Business Standard Business Standard

The import of finished steel products in the USA decreased by 14.3% m/m for the month

In February 2023, US steel enterprises reduced steel imports by 13.5% compared to January 2023 – to 2.25 million tons. About this informs data from the American Iron and Steel Institute (AISI).

The volume of finished products in the total volume of steel imports to the USA in February 2023 was 1.71 million tons. This is 14.3% less than in January 2023.

In January-February 2023, the States reduced steel imports by 9.8% compared to the same period in 2022 – to 4.86 million tons. The import of finished steel products amounted to 3.72 million tons, which is 9.7% less y/y.

The main sources of steel imports in the USA in January-February 2023 are Canada, Mexico and South Korea – 1.13 million tons, 838 thousand tons and 364 thousand tons, respectively.

In February 2023, the USA reduced steel production by 5.3% compared to the same month of 2022 – to 6 million tons. In general, the global steel output for the month amounted to 142.4 million tons, which is 1% less y/y.

As GMK Center reported earlier, in 2022, the USA reduced import of steel by 2% compared to 2021 – to 31.46 million tons. Last year, imports of finished steel products in the USA decreased by 10.9% year-on-year – to 22.76 million tons.

The United States is among the ten largest steel producing countries in the world according to World Steel. In 2022, the US has reduced steel production by 5.9% compared to 2021 – to 80.7 million tons.