Steel imports declined in October by 2.5% compared to September according to preliminary government data analyzed by the American Institute for International Steel (AIIS).

"Steel imports declined again in October as demand softened across most product lines. While the increase in imports of structural products might finally be a harbinger of better construction related demand, total imports from our NAFTA partners, reflecting more current demand conditions, dropped even more significantly than the total, Canada, 4.1% and Mexico 10.0%. We believe that this reflects consumers liquidating inventories in late second and early fourth quarter in yet another inventory driven downward cycle during that time frame for domestic and import ordering," said David Phelps, president, AIIS.

Total imports increased in the year-to-date period in 2012 compared to 2011 by 16%. "Demand for steel remains higher in 2012 than in 2011, as most end use markets are healthier in 2012 than 2011 overall. There is considerable concern at this point about a double dip recession stemming from the "fiscal cliff" in 2013 even while another inventory-driven up cycle appears to be gaining momentum for early 2013. The good news at this time is that some market indicators suggest that the construction market is beginning to show some life," concluded Phelps.

Total steel imports in October 2012 were 2.539 million tons compared to 2.603 million tons in September 2012, a 2.5% decrease, and an 8.5% increase compared to October 2011. For the year-to-date period, total imports increased from 24.331 million tons in the first ten months of 2011 to 28.225 million tons in the same 2012 period, a 16% increase. The data show that imported semifinished products increased by 8.8% in October 2012 compared to October 2011, from 442 thousand tons in 2011 to 481 thousand tons in 2012 and for the year to date period increased from 5.724 million tons to 6.288 million tons.