According to preliminary data from the Census Bureau, the American Iron & Steel Institute has reported that the US imported a total of 2.255 million net tons of steel in February 2023, which includes 1.716 million net tons finished steel. These numbers represent a 13.5% and 14.3% decrease, respectively, compared to January 2023. The estimated finished steel import market share was 22% in February
Year-to-date, total and finished steel imports are down 9.8% and 9.7%, respectively, compared to 2022. Over the 12-month period from March 2022 to February 2023, total and finished steel imports are down 6.8% and up 2.7%, respectively, compared to the prior 12-month period. The estimated finished steel import market share is estimated to be 23% for the first two months of 2023.
In February, the largest steel suppliers to the US were Canada at 538,000 net tons, down 9% compared to January, Mexico 382,000 net tons, down 16%, Brazil 353,000 net tons, down 11%, South Korea 225,000 net tons, up 63% and Germany 79,000 net tons, down 21%. One steel product that saw a significant increase in imports in February compared to January was line pipe, which increased by 35%.
Over the 12-month period from March 2022 to February 2023, the largest steel suppliers were Canada at 6.943 million net tons, no change compared to the previous 12-month period, Mexico 5.123 million net tons, down 1%, South Korea 2.804 million net tons up 2%, Brazil 2.676 million net tons, down 32% and Japan 1.264 million net tons, up 11%. Products that have seen significant increases in imports over the 12-month period from March 2022 to February 2023 compared to the previous 12-month period include line pipe up 49%, oil country goods up 43%, standard pipe up 39%, heavy structural shapes up 34% and tin plate up 11%.
Source: SteelGuru
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