Steel Imports Slip 19% in August
09/24/2008 - The U.S. imported a total of 2,346,000 net tons of steel in August 2008, a 19% drop compared to July final data according to the latest report from AISI.
The U.S. imported a total of 2,346,000 net tons of steel in August 2008, according to the latest report from the American Iron and Steel Institute (AISI). Total August steel imports reflect a 19% drop compared to July final data
The report, which is based on preliminary Census Bureau data, shows that the total included 1,958,000 net tons of finished steel, reflecting a 13% decrease vs. July final data.
While total and finished steel imports through the first eight months of 2008 are down 11% and 12%, respectively, vs. the same period in 2007, the monthly average for finished steel imports in the most recent 3-month period (June to August 2008) is up 1% vs. the monthly average in the previous 3 months (March to May 2008). On an annualized basis, total and finished steel imports are down 4% and 5%, respectively, vs. 2007, with total annualized imports of steel projected to reach 31.8 million net tons in 2008.
A key product with a large increase in August compared to the month before is Hot Rolled Bars, which is up 17%. Products with significant increases for the first eight months of 2008 vs. the same period in 2007 include Oil Country Goods (+42%), Line Pipe (+10%) and Hot Rolled Bars (+9%).
In August, the largest volume of finished steel imports from offshore was from China (485,000 net tons, up 37% from July). While steel imports from China in the first eight months of 2008 are down 30% compared to the same period last year, Chinese imports for the most recent 3-month period (June to August) are up 70% compared to the prior 3 months (March to May). According to the AISI report, much of this tonnage is in high-value steel products still receiving government export tax rebates, such as OCTG, line pipe and hot-dipped galvanized sheet).
Other major offshore suppliers in August include Japan (171,000 net tons, up 13% from July), South Korea (166,000 net tons, down 35%), Germany (69,000 net tons, down 35%) and Ukraine (60,000 net tons, up 34%).
Other major offshore suppliers in August include Japan (171,000 net tons, up 13% from July), South Korea (166,000 net tons, down 35%), Germany (69,000 net tons, down 35%) and Ukraine (60,000 net tons, up 34%).
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. AISI comprises 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.
