In November 2024, steel import permit applications in the U.S. totaled 2,124,000 net tons, according to the latest data from the U.S. Department of Commerce’s Steel Import Monitoring and Analysis program. This marked a 5.1% decrease from the 2,238,000 NT recorded in October, continuing the downward trend in steel imports. Compared to the final steel import figures for October, which reached 2,396,000 NT, the November total showed an 11.3% decline. This drop in imports reflects changing demand dynamics in the U.S. steel market, influenced by both domestic and international factors.
The decrease in total steel imports was mirrored in finished steel imports, which totaled 1,659,000 NT in November, down 10.0% from the October total of 1,842,000 NT. Finished steel products, such as plates, coils, and bars, are crucial for various sectors including construction, manufacturing, and infrastructure. Despite this decline in November, the year-to-date trend shows a modest increase in both total and finished steel imports. For the first eleven months of 2024, the total steel imports stood at 26,792,000 NT, a 2.8% increase from the same period in 2023. Finished steel imports were 20,747,000 NT, reflecting a 3.3% rise compared to last year.
Despite the overall decrease in imports, the share of steel imports in the U.S. market remained significant. In November, finished steel imports accounted for 21% of the market, down from 23% for the year-to-date period. These numbers emphasize that while domestic production continues to meet a substantial portion of the demand, foreign steel still plays a crucial role in the U.S. manufacturing and construction sectors.
In November, certain steel products showed considerable increases in imports, even as overall imports declined. Electrical sheet and strip imports surged by 160%, while oil country goods rose by 74%. Other categories, such as sheet and strip all other metallic coated products and line pipe, saw increases of 51% and 11%, respectively. These increases indicate that specific industries, particularly in energy and infrastructure, are driving demand for certain steel products, despite broader market trends. The uptick in imports of these specialized products signals a continuing demand for steel in industries such as energy extraction and pipeline construction.
Looking at year-to-date performance, several steel products saw substantial growth in imports. Sheets and strip all other metallic coated products were up 51%, hot-dipped galvanized sheets rose by 40%, and cold-rolled sheets increased by 28%. Additionally, tin plate and wire rods experienced growth rates of 27% and 19%, respectively. These trends point to a shift in demand within the U.S. market for specific types of steel, driven by industries like automotive manufacturing, infrastructure, and electronics.
In terms of key countries supplying steel to the U.S., Canada continued to be the largest supplier, with 476,000 NT in November, a 13% decrease from October. Brazil followed closely with 306,000 NT, down 16% from the previous month, while Mexico saw a larger drop of 26%, with imports totaling 268,000 NT. On the other hand, South Korea and Vietnam saw notable increases in steel imports. South Korea’s imports rose by 15% to 186,000 NT, and Vietnam’s imports surged by 42%, reaching 144,000 NT. This growth from certain suppliers indicates shifting global market dynamics, with some countries increasing their share of U.S. steel imports.
For the year-to-date period, Canada remained the top supplier, providing 5,993,000 NT, although this marked a 6% decrease compared to 2023. Brazil, however, saw a notable increase, with imports rising by 21% to 4,356,000 NT. Mexico, on the other hand, experienced a 19% drop, bringing its total imports to 3,152,000 NT. These fluctuations reflect the complex nature of the steel trade, where factors such as trade agreements, tariffs, and regional market conditions influence the flow of steel into the U.S.
