The import of finished steel products for the month fell by 9.2% m/m

In February 2024, US steelmakers reduced steel imports (rolled and semi-finished products) by 3.2% compared to January this year, to 2.47 million tons. This is according to the American Iron and Steel Institute (AISI).

Imports of rolled steel products fell by 9.2% last month compared to January, to 1.74 million tons. Galvanized steel accounted for the largest volume of imports, amounting to 236.61 thousand tons (+10.6% m/m). Finished products accounted for 70.5% of total imports.

In January-February 2024, steel imports to the United States amounted to 5.02 million tons, up 2.4% compared to the same period in 2023. Deliveries of rolled steel products during this period fell by 2.5% y/y – to 3.66 million tons. Galvanized steel was imported the most during this period – 450.5 thousand tons (+19.%% y/y).

The main sources of steel imports to the US in January-February were Canada, Mexico and Brazil – 1.16 million tons, 974 thousand tons and 724 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.