, we remain concerned about China,” continued Sharkey. “Among our top concerns are currency misalignment and other subsidies, inconsistent steel border measures and raw material export restrictions.”
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. The Institute also plays a lead role in the development and application of new steels and steelmaking technology. AISI comprises 28 member companies, including integrated and electric furnace steelmakers, and 140 associate and affiliate members who are suppliers to or customers of the steel industry.
