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PrintUS steel imports increased to 2.69 million mt in October, up just 0.5% from September, according to preliminary data reported Tuesday by the US Commerce Department. The October total was 6.8% higher than 2.52 million mt in
October 2007.
All of the September-to-October increase came from imports of semi-finished products (mostly billet and slab) which increased by 7% to 562,140 mt, while imports of finished products declined by 4.5% to 2.13 million mt.
For the January-October 2008 period, steel imports are down 5.6%. The US imported a total of 24.76 million mt this year through October, compared with 26.23 million mt a year ago.
The year-to-date trend for semi-finished products is down 5.8%, in line with the overall trend. All flat products are down by 9.1%, while rebar is down by 46.4%. Steel couplings and other products used in the oil and natural gas sector are up by 76.5%.
Among finished product imports from January to October, rebar fell by 732,031 mt (-46.4%), while wire rod imports fell by 342,405 mt (-27.1%). Both of these products are subject to high tariffs, and imports were primarily diverted to the Middle East and Europe.
Foreign-produced oil country tubular goods (OCTG) made large gains, which surged by 76.5% to 2.64 million mt in the ten-month period, compared with 1.5 million mt a year ago. October OCTG imports alone were three times greater than a year ago.
Large-diameter line pipe for oil and gas transmission increased 9% to 1.57 million mt. Hot-rolled sheet imports remained strong at 2.19 million mt (+8%).
Canada dominated the import picture, shipping a total of 5.88 million mt of steel in the ten months to October, or 17% more than a year ago. The big mills there, however, are now owned by ArcelorMittal USA (the former Dofasco) and US Steel (the former Stelco), and some of the imports may be feeding their US operations and customers.
Before the onset of the current economic slowdown, Canada was on pace for a 25% increase in steel shipments to the US. Mexico, with a much smaller domestic steel industry, also hiked its shipments to the US by 9.5% to 2.66 million mt.
China's total exports of steel products is down about 30% this year, but exports to the US have increased in each of the past two months. October steel imports from China were up 25% sequentia lly, after a 15% increase in September. For the January-October 2008 period, China shipped 3.38 million mt of steel products to the US. That's only 9% lower than 3.72 million mt in
2007.
Steel imports from the European Union were 3.30 million mt, or 15% lower than a year ago. South American shipments fell 44%, settling at 1.35 million mt compared with 2.40 million mt a year ago. –Platts
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