US steel imports drop in February
2020-03-27 14:51:05 [Print]
U.S. steel imports dropped in February on a monthly comparison basis and were also down year over year for the first two months of 2020, according to the latest report released by the American Iron and Steel Institute (AISI).
Total and finished domestic steel imports dropped 52.2% and 18.4% from the previous month respectively in February to roughly 1.5 million net tons and 1.34 million net tons respectively, said the AISI.
Based on the preliminary data of Census Bureau, total and finished domestic steel imports decreased by 21.3% and 28.7% YOY respectively in the first two months of 2020, AISI noted.
Finished steel import market share was estimated at 15% in February, down from 17% a month ago. For the first two months of 2020, finished steel import market share was estimated at 16%.
For 2020, annualized total and finished steel imports are expected to be 27.9 million net tons (flat YOY) and 18 million net tons (down 14.7%), respectively, AISI said.
According to AISI, the biggest offshore suppliers for February were South Korea with 158,000 net tons (down 13% from January), Turkey with 73,000 net tons (up 44%), Japan with 69,000 net tons (down 9%), Germany with 52,000 net tons (up 7%), and Brazil with 37,000 net tons (down 58%).
The decline in imports mainly reflects the impact of the 25% tariff on steel imports. The coronavirus pandemic was also a cause of the drop. The AISI, earlier this month, reported that steel import permit applications for February dropped 47.5% from January permits. The decline in permits appears to partly reflect the impact of the virus outbreak.
Total and finished domestic steel imports dropped 52.2% and 18.4% from the previous month respectively in February to roughly 1.5 million net tons and 1.34 million net tons respectively, said the AISI.
Based on the preliminary data of Census Bureau, total and finished domestic steel imports decreased by 21.3% and 28.7% YOY respectively in the first two months of 2020, AISI noted.
Finished steel import market share was estimated at 15% in February, down from 17% a month ago. For the first two months of 2020, finished steel import market share was estimated at 16%.
For 2020, annualized total and finished steel imports are expected to be 27.9 million net tons (flat YOY) and 18 million net tons (down 14.7%), respectively, AISI said.
According to AISI, the biggest offshore suppliers for February were South Korea with 158,000 net tons (down 13% from January), Turkey with 73,000 net tons (up 44%), Japan with 69,000 net tons (down 9%), Germany with 52,000 net tons (up 7%), and Brazil with 37,000 net tons (down 58%).
The decline in imports mainly reflects the impact of the 25% tariff on steel imports. The coronavirus pandemic was also a cause of the drop. The AISI, earlier this month, reported that steel import permit applications for February dropped 47.5% from January permits. The decline in permits appears to partly reflect the impact of the virus outbreak.
