In October 2024, steel imports into the United States saw a marked increase, according to the American Iron and Steel Institute, based on preliminary Census Bureau data. The U.S. imported a total of 2,394,000 net tons of steel, a 12.0% rise from September 2024. Finished steel imports accounted for 1,840,000 net tons of the total, showing an 8.6% increase from the previous month. The overall increase in steel imports continues a trend observed throughout the year, with total steel imports for the year to date rising by 2.6% compared to the same period in 2023. Finished steel imports also increased by 2.7% over the same period, indicating growing demand for foreign steel in the U.S. market.
Several key categories of steel products experienced significant import growth in October. Notably, imports of reinforcing bars surged by 129%, heavy structural shapes increased by 92%, and cut lengths plates grew by 55%. Other products, such as hot rolled sheets (up 51%) and blooms, billets, and slabs (up 25%), also saw substantial increases. These categories are essential to industries such as construction, automotive, and infrastructure, which rely on specific steel products to meet growing demand. The uptick in these imports underscores a continuing need for specialized steel types, which may not be adequately produced domestically.
Looking at the year-over-year data, the period between November 2023 and October 2024 saw a 1.9% increase in total steel imports compared to the prior 12 months. Finished steel imports remained stable, showing no change compared to the previous year. Despite fluctuations in monthly figures, finished steel still accounted for a significant portion of the U.S. steel market. In October 2024, the finished steel import market share was approximately 22%, and this figure increased slightly to 23% when considering the first ten months of the year. These numbers suggest a continued reliance on foreign steel to meet U.S. demand, despite ongoing efforts to boost domestic production.
Over the 12-month period from November 2023 to October 2024, some products saw even larger increases in imports compared to the previous year. For example, sheets and strip of all other metallic coatings increased by 55%, while sheets and strip hot dipped galvanized steel rose by 37%. Wire rods saw a 21% increase, and cold rolled sheets grew by 19%. These statistics suggest that the U.S. market for these specialized steel products remains strong, particularly in sectors such as construction, manufacturing, and infrastructure, which require advanced steel grades.
In terms of geographical sources, several key steel exporters to the U.S. showed notable changes in October 2024. Canada remained the largest supplier, sending 545,000 net tons of steel, a 10% increase from September. Brazil followed closely, with 364,000 net tons of steel exports, also up by 10%. Mexico’s steel exports surged by 35%, totaling 361,000 net tons, while South Korea saw a significant drop of 40%, sending just 162,000 net tons. Japan experienced a sharp increase, with exports rising by 77% to 138,000 net tons, and Germany also saw a 73% increase, shipping 138,000 net tons of steel to the U.S.
Looking at the 12-month period from November 2023 to October 2024, the largest steel suppliers to the U.S. were Canada, Brazil, and Mexico. Canada remained the top supplier, with 6,634,000 net tons of steel, although this represented a 3% decrease compared to the previous year. Brazil saw a significant increase in exports, up 40%, to 4,793,000 net tons, while Mexico’s steel exports dropped by 20%, totaling 3,447,000 net tons. Other notable suppliers included South Korea, with 2,831,000 net tons of exports (up 9%), and Vietnam, which saw a dramatic rise of 126%, exporting 1,221,000 net tons of steel during the same period.
The continued rise in steel imports reflects a combination of growing domestic demand and a competitive global steel market. U.S. steel consumption remains robust, driven by demand in sectors such as construction, automotive, and infrastructure, which require specific types of steel that are sometimes not produced in sufficient quantities domestically. As a result, the U.S. continues to rely on imports to meet its needs, especially for higher-grade and specialized products. With key suppliers like Canada, Brazil, and Mexico maintaining a strong presence in the U.S. market, the trend of rising steel imports is expected to continue.
