Finished Import Market Share YTD at 22%
Washington, D.C. – Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported today that the US imported a total of 2,467,000 net tons (NT) of steel in February 2024, including 1,741,000 net tons (NT) of finished steel (down 3.2% and 9.2%, respectively, vs. January 2024). Total and finished steel imports are up 2.4% and down 2.5%, respectively, year-to-date vs. 2023. Over the 12-month period March 2023 to February 2024, total and finished steel imports are down 6.5% and 12.5%, respectively, vs. the prior 12-month period. Finished steel import market share was an estimated 21% in February and is estimated at 22% over the first two months of 2024.
Key steel products with a significant import increase in February compared to January are reinforcing bars (up 155%), tin plate (up 34%), blooms, billets and slabs (up 15%), standard pipe (up 11%) and sheets and strip hot dipped galvanized (up 11%). Products with a significant increase in imports over the 12-month period March 2023 to February 2024 compared to the previous 12-month period include cut lengths plates (up 27%) and ingots, billets and slabs (21%).
In February, the largest suppliers were Canada (537,000 NT, down 14% vs. January), Brazil (506,000 NT, up 8%), Mexico (328,000 NT, down 17%), South Korea (185,000 NT, down 6%) and Taiwan (85,000 NT, up 38%). Over the 12-month period March 2023 to February 2024, the largest suppliers were Canada (6,918,000 NT, no change compared to the previous twelve months), Brazil (4,169,000 NT, up 56%), Mexico (4,070,000 NT, down 21%) , South Korea (2,654,000 NT, down 5%) and Japan (1,188,000 NT, down 6%). Below are charts on steel imports by country and estimated finished steel import market share in recent months.
Read the full statistical report here.
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Contact: Lisa Harrison
202.452.7115 / [email protected]
AISI serves as the voice of the American steel industry in the public policy arena and advances the case for steel in the marketplace as the preferred material of choice. AISI’s membership is entail of integrated and electric arc furnace (EAF) steelmakers reflecting the production of both carbon and stainless steels which are critical to the everyday lives of all Americans — including national security, roads and bridges, the electrical grid, clean energy technologies and the automotive market. AISI also represents nearly 80 associate members who are suppliers to or customers of the steel industry. For more news about steel and its applications, view AISI’s website at www.steel.org. Follow AISI on Facebook, LinkedIn, Twitter (@AISISteel) or Instagram.
