Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported that the U.S. imported a total of 2,467,000 net tons (NT) of steel in February 2024, including 1,741,000 net tons (NT) of finished steel (down 3.2% and 9.2%, respectively, vs. January 2024). Total and finished steel imports are up 2.4% and down 2.5%, respectively, year-to-date vs. 2023. Over the 12-month period March 2023 to February 2024, total and finished steel imports are down 6.5% and 12.5%, respectively, vs. the prior 12-month period. Finished steel import market share was an estimated 21% in February and is estimated at 22% over the first two months of 2024.
Key steel products with a significant import increase in February compared to January are reinforcing bars (up 155%), tin plate (up 34%), blooms, billets and slabs (up 15%), standard pipe (up 11%) and sheets and strip hot dipped galvanized (up 11%). Products with a significant increase in imports over the 12-month period March 2023 to February 2024 compared to the previous 12-month period include cut lengths plates (up 27%) and ingots, billets and slabs (21%).
In February, the largest suppliers were Canada (537,000 NT, down 14% vs. January), Brazil (506,000 NT, up 8%), Mexico (328,000 NT, down 17%), South Korea (185,000 NT, down 6%) and Taiwan (85,000 NT, up 38%). Over the 12-month period March 2023 to February 2024, the largest suppliers were Canada (6,918,000 NT, no change compared to the previous twelve months), Brazil (4,169,000 NT, up 56%), Mexico (4,070,000 NT, down 21%), South Korea (2,654,000 NT, down 5%) and Japan (1,188,000 NT, down 6%).
Source: AISI
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