Imports of semi-finished products, cold-rolled steel, and long products increased, while imports of raw materials, galvanized steel sheets, steel strips, and pipes decreased.
Among the top five importing countries, only imports from Mexico increased, while those from Canada, Brazil, South Korea, and Japan decreased.
Despite economic downturns due to high-interest rates and the US government's strengthened import regulations ahead of the presidential election, US steel imports saw a significant increase in April compared to the previous month. This rise is attributed to maintenance work by steel mills, a thriving automotive and energy sector, expanded infrastructure investment by the Biden administration, and increased demand in the construction and machinery sectors entering the peak season.
According to the American Iron and Steel Institute (AISI), US steel imports in April reached 3,087,808 tons, an 11.3% increase from the previous month. Finished product imports rose by 4.5% to 2,306,244 tons. Year-to-date, steel imports totaled 11,394,866 tons, a 4.5% increase from the same period last year, with finished product imports increasing by 2.2% to 8,548,759 tons. The market share of finished product imports in April was 24%, and the cumulative figure for April was 23%.
By product category, imports of semi-finished products (up 38.3%), cold-rolled steel sheets (up 22.9%), rebar (up 21.9%), other metal sheets and wire rods (up 14.7%), wire rods (up 62.2%), round bars (up 21.9%), heavy plates (up 8.7%), structural steel (up 10.4%), tinplates (up 36.6%), steel wire (up 0.1%), mechanical structural steel pipes (up 1.0%), and other products (up 5.6%) increased. Conversely, imports of galvanized steel sheets and wires (down 9.3%), hot-rolled steel sheets (down 2.6%), oil well pipes (down 20.3%), steel strips (down 3.2%), pipelines (down 30.5%), and general-purpose pipes (down 5.6%) decreased.
The increase in semi-finished product imports was due to maintenance work by steel mills, and the automotive and home appliance sectors' strength led to higher imports of cold-rolled steel sheets, other metal sheets and wire rods, round bars, and steel wires. The demand for processed food boosted tinplate imports, while infrastructure investment and the construction sector's recovery increased imports of rebar, wire rods, heavy plates, structural steel, and other products.
Despite the thriving energy and automotive sectors, strengthened import regulations reduced imports of galvanized steel sheets and wires, oil well pipes, and general-purpose pipes. The expansion of electric arc furnace production lines also decreased imports of hot-rolled steel sheets and steel strips.
Year-to-date, all product imports increased except for pipes, which faced strengthened import regulations, and tinplates, whose demand declined due to increased adoption of chrome-plated steel sheets, as well as steel strips, which saw an accumulation of inventory.
By country, in April, the top five sources of finished product imports were Canada, Mexico, Brazil, South Korea, and Vietnam. Compared to the previous month, imports from Canada, Brazil, and South Korea decreased, while imports from Mexico and Vietnam increased. Imports from Mexico and Vietnam rose due to increased demand in the US automotive and construction sectors despite bypass import regulations. In contrast, imports from South Korea and Canada fell due to pipe import regulations, and imports from Brazil decreased due to changes in semi-finished product supply sources.
Year-to-date, the top five countries were Canada, Brazil, Mexico, South Korea, and Japan. Compared to the same period last year, imports from Canada, Mexico, and Japan decreased, while imports from Brazil and South Korea increased. Imports from Canada and Mexico fell due to bypass import regulations, and imports from Japan decreased due to a loss of price competitiveness. In contrast, South Korea's imports increased, focusing on pipes and cold-rolled steel, while Brazil's imports rose due to supply shortages in the US, mainly consisting of semi-finished products and raw materials.
It is expected that US steel imports will continue to increase due to the recovery of demand industries in the US after May. However, the strengthened regulations to block bypass imports from China and the expansion of domestic production and rebar measures by the US steel industry are expected to prevent a significant increase in import volumes.
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