US steel exports up 12 percent in June

US exports of steel increased in June compared to May by 12.4 percent, reported the American Institute for International Steel (AIIS) Monday.

“The improvement in exports was driven by the increase in exports to Asia and non-NAFTA Western Hemisphere, US steel mills and steel trading companies benefited from improving economic conditions in China, India and some countries in Latin America. In addition, exports to Africa continued to run ahead of even record level tonnages in 2008, almost a 100 percent increase,” said David Phelps, president of AIIS.

Total steel exports from the US in June 2009 were 706,000 net tons compared to 628,000 nt in May 2009, a 12.4  percent increase, and a 42 percent decrease compared to June 2008, AIIS reported. According to year-to-date figures, exports decreased 39 percent compared to 2008 or from 6.5 million nt in 2008 to four million nt in 2009.

“While one month does not make a trend, many steel analysts believe that China, India and other developing countries will lead the world economy out of the steel recession. With exports to China and India increasing month on month by 21.4 percent and 75.3 percent respectively, the June data provide a ray of hope that we have turned the corner on the world-wide steel recession,” concluded Phelps.