The USA reduced imports of rolled steel by 13.5% m/m in November

Steel enterprises of the United States at the end of November 2024 reduced imports of rolled steel by 13.5% compared to October of this year – to 1.59 million tons, according to the data of the American Institute of Pig Iron and Steel (AISI).

Total steel imports (rolled and semi-finished products) for the month decreased by 13.7% compared to October – up to 2.07 million tons. The largest volume of imports falls on galvanized steel – 209.14 thousand tons (-13.5% m/m). The volume of finished products amounted to 77.1%.

At the end of January-November 2024, steel imports to the United States amounted to 26.73 million tons, which is 2.5% more compared to the same period in 2023. Deliveries of rolled steel products during this period increased by 3% y/y – up to 20.68 million tons. Most of all during this period, galvanized rolled products were imported – 2.81 million tons (+ 39.4% y/y).

The main sources of steel imports to the United States in January-November are Canada, Brazil and Mexico – 6.04 million tons, 4.38 million tons and 3.19 million tons, respectively.

As GMK Center reported earlier, at the end of 2023, the United States reduced steel imports by 8.7% compared to 2022 – to 28.15 million tons. Imports of rolled steel over the past year decreased by 14.1% compared to 2022 – to 21.69 million tons. The main sources of steel imports to the United States last year are Canada, Mexico and Brazil – 6.88 million tons, 4.18 million tons and 3.94 million tons, respectively.

The reduction of steel imports to the United States in 2023 was caused by a combination of high import tariffs, increased domestic production, lower demand for steel due to economic difficulties, and geopolitical factors, in particular sanctions against some exporting countries.

Over the past year, steel production in the United States increased by 0.2% compared to 2022 – up to 80.7 million tons. In general, world steel output for the year amounted to 1.85 billion tons, which is 0.1% less than y/y. Thus, the United States is among the ten largest steel producing countries in the world according to World Steel.