US Steel Imports in H1 Shrink by 21% YoY
Based on preliminary Census Bureau data, the American Iron and Steel Institute reported that the US imported a total of 1,391,000 net tons of steel in June 2020, including 1,310,000 net tons of finished steel down 23.0% and down 12.7%, respectively, vs. May final data. Through the first six months of 2020, total and finished steel imports are 12,387,000 net tons and 8,632,000 net tons, down 20.8% and 26.2%, respectively, vs. the same period in 2019. Annualized total and finished steel imports in 2020 would be 24.8 and 17.3 million net tons, down 11.3% and 18.0%, respectively, vs. 2019. Finished steel import market share was an estimated 21% in June and is estimated at 19% over the first six months of 2020. Key finished steel products with a significant increase in imports in June compared to May are line pipe up 30% and sheets and strip hot dipped galvanized up 23%.
In June the largest volumes of finished steel imports from offshore were from South Korea 187,000 net tons down 19% from May final, Germany 79,000 net tons up 22%, Taiwan 65,000 net tons down 22%, Japan 61,000 net tons down 41% and China 39,000 net tons up 13%.
For the first six months of 2020, the largest offshore suppliers were South Korea 1,124,000 net tons down 23% vs. the same period in 2019, Japan 434,000 net tons down 40%, Germany 377,000 net tons down 39%, Taiwan 333,000 net tons down 36% and Turkey 323,000 net tons up 66%.
Source : STRATEGIC RESEARCH INSTITUTE