WASHINGTON D.C: Preliminary data released by the US Department of Commerce reveals a 4.1% decline in US monthly steel imports for September 2023, with 1,983,798 metric tons recorded. This decrease, when compared to August figures, reflects the ongoing transformation in the country’s steel import landscape. Furthermore, a year-on-year comparison shows a 2.3% decrease in steel imports. The value of steel imports also witnessed a significant shift. In September, the total value of US steel imports amounted to $2.39 billion, in contrast to $2.79 billion in August and $3.10 billion in September 2022.
Canada maintained its position as the leading source for US steel imports in September, contributing 487,157 metric tons, followed by Brazil with 410,136 metric tons. Mexico, South Korea, and Japan also remained key contributors, providing 324,829 mt, 300,668 mt, and 60,299 mt, respectively.
In terms of product categories, semi-finished steel imports saw an uptick, totaling 537,201 metric tons in September, up from 371,355 mt in August and 333,305 mt in September 2022. Meanwhile, flat product imports reached 782,233 metric tons in September, a slight increase from 767,280 mt in August but down from 800,389 mt in September 2022. Long product imports recorded 276,659 mt in September, down from 457,459 mt in August and 352,221 mt in September 2022. Pipe and tube imports decreased to 318,575 mt in September, compared to 393,329 mt in August and 461,421 mt in September 2022.
The American Iron and Steel Institute (AISI) noted that the US steel import market share for September 2023 was estimated at 20%, slightly lower than the 21% observed in August and 22% year-to-date. These figures indicate an evolving landscape in the US steel import market, influenced by both domestic and international factors.
The September data underscores the continued impact of market dynamics and trade conditions on the US steel industry, with stakeholders closely monitoring these shifts as they reshape the import landscape. These developments raise questions about the future trajectory of the US steel market and its evolving trade relationships with key global suppliers.