U.S. Steel Imports Increased or Decreased in September from a Year Ago?

According to preliminary data released by the U.S. Census Bureau, total U.S. steel imports in September 2023 decreased by 4.1 percent from a year earlier to 2,185,000 short tons, as a year-over-year increase in semifinished steel imports was unable to offset a decline in finished steel imports.U.S. semifinished steel imports in September rose a notable 44.9 percent from a year earlier to 606,000 short tons, primarily due to product from Brazil and Mexico increase; finished steel imports slipped 15.1% m/m to 1.579 million short tons. In September imports of finished steel products, rebar, wire rod, tin plate, oil special pipe imports fell more than the chain. Among them, the decline in rebar imports was mainly affected by lower imports from Algeria and Egypt. The decrease in wire rod imports was primarily due to lower imports from Japan, Canada, Egypt, Algeria, and South Korea.The U.S. market share of finished steel imports was estimated at 20 percent in September.

During January-September 2023, U.S. steel imports decreased 9.8 percent year-over-year to 21.842 million short tons. Of this, finished steel imports declined 15.0% year-over-year to 16.727 million short tons, with growth in imports of oil-specific pipe, line pipe, and cut-to-length medium-heavy plate failing to offset declines in imports of most of the remaining varieties.The market share of finished steel imported by the United States in January-September 2023 is estimated at 22%.

Canada, Mexico, and Brazil were the leading sources of U.S. steel imports in January-September, with imports of 5,255,000 short tons, 3,338,000 short tons, and 3,123,000 short tons, respectively, representing year-over-year growth of 0.1%, a decline of 20.8%, and an increase of 43.8%, respectively. In addition, 1-9 months the United States imported steel from South Korea 2.060 million short tons, down 8.2% year-on-year; steel imports from Japan 890,000 short tons, a year-on-year decline of 4.7%; steel imports from Germany 760,000 short tons, a year-on-year decline of 7.2%; imports of 486,000 short tons from China, a year-on-year decline of 1.1%.