Import of finished steel increased by 18% month-on-month

In January 2024, US steelmakers increased steel imports (rolled and semi-finished products) by 21.7% compared to December 2023, to 2.55 million tons. This is according to the American Iron and Steel Institute (AISI).

Imports of rolled steel increased by 18% last month compared to December 2023, to 1.91 million tons. Galvanized steel accounted for the largest volume of imports – 213.8 million tons (+11.1% y/y). Finished products accounted for 75.1% of total imports.

Compared to January 2023, in January of this year, steel imports to the United States decreased by 2.4%, including finished products by 4.4%.

The main sources of steel imports to the US in January were Canada, Mexico and Brazil – 627 thousand tons, 396 thousand tons and 468 thousand 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.

In 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.