US steel import market share zoomed to 30% in June

The finished steel product which reported highest increase in import volumes during June this year was reinforcing bars.

According to preliminary data published by the Census Bureau, the US imported a total of 3,868,245 net tons (NT) of steel in June this year. This includes 2,941,020 NT of finished steel. The total and finished steel imports surged higher by 11.6% and 12.8% respectively, when compared with the May final data. The combined imports of total and finished steel during the initial half of the year were up significantly by 25.0% and 17.2% respectively, when compared with the corresponding half-yearly period in 2016. The market share of finished steel imports was 30% in June.

The finished steel product which reported highest increase in import volumes during June this year was reinforcing bars. The import volumes recorded 84% jump over the previous month. The other products that reported surge in import volumes were:-sheet and strip all other metallic coatings (up 61%), heavy structural shapes (up 40%), cold rolled sheets (up 32%), hot rolled sheets (up 29%), mechanical tubing (up 25%), oil country goods (up 19%), hot rolled bars (up 12%) and plates in coils (up 11%).

The largest supplier of finished steel products to the US during June this year was South Korea. The imports of finished steel from the country totaled 388,000 NT, significantly higher by 18% when compared with May final imports. In second place was Turley with 328,000 NT. The imports from Turkey surged higher by 113%. The other major finished steel suppliers were Taiwan (163,000 NT), Japan (125,000 NT) and Germany (116,000 NT).

The preliminary imports of Reinforcing bars totaled 193,281 NT in June, significantly higher by 84.3% when compared with the final imports of 104,889 NT in May. The imports of sheet and strip all other metallic coatings totaled 153,862 NT in June, considerably higher by 60.6% over the previous month. Heavy structural shapes witnessed 39.9% jump in import volume from 70,112 MT to 98,070 MT over the month.

On the other hand, the imports of Standard Pipes witnessed sharp decline over the month in June. The imports registered 23.8% decline from 122,366 NT during the prior month to 93,213 NT. Tin plate imports dropped by 8% during the month. Wire rod imports were down by 5.4% over the previous month.

The US steel imports during the initial half of the year totaled 19.641 Million NT, whereas finished steel imports totaled 15.024 Million NT. The largest offshore supplier of finished steel to the US during the six-month period was South Korea. The imports from South Korea totaled 1.928 million NT, declining marginally by 1% when compared with the imports during the corresponding six-month period in 2016. The other key suppliers of finished steel to the US during Jan-Jun ’17 were Turkey, Japan, Taiwan and Germany.

Source: Scrap Monster