U.S. Steel Import Permits Recorded Drastic Decline in May This Year

SEATTLE (Scrap Monster): Based on the latest Steel Import Monitoring and Analysis (SIMA) data published by the U.S. Commerce Department, the American Iron and Steel Institute (AISI) has reported that steel import permits recorded significant decline during the month of May this year.

According to data, the steel import permit applications totaled only 2.943 million net tons (NT) in May 2018. The permit applications recorded sharp 26.3% decline when compared with 3.993 million NT during the previous month. The applications were down by 21.3% when matched with the preliminary steel imports total of 3.738 million NT during April ’18.

The import permit tonnage for finished steel was 2.347 million NT in May this year, significantly lower when matched with the preliminary imports total of 2.860 million NT during the prior month. The finished steel products which recorded the highest increase in import tonnage was Tin Free Steel, the imports of which increased sharply by 68% when compared with April ’18 preliminary imports. The imports of Wire Rods were up by 64%.

ALSO READ: Steel Mill Shipments by the U.S. Soared 8% in March

In May, the largest number of import permit applications was for Germany. The permit applications from the country have surged by nearly 15% from April preliminary to total 138,000 NT. The import permits from Japan and Turkey totaled 123,000 NT and 113,000 NT respectively. The other major suppliers were Italy (80,000 NT) and Taiwan (76,000 NT).

The cumulative finished steel imports during the initial five months of 2018 totaled 12.044 million NT, marginally down by 0.3% over the same period in 2017. The products that witnessed notable jump in imports were Hot Rolled Sheets and Plates in Coils. The imports of the above products recorded 36% jump. The other products to witness considerable jump in imports during Jan-May ’18 were mechanical tubing, line pipe and oil country goods. The largest offshore suppliers during the opening five months in 2018 were South Korea, Japan and Germany.

The combined steel imports during Jan-May ’18 totaled 15.379 million NT.