US steel import figures higher than last year

US steel import figures higher than last year

According to latest preliminary data announced by Census Bureau, US imported a total of 3'145'000 net tons of steel with an increase of 13.3% versus August 2002 results. 2'493'000 net tons of this amount is finished steel with an increase of 27.2%. Furthermore September 2002 finished steel imports are 29.6% higher than imports effected in September 2001. Imports in the third quarter also increased by 34.5% in total and by 34.9% for finished steel compared to results of second quarter. Year to date total steel import figure is 23'919'000 net tons, 8.2% higher than last year's level. Yet, 17'335'000 net tons of finished steel have been imported since the beginning of 2002, down by 0.9% compared to that of a year ago. Total annualized imports of steel into the US would be 31'892'000 net tons. This is reported to be the fourth highest import year in US history. The American Iron and Steel Institute (AISI) believes that the import surge combined with the domestic production holds the prices in the US from rising despite the increasing trend in the other major markets of the world such as Europe and Asia. AISI's basic complaint is that almost three fourth of the imports are excluded from S201 tariffs with the pressure from the S201 opponents. Year to date figures reveal growth for materials of hot rolled, pressure tubing, semi finished, hot dipped galvanized, plate in coil, and wire rod. Furthermore significant rise is seen in monthly import figures of wire rod, electrolytic galvanized sheet, oil country goods, hot rolled coil and sheet, HDG sheet and strip, cut to length plate. The most significant rise in September compared to August is seen on finished steel imports from China and Turkey.