US steel imports drop sharply in May amid COVID-19
2020-06-30 13:45:35 [Print]
U.S. steel imports tumbled in May on a monthly comparison basis, and were also down year over year for the first five months of 2020, according to the latest American Iron and Steel Institute ("AISI") report.
The association of North American steel makers recently noted that total domestic steel imports dropped 35.5% from the previous month in May to roughly 1.79 million net tons. Finished steel imports, however, rose 13.2% to around 1.49 million net tons for the reported month.
Total and finished domestic steel imports fell 19.2% and 26.7% year over year, respectively, year to date through the end of May 2020. The AISI noted that these figures are based on preliminary Census Bureau data.
The decline in imports appears to reflect the impacts of the COVID-19 pandemic and 25% tariff on steel imports, which the Trump administration had levied in 2018 under Section 232 of the Trade Expansion Act of 1962.
For 2020, annualized total and finished steel imports are expected to be 26.4 million net tons (down 5.7% year over year) and 17.5 million net tons (down 16.7%), respectively, AISI noted.
According to AISI, biggest volumes of finished steel imports from offshore for May were South Korea with 229,000 net tons (up 42% from April), Japan with 103,000 net tons (up 50%), Turkey with 85,000 net tons (up 61%), Taiwan with 81,000 net tons (up 70%) and Germany with 65,000 net tons (up 1%).
The association of North American steel makers recently noted that total domestic steel imports dropped 35.5% from the previous month in May to roughly 1.79 million net tons. Finished steel imports, however, rose 13.2% to around 1.49 million net tons for the reported month.
Total and finished domestic steel imports fell 19.2% and 26.7% year over year, respectively, year to date through the end of May 2020. The AISI noted that these figures are based on preliminary Census Bureau data.
The decline in imports appears to reflect the impacts of the COVID-19 pandemic and 25% tariff on steel imports, which the Trump administration had levied in 2018 under Section 232 of the Trade Expansion Act of 1962.
For 2020, annualized total and finished steel imports are expected to be 26.4 million net tons (down 5.7% year over year) and 17.5 million net tons (down 16.7%), respectively, AISI noted.
According to AISI, biggest volumes of finished steel imports from offshore for May were South Korea with 229,000 net tons (up 42% from April), Japan with 103,000 net tons (up 50%), Turkey with 85,000 net tons (up 61%), Taiwan with 81,000 net tons (up 70%) and Germany with 65,000 net tons (up 1%).
