US steel imports reach highest level in August

US steel imports reach highest level in August

According to the preliminary data released by the US Commerce Department, US steel imports were recorded as 3.1 million mts in August, indicating a rise of 8.6% compared to the previous month's result. August tonnage includes 2.5 million mts of finished steel with a 5.7% rise compared to the previous month. These were the highest import levels since August 2000. Year-to-date imports in both categories rose by 41% compared to the same period of last year. It is reported that the sharp increase in imports supports the need to continue import monitoring and enhance the existing system. In the first seven months of 2004, finished steel imports were up by 34% compared to the corresponding period of last year. This rate indicates a two-fold increase against 16% rise in steel consumption. As a result, steel import penetration in the US in this period has increased from 16.6% to 19.2%. From July to August, the change in steel imports reflects increases in blooms, billets, slabs, reinforcing bars, standard pipe and hot rolled sheets. Monthly changes in steel imports indicate increases from Russia, China, Taiwan, Canada and Mexico. In the first seven months of 2004, steel imports reached 17 million mts against 12.7 million mts recorded in the corresponding period of last year. The largest commodity increases were in blooms, billets, slabs, wire rods, reinforcing bars and hot rolled sheets. The largest country exporters to the US were Brazil, Turkey, Russia and Mexico. The data shows that Turkey has exported 128'820 mts of finished steel to the US in August. This pace was 50.7% lower compared to June. Major import quantities of finished steel into US appear to be coming from EU, Canada, China, Russia and Mexico.