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Steel Imports on the Rise Again in January

02/25/2004 - Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported that imports of steel into the United States were up 35% over December 2003 imports. Finished steel imports were up by 24% over the same time period. This was the highest figure for total steel imports since January 2003 and the highest figure for finished steel imports since March of last year.

Steel imports
Jan. '04 Net Tons
Change since Dec. '03
Total
2,304,000
+35%
Finished
1,655,000
+24%

Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported that imports of steel into the United States were up 35% over December 2003 imports. Finished steel imports were up by 24% over the same time period. This was the highest figure for total steel imports since January 2003 and the highest figure for finished steel imports since March of last year.

Steel products registering large increases compared to December 2003 included:

"Because this raw materials crisis is global, steel users around the world are experiencing similar increases in their steel costs."

David S. Sutherland,
President and CEO of Ipsco
and Chairman of AISI
  • Concrete rebars and rods, up 119%.
  • Semi-finished steel, up 75%.
  • Plates, cut-length, up 66%.
  • Wire rods, up 58%.
  • Hot rolled sheets, up 30%.
  • Oil country goods, up 150%.
  • Line pipe, up 80%.
  • Standard pipe, up 22%.

    Against the background of sharply escalating costs for raw materials for steel producers everywhere, average import customs values in January rose for many finished steel products, according to current independent, publicly available sources. Average U.S. spot prices for hot and cold rolled sheet also rose, according to Purchasing Magazine data. Despite the significant increases in raw material costs, the U.S. price of steel today is below what it is in many other major markets.

    David S. Sutherland, President and CEO of IPSCO and Chairman of AISI, stated that, “The January import data reflect a changing world steel market. Steel producers in the U.S. and NAFTA region are doing all we can to search aggressively for raw materials and substitutes so that we can meet our customers’ needs for steel. Because this raw materials crisis is global, steel users around the world are experiencing similar increases in their steel costs. We will continue to work closely with our customers to implement a pro-manufacturing agenda for the U.S. and North America as a whole. The place to start is by insisting that the government of China significantly revalue its undervalued currency.”

    Andrew G. Sharkey III, AISI President and CEO, said that, “Manufacturing in the U.S. and NAFTA region remains in trouble. Our $500 billion U.S. trade deficit is not sustainable. Against the background of growing exports of jobs, a pro-competitive tax policy and much more aggressive trade policy must be part of the solution.“