U.S. Steel Imports Experience Notable Growth in December 2024
According to the latest data from the American Iron and Steel Institute, the U.S. steel import market saw significant growth in December 2024. Preliminary figures from the U.S. Census Bureau show that total steel imports for the month amounted to 2,123,000 net tons, a 2.7% increase from November 2024. Finished steel imports, which accounted for the majority of the total steel imports, reached 1,820,000 net tons, marking an impressive 14.3% rise compared to the previous month.
For the entire year of 2024, the U.S. imported 28,858,000 net tons of total steel, representing a 2.5% increase from 2023. Finished steel imports in 2024 reached 22,500,000 net tons, a rise of 3.7% over the previous year. Finished steel’s share of the U.S. steel market was estimated at 21% in December and 23% for the full year of 2024, indicating a strong reliance on foreign steel supplies.
Key Steel Products Driving the Import Surge
Several steel products saw significant increases in imports during December 2024, which contributed to the overall rise in total steel imports. Among the standout performers were:
• Hot Rolled Sheets: Imports surged by 67% in December compared to November 2024, marking a sharp increase in demand.
• Tin Plate: There was a 61% rise in tin plate imports, reflecting growing demand for this material, often used in food packaging and other applications.
• Plates in Coils: Imports increased by 48%, showing a stronger market demand for these versatile products.
• Wire Rods: This product saw a 42% increase in imports, likely driven by higher demand in construction and manufacturing.
• Standard Pipe: Imports rose by 41%, further emphasizing a growing need for steel products used in infrastructure and energy sectors.
For the full year 2024, several categories of steel products showed significant increases in imports compared to 2023. Key products that saw notable growth included:
• Sheets and Strip All Other Metallic Coated: Imports of this product increased by 52%, a clear sign of rising demand in industries requiring durable and corrosion-resistant materials.
• Sheets and Strip Hot Dipped Galvanized: A 36% rise in imports highlights continued demand for galvanized steel, widely used in automotive manufacturing and construction.
• Tin Plate: Imports of tin plate grew by 32%, reflecting its ongoing importance in various industrial applications.
• Cold Rolled Sheets: This product saw a 26% increase in imports, driven by demand from industries such as automotive manufacturing and home appliances.
• Wire Rods: A 19% rise in wire rod imports suggests an uptick in construction and manufacturing activities that rely on this type of steel.
Top Steel Suppliers to the U.S.
The U.S. steel import market continued to rely heavily on certain countries as primary suppliers. In December 2024, the top suppliers were:
1. Canada: 521,000 net tons, up 10% from November 2024.
2. Mexico: 327,000 net tons, up 16%.
3. South Korea: 208,000 net tons, up 17%.
4. Brazil: 114,000 net tons, down 63%.
5. Vietnam: 109,000 net tons, down 9%.
Canada remained the largest supplier of steel to the U.S. in December, continuing to provide a substantial share of imports. Mexico and South Korea also showed solid growth in their exports to the U.S., while Brazil and Vietnam saw notable declines in their steel shipments to the American market.
For the full year of 2024, the largest suppliers to the U.S. were:
1. Canada: 6,557,000 net tons, down 5% compared to 2023.
2. Brazil: 4,498,000 net tons, up 14%.
3. Mexico: 3,517,000 net tons, down 16%.
4. South Korea: 2,809,000 net tons, up 7%.
5. Vietnam: 1,363,000 net tons, up 143%.
While Canada continued to lead the way, its steel exports to the U.S. saw a slight decrease over the year, reflecting broader market trends. Brazil, on the other hand, experienced an increase of 14%, likely benefiting from strong demand for specific steel products. South Korea’s exports to the U.S. grew by 7%, while Vietnam’s steel shipments saw a remarkable increase of 143%, positioning it as a rapidly growing supplier in the U.S. market.
Steel Import Market Share and Trends
The U.S. steel import market has seen fluctuating shares of foreign steel in its domestic market. In December 2024, finished steel accounted for an estimated 21% of the total steel market share. This was slightly down from the full-year estimate of 23% for 2024, which suggests a slight variation in the market dynamics between the end of the year and the broader trends observed over the 12-month period.
The growth in steel imports in December was driven by both an increase in demand for specific steel products and the general trend of increased foreign steel supply. As U.S. manufacturers and industries continue to rely on international steel sources, it is likely that steel imports will remain an essential component of the U.S. steel market in the coming years.
