TRADE CASES HEADLINESTrade Cases
Record Levels of Steel Imports Continue Through November
Dec. 28, 2006 Dec. 28, 2006 — The United States imported a total of 3,389,000 net tons of steel in November 2006 according to the latest report from the American Iron and Steel Institute (AISI), reflecting a 13% decrease compared to final October data.
According to the report, which is based on preliminary Census Bureau data, that total included 2,766,000 net tons of finished steel, a 10% decrease compared to October.
Total year-to-date (YTD) imports are now up by 45% and finished steel imports are up by 46% compared to the same period in 2005. On an annualized basis (based on YTD 2006 imports), total and finished steel imports (at 46 and 36.5 million net, respectively) would set all-time records– easily surpassing the previous record of 41.5 million net tons and 34.7 million net tons set in 1998.
Key products with large increases in November compared to the month before include
- Pipe for piling (+527%)
- Rails standard (+84%)
- Hot rolled bars (+14%)
- Structural pipe and tubing (+14%)
- Hot rolled strip (+13%)
The rise in YTD 2006 imports compared to the previous year remains pronounced for countries with a history of unfair trading, especially in Asia, including
- Taiwan (+213%)
- Thailand (+164%)
- China (+135%)
- India (+95%)
- South Korea (+60%)
In November, for the fifth month in a row, China, a non-market economy, was the single largest source of steel imports to the United States, with 521,000 net tons. Imports from China were 274% higher in November 2006 than in the same month last year. At their present pace, imports from China will exceed 5 million tons this year.
“While imports are down slightly in November, the real story here looking at the year-to-date totals is that steel imports are on a pace to reach over 46 million net tons, setting an all-time record level far outreaching the previous record of 41.5 million net tons set in 1998, ” said AISI President and CEO Andrew G. Sharkey III. “We also see the same disturbing pattern with year-to-date steel imports from Asian nations up 100%, led by China. This trend underscores the need for the NAFTA governments to more aggressively press China to abandon its currency manipulation, export subsidies, trade barriers and other anti-competitive practices that deny North American steel producers a level playing field. It is imperative that the problem of unfair trade, which continues to confront this and many other U.S. manufacturing industries, be fully and firmly addressed,” concluded Sharkey.