According to a recent report by the American Institute for International Steel (AIIS), imports increased to 2.2 million tons in May from 2.1 million tons in April based on preliminary government reporting. "These data reflect market conditions in the first quarter when market prices were rising and lead times at domestic mills lengthening," said David Phelps, president, AIIS.
"Of the month to month increase in imports, nearly half was made up of increased imports of semifinished steel used by the domestic industry. Moreover, 83 percent of the increase in total imports for the year to date period reflects increased purchases of semifinished steel, as domestic producers imported more steel in response to improved market conditions," concluded Phelps.
For the month of May, total steel imports were 2.2 million tons compared to 2.07 million tons in April, reflecting a 7.1 percent month-on-month increase. This also reflects a 115.1 percent year-on-year increase compared to May 2009. According to year-to-date figures, imports increased 23.7 percent compared to 2009 or from 7.8 million tons in 2009 to 9.6 million tons in 2010. The data show that imported semifinished products increased by 2704.0 percent in April 2010 as compared to April 2009. For the year-to-date period, semifinished imports increased from 515 thousand tons in 2009 to 2,046 thousand tons in 2010, a 297.2 percent increase, based on preliminary reporting.