U.S. Finished Steel Imports to Decline Marginally in 2018

The imports of finished steel mill products from major countries except South Korea and Vietnam are likely to decline in 2018.

SEATTLE (Scrap Monster): Based on the import trends during the initial four months of 2018, the U.S imports of total and finished steel are likely to witness marginal decline during the entire year 2018, says the American Institute of Iron and Steel (AIIS).

According to trade data released by the US Census Bureau, the U.S. steel imports in April 2018 totaled 3.738 million net tons (NT). This is 12.1% higher than the imports which had totaled 3.335 million NT in March 2018. The year-to-date steel imports were up marginally by 1.1% year-on-year from 12.306 Million NT in Jan-Apr ’17 to 12.436 Million NT during the first four months of 2018. The finished steel imports surged higher by 15% in April.

AIIS forecasts U.S total steel imports in 2018 at 37.307 million tonnes (Mt), which is marginally lower by 2.1% when compared with the full-year imports of 38.126 Mt in 2017. Meantime, annualized finished steel exports are projected at 29.089 Mt during the current year, down 1.6% from 29.561 Mt.

Several finished steel products are likely to witness higher import volumes during 2018. The imports of Hot Rolled Sheets are likely to see tremendous jump in volumes. The imports are expected to surge higher by 23.4% over the previous year. The other products to see significant jump in imports are Plates in Coils (+15.8%) and Mechanical Tubing (+12.2%). On the other hand Wire Rod Imports are projected to drop considerably by 32.3% from 2017 levels. Among the other products to see reduced imports are Reinforcing bars (-14.4%) and Cold Rolled Sheets (-13.8%).

ALSO READ: AIIS Market Update May 2018

The imports of finished steel mill products from major countries except South Korea and Vietnam are likely to decline in 2018. The imports from Turkey are predicted to collapse by 35% year-on-year. The imports from Germany and Taiwan too are likely to decline by 12.7% and 6% respectively. On the other hand, imports from Vietnam may surge by nearly 25%. AIIS also foresees 13.4% jump in imports from South Korea.

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