US imports continue downward trend in June

US imports continue downward trend in June

The US Commerce Department released steel imports for the month of June 2003. Based on this data, the US imports dropped 36% from the last year same month figures. Accordingly, the steel imports decreased to 1.6 million metric tons from 2.5 million metric tons imported in June 2002. Furthermore, US companies imported 1.7 million tons of steel in May 2003. The imports were valued at $800 million in June against $900 million in May 2003. However, in the beginning of the year, the imports amounted to 2.3 million metric tons worth $1 billion in January. According to the AISI officials, the declining imports are in relation to the weak market and the depreciation of the US Dollar. The report released by the US Commerce Department emphasizes that the steel safeguard remedies brought into effect by the Bush administration are showing their effects on the steel imports. In addition, June 2003 import figures dropped 5.9% from the May 2003 due to decrease seen in blooms, billets, slabs and hot rolled sheets, basically from Australia, South Africa and Brazil. The Jan-May 2003 final figures revealed that US companies imported 9.3 million metric tons of steel which was decreased by 1.7 million metric tons from the same period last year. The largest commodity decreases were in blooms, billets, slabs and reinforcing bars while the largest commodity increase was in hot rolled sheets. Furthermore, the largest country decreases were in Brazil, Russia and Japan and the largest country increase was in Mexico.