Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported Tuesday that the US imported a total of 3,250,000 net tons (nt) of steel in February, including 2,240,000 nt of finished steel (up 1.4 percent and down 8.3 percent, respectively, vs. January final data). Year-to-date (YTD) total and finished steel imports are 6,455,000 nt and 4,681,000 nt, respectively, up 26 percent and 16 percent respectively, vs. 2013. Annualized total and finished steel imports in 2014 would be 38.7 and 28.1 million nt, up 21 percent and 13 percent respectively vs. 2013. Finished steel import market share was an estimated 24 percent in February and is estimated at 25 percent YTD.
Key finished steel products with a significant import increase in February compared to January are tin plate (up 52 percent), cut lengths plates (up 52 percent) and plates in coils (up 11 percent). Major products with significant YTD import increases vs. the same period last year include wire rods (up 81 percent), plates in coils (up 79 percent), reinforcing bars (up 53 percent), sheets and strip all other metallic coatings (up 44 percent), hot rolled sheets (up 41 percent), sheets and strip hot dipped galvanized (up 34 percent) and oil country goods (up 26 percent).
In February, the largest volumes of finished steel imports from offshore were all from Asia and Europe. They were from South Korea (376,000 nt, down 13 percent vs. January final), China (176,000 nt, down 8 percent), Japan (152,000 nt, down 12 percent), India (151,000 nt, up 114 percent) and Russia (101,000 nt, up 22 percent). For two months of 2014, the largest offshore suppliers were South Korea (809,000 nt, up 26 percent), China (367,000 nt, up 18 percent), Japan (324,000 nt, up 22 percent), Turkey (300,000 nt, up 20 percent) and India (221,000 nt, up 104 percent).