The U.S. imported a total of 2,964,000 net tons of steel in October 2008, a 1% increase vs. September final data according to the latest report from the American Iron and Steel Institute (AISI).
The report, which is based on preliminary Census Bureau data, shows that the total included 2,344,000 net tons of finished steel, down 5% vs. September final data.
While total and finished steel imports through the first ten months of 2008 are each down 6% vs. the same period in 2007, the monthly average for finished steel imports in the most recent 3-month period
(August to October 2008) is up 7% vs. the monthly average in the previous 3 months (May to July 2008).
On an annualized basis, total and finished steel imports are each down 2% vs. 2007, with total annualized imports of steel projected to reach 32.8 million net tons in 2008.
“Against the backdrop of a severe economic downturn in the U.S. and globally, the unprecedented tonnage of finished steel imports from China in October (713,000 net tons) is of extreme concern,” said AISI President and CEO Thomas J. Gibson. “At the recent G-20 Summit, world leaders warned against WTO-inconsistent export promotion policies. It has not escaped our notice that, as a key part of China’s domestic stimulus program, the Chinese government has again changed its border measure policies to promote exports of steel and higher-value steel-containing processed goods, while leaving intact its export restrictions on vital raw materials. America’s steel producers will not allow the U.S. market to become again a dumping ground for unfairly traded steel from offshore, as was the case in 1998 and during the last steel crisis.”
Key products reporting a large increase in October compared to the month before include
· Hot Rolled Bars, +49%
· Cold Rolled Sheets, +21%
· Wire Rod, + 20%
For the year-to-date in 2008, products reporting significant increases vs. the same period in 2007 include Oil Country Goods (+77%), Hot Rolled Bars (+13%), and Line Pipe (+11%).
In October, the largest volume of finished imports from offshore was from China (713,000 net tons, up 26% from September), representing 30% of all finished imports. While steel imports from China in the first ten months of 2008 are down 9% compared to the same period last year, Chinese imports set a new all-time record in October. Much of this tonnage is in high-value products still receiving government export tax rebates.
Other major offshore suppliers in September include Korea (167,000 net tons, down 32% from Sept.), Japan (132,000 net tons, up 5%), Germany (81,000 net tons, down 11%), Turkey (72,000 net tons, down 33%) and India (65,000 net tons, down 59%).
AISI serves as the voice of the North American steel industry in the public policy arena and advances the case for steel in the marketplace as the preferred material of choice. AISI also plays a lead role in the development and application of new steels and steelmaking technology. The Institute comprises 27 member companies, including integrated and electric furnace steelmakers, and 138 associate and affiliate members who are suppliers to or customers of the steel industry.