Import Momentum Builds as Spring Construction Season Begins
The American Iron and Steel Institute has reported asignificant uptick in U.S. steel imports for March 2025, with total steelimports reaching 2,495,000 net tons, an 11.4% increase compared to Februaryfigures. Finished steel imports also rose substantially to 1,819,000 net tons,representing an 11.9% month-over-month increase. This surge comes as the springconstruction season gains momentum across the country, driving demand forvarious steel products.
The March import figures contribute to a broader trend ofincreasing steel imports in 2025, with year-to-date totals now running 3.6%higher for total steel and 1.6% higher for finished steel compared to the sameperiod in 2024. Looking at the trailing twelve months from April 2024 throughMarch 2025, total steel imports have increased 3.4% while finished steelimports have risen 4.1% compared to the previous twelve-month period.
Market Share Concerns Grow for Domestic Producers
Perhaps most concerning for U.S. steel producers is therising market share captured by imports. AISI estimates that finished steelimport market share reached 21% in March 2025, with the year-to-date averagehovering around 22%. This level of import penetration represents a significantportion of the domestic market being served by foreign producers, potentiallyputting pressure on U.S. steel mills' pricing power and capacity utilizationrates.
Product Categories Showing Strongest Growth
Certain steel product categories showed particularly strongimport growth in March. Reinforcing bars led the way with an 86% increasecompared to February, likely driven by seasonal construction demand. Line pipeimports rose 48%, potentially reflecting increased activity in the energysector as oil and gas companies expand drilling operations. Oil country goodsfollowed with a 41% increase, further supporting the connection to energysector expansion.
Other notable increases included sheets and strip withother metallic coatings (up 40%) and cold-rolled sheets (up 23%). Theseflat-rolled products are essential inputs for manufacturing sectors includingautomotive, appliances, and construction.
The longer-term trend shows similar patterns, withsignificant twelve-month increases in tin plate (up 67%), metallically coatedsheets and strips (up 27%), wire rods (up 24%), cold-rolled sheets (up 19%),and hot-dipped galvanized sheets and strips (up 19%).
Who's Involved?
Canada maintained its position as the largest supplier ofimported steel to the U.S. market in March, shipping 495,000 net tons, a 3%increase from February. Brazil followed as the second-largest supplier with429,000 net tons, though this represented a 4% decrease from the previousmonth.
Mexico showed the most dramatic increase among majorsuppliers, with March shipments of 389,000 net tons representing a 40% jumpfrom February levels. South Korea and Taiwan also posted substantial increases,with imports rising 30% to 253,000 net tons and 44% to 117,000 net tons,respectively.
The twelve-month picture shows some interesting shifts insupplier dynamics. While Canada remains the top supplier with 6,420,000 nettons, this represents a 6% decrease compared to the previous twelve-monthperiod. Brazil has strengthened its position as the second-largest supplier,with 4,592,000 net tons representing a 12% increase. Mexico's shipmentsdeclined 7% to 3,647,000 net tons, while South Korea's remained relativelystable with a 1% increase to 2,852,000 net tons.
Perhaps most notable is Vietnam's emergence as a majorsupplier, with shipments increasing 87% to 1,280,000 net tons over thetwelve-month period. This dramatic growth has raised concerns among domesticproducers about potential circumvention of trade remedies targeting other Asianproducers.
Key Takeaways:
• U.S. steel imports jumped 11.4% in March 2025 to2,495,000 net tons, with finished steel imports rising 11.9% to 1,819,000 nettons
• Finished steel import market share reached an estimated21% in March and 22% for the first quarter of 2025
• Reinforcing bars showed the strongest monthly growth at86%, followed by line pipe (48%) and oil country goods (41%)
• Canada remains the largest steel supplier to the U.S.with 495,000 net tons in March, while Mexico showed the strongest growth amongmajor suppliers with a 40% monthly increase
• Vietnam has emerged as a significant supplier with 87%growth over the past twelve months, shipping 1,280,000 net tons
• Year-to-date steel imports are running 3.6% higher thanin 2024, suggesting a potential trend of increasing import penetration
