Preliminary Census Bureau data show that steel imports to the US in August dropped 19 percent month on month to 2.3 million net tons (nt).
Steel imports to the US in August 2008 were 2.35 million nt compared to 2.91 million nt in July 2008, i.e. a 19.4 percent decrease, and an 11.4 percent decrease compared to August 2007. Year-to-date imports decreased 10.8 percent compared to 2007, dropping from 23.8 million nt in 2007 to 21.2 million nt in 2008.
China was the largest source of steel imports in August, at 485,000 nt, up 37 percent from July. Steel imports from China for the most recent three-month period (June-August) were up 70 percent compared to the previous three months (March-May).
Not surprisingly, two industry groups which have two very different stances on imports, the American Iron and Steel Institute (AISI) and the American Institute for International Steel (AIIS), had very different takes on the increases in Chinese imports. AISI's press release on the August import tonnage stated with regard to the increase in Chinese imports over the June-August period, "Much of this tonnage is in high-value steel products still receiving government export tax rebates (e.g., OCTG, line pipe and hot-dipped galvanized sheet)."
In contrast, AIIS president Dave Phelps said in the organization's press release on the August imports, "Increased arrivals from China reflected the energy market's insatiable demand for pipe and tube products. Demand for many of those products remains in short supply, according to the most recent AIIS monthly survey of importers."