The American Iron and Steel Institute (AISI) reported Wednesday that based on the Commerce Department's most recent Steel Import Monitoring and Analysis (SIMA) data, steel import permit applications in March totaled 3.14 million net tons (nt)--a 22 percent increase from permit tons in February and a 17 percent increase from the February preliminary imports total of 2.7 million nt. Import permit tonnage for finished steel in March was 2,275,000 nt, up 11 percent from the preliminary imports total of 2.05 million nt in February. On a quarterly basis, finished steel imports in Q1 2012 were 27 percent higher than in Q4. March 2012 total and finished steel import permit tons would annualize at 34.6 million nt and 26.1 million nt, up 21 percent and 20 percent, respectively, compared to 2011. The estimated finished steel import market share in March was 23 percent.
In March, the largest finished steel import permit applications for offshore countries were for: Korea (282,000 nt and down 6 percent from February); Turkey (263,000 nt and up 39 percent); Japan (190,000 nt and up 15 percent); China (114,000 nt and up 24 percent); and Germany (106,000 nt and up 32 percent). Looking at the entire first quarter as a whole compared to the same period last year, there are particularly notable increases for the three largest offshore suppliers. Based on first quarter 2012, Korea would annualize at 2.8 million tons, up 31 percent versus 2011; Turkey--2.4 million tons annualized and up 222 percent; and Japan--2.0 million tons annualized and up 35 percent.
Meanwhile, finished steel import permits for products that registered large increases in March compared to February include rebar (up 76 percent); line pipe (up 63 percent); standard pipe (up 29 percent); and cut length plate (up 9 percent). Major products with year-to-date increases versus the same period in 2011 include rebar (up 114 percent), line pipe (up 67 percent), plates in coils (up 54 percent) and cut length plate (up 52 percent).