US increased rolled steel imports by 6.6% m/m in May

In May 2024, US steel enterprises increased imports of rolled steel products by 6.6% compared to April this year, to 2.23 million tons. This is evidenced by data from the American Iron and Steel Institute (AISI).

Total steel imports (rolled products and semi-finished products) increased by 1.7% last month compared to April – to 2.85 million tons. Galvanized steel accounted for the largest volume of imports – 302.9 thousand tons (+16.7% m/m). Finished products accounted for 78.3% of total imports.

In January-May 2024, steel imports to the United States amounted to 13.19 million tons, up 8% compared to the same period in 2023. Deliveries of rolled steel products during this period increased by 5.5% y/y – to 9.99 million tons. Galvanized steel was imported the most during this period, amounting to 1.3 million tons (+39.9% y/y).

The main sources of steel imports to the US in January-May were Canada, Brazil and Mexico – 2.92 million tons, 2.2 million tons and 1.74 million tons, respectively.

As GMK Center reported earlier, in 2023, the US reduced steel imports by 8.7% compared to 2022, to 28.15 million tons. Last year, imports of rolled steel products decreased by 14.1% compared to 2022, to 21.69 million tons. The main sources of steel imports to the United States last year were Canada, Mexico and Brazil – 6.88 million tons, 4.18 million tons and 3.94 million tons, respectively.

The decline in US steel imports in 2023 was driven by a combination of high import tariffs, increased domestic production, lower demand for steel due to economic difficulties, and geopolitical factors, including sanctions against some exporting countries.

At the end of 2023, the United States increased steel production by 0.2% compared to 2022 to 80.7 million tons. Overall, global steel production for the month amounted to 1.85 billion tons, down 0.1% y/y. Thus, the United States is among the ten largest steel producing countries in the world according to World Steel.