Year-to-Date Finished Steel Imports Surged 40%

SEATTLE (Scrap Monster): The American Iron and Steel Institute (AISI) reported that steel import permit applications for the month of May this year totalled 2.611 million net tons. The figures, based on Steel Import Monitoring and Analysis (SIMA) by the U.S Commerce Department, suggest 1.3% dip from 2.645 million permit tons recorded in April this year.

The import tonnage for finished steel totalled 2.287 million net tons in May this year, marginally up by 1.0%, compared to final imports total of 2.263 million net tons in April. The finished steel import market share was estimated at 24% during the month, said AISI press release.

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The steel imports totalled 13.824 million net tons during the initial five-month period of 2022. This is inclusive of May SIMA permits and April final imports. Meantime, the finished steel imports totalled 11.168 million net tons during Jan-May ‘22. The total and finished steel imports surged higher by 17.2% and 40.0% respectively from the corresponding five-month period in 2021.

The finished steel import with largest increase in May permits, compared to April final imports, includes reinforcing bars and steel piling, which were up by 95% and 155% respectively. The products with significant year-to-date increases, compared with the same five-month period in 2021, include wire rods and oil country goods, which were up by 130% and 84% respectively.