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Steel Import Permits Up 24% in March
04/07/2011 - Steel import applications reached a total of 2,378,000 net tons for the month of March, a 24% increase from the 1,914,000 permit tons recorded in February according to the latest report from AISI.
Steel import applications reached a total of 2,378,000 net tons for the month of March, according to the latest report from American Iron and Steel Institute (AISI). The March total represents a 24% increase from the 1,914,000 permit tons recorded in February and a 34% increase from the February preliminary imports total of 1,777,000 net tons.
The report, which is based on the Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data, shows that the March total included import permit tonnage of 1,812,000 net tons for finished steel, up 32% from the preliminary imports total of 1,371,000 net tons in February.
While February was a 28-day month compared to 31 days for March, the March total for SIMA finished steel permits was the highest monthly amount in over 2 years. On a quarterly basis, finished steel imports were 7% higher in the first quarter than in the fourth quarter of 2010.
March 2011 total steel import permit tons would annualize at 25,087,000 net tons, up 5% from the 23,929,000 net tons, while finished steel import permit tons would annualize at 19,536,000 net tons, up 4% from the 18,857,000 net tons imported in 2010. The estimated finished steel import market share in March rose to 22%.
In March, the largest finished steel import permit applications for offshore countries were for Korea (235,000 net tons, up 29% from February), Japan (113,000 net tons, down 8%), Germany (92,000 net tons, up 42%), Turkey (73,000 net tons, up 5%) and China (70,000 net tons, up 45%).
Finished steel import permits for major products that registered large increases in March vs. the February preliminary include
· Heavy structural shapes, up 143%
· Cold rolled sheets, up 59%
· Hot dip galvanized sheet and strip, up 47%
· Oil country goods, up 43%
· Hot rolled bars, up 33%
· Hot rolled sheets, up 28%
“Finished steel imports increased significantly in March, and they outpaced the continued gains in domestic steel production,” stated AISI President and CEO Thomas J. Gibson, commenting on the March 2011 SIMA data. “As a result, the estimated steel import market share in March rose to its highest level since October 2010.
“In an environment of a still fragile recovery, in which domestic steel producers are operating at less than 75% of capacity utilization, strong trade law enforcement remains critical,” added Gibson.
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. The Institute comprises 25 member companies, including integrated and electric furnace steelmakers, and 140 associate and affiliate members who are suppliers to or customers of the steel industry.
