US Steel Imports in Q1 of 2021 up by 3% YoY
Based on preliminary Census Bureau data, the American Iron and Steel Institute reported that the US imported a total of 2,292,000 net tons of steel in March 2021, including 1,774,000 net tons of finished steel, up 20.7% and 23.6%, respectively, vs. February final data. Through the first three months of 2021, total and finished steel imports are 6,613,000 net tons and 4,447,000 net tons, up 3.1% and down 1.4%, respectively, vs. the same period in 2020. Annualized total and finished steel imports in 2021 would be 26.5 and 17.8 million net tons, up 20.1% and 10.2%, respectively, vs. 2020. Finished steel import market share was an estimated 19% in March and is estimated at 18% over the first three months of 2021.
Key finished steel products with a significant increase in imports in March compared to February are sheets and strip all other metallic coatings up 171%, reinforcing bars up 66%, hot rolled bars up 58%, oil country goods up 45%, sheets and strip hot dipped galvanized up 43%, cut lengths plates up 33%, mechanical tubing up 27%, wire drawn up 27%, standard pipe up 25%, tin plate up 19% and wire rods up 19%. Products with a significant year-to-date increase vs. the same period in 2020 were tin plate up 26%, sheets and strip all other metallic coatings up 22%, reinforcing bars up 19%, cut lengths plates up 19%, hot rolled sheets up 17% and wire drawn up 10%.
In March, the largest volumes of finished steel imports from offshore were from South Korea at 239,000 net tons up 4% from February final, Taiwan 88,000 net tons up 162%, Japan 85,000 net tons down 3%, Germany 82,000 net tons up 27% and Turkey 43,000 net tons down 45%. For the first three months of 2021, the largest offshore suppliers were South Korea at 601,000 net tons up 10% vs the same period in 2020, Japan 219,000 net tons up 8%, Turkey 201,000 net tons up 29%, Germany 170,000 net tons up 1% and Taiwan 149,000 net tons up 9%.
Source - Strategic Research Institute