US' steel exports inched up two percent in May

The American Institute for International Steel (AIIS) reported Wednesday that steel exports from the United States increased by nearly two percent in May over April, but were down 46 percent compared to May 2008, when exports were at record levels.

“Exports in May show some reason for optimism for the international steel market, as export shipments to non-NAFTA Western-Hemisphere countries increased by over 15 percent month on month, while improved shipments to China, India and Vietnam helped contribute to an increase of over 24 percent for all of Asia,” David Phelps, president of AIIS. Exports to Africa also continued to be strong, increasing again in May compared to April by 147 percent and also 45 percent higher than the 2008 total.

“Many economists and steel analysts have predicted that the developing world, especially China and India, could drive the world economy out of the current recession and these data show with the increases to the developing world that, for steel, maybe that trend is emerging. With US domestic steel shipments still running behind 2008 by over 53 percent and the US market registering more than a 50 percent decline in apparent supply, these increases are a welcome bit of sunshine for the domestic mills and international trading companies. We hope the trend continues” concluded Phelps.

Total steel exports in May 2009 were 627,000 tons compared to 617,000 tons in April 2009, a 1.7 percent increase, and a 46 percent decrease compared to May 2008, reported AIIS. According to year-to-date figures, exports decreased 38.7 percent compared to 2008 or from 5.3 million tons in 2008 to 3.2 million tons in 2009.