The latest revelations from the American Iron and Steel Institute provide an incisive look into the state of steel imports in the United States, as documented in the July Steel Import Monitoring and Analysis (SIMA) data from the Commerce Department. In July 2024, the total steel import permit applications amounted to 2,289,000 net tons (NT), marking a 5.7% decline from the 2,428,000 NT recorded in June. Despite this decrease, the figures still represent a 6.3% rise over the June final imports total of 2,152,000 NT. This ebb and flow in import tonnage illustrate the complex dynamics within the steel industry.
For finished steel, the July import permit tonnage was recorded at 1,936,000 NT, reflecting a substantial increase of 12.9% from the June final imports total of 1,715,000 NT. This increase in finished steel imports underscores a notable uptick in market demand for refined steel products. Over the first seven months of 2024, including both July SIMA permits and June final imports, total and finished steel imports stood at 17,629,000 NT and 13,636,000 NT, respectively. This represents a modest year-to-date growth of 1.4% for total imports and 2.6% for finished steel compared to the same period in 2023.
The July data reveals considerable surges in specific steel products, with tin plate showing a remarkable increase of 124%, cut length plates up by 103%, and wire rods rising by 87%. Other notable increases include heavy structural shapes (59%) and cold rolled sheets (39%). These spikes suggest a shift in the import landscape, with certain steel products experiencing heightened demand. For the year-to-date, products such as sheets and strip all other metallic coated have risen by 71%, sheets and strip hot dipped galvanized by 41%, and wire rods by 36%. Cold rolled sheets and structural pipe and tubing have also seen year-to-date increases of 28% and 18%, respectively.
The geographical distribution of steel imports in July highlights significant variances. Canada led the list with permit applications totaling 497,000 NT, although this represents an 11% decrease from June’s final imports. Brazil followed with 339,000 NT, marking a 9% increase, while South Korea’s permits were at 199,000 NT, reflecting a 5% decrease. Mexico’s applications dropped notably by 28% to 151,000 NT, and Japan saw a substantial increase of 65% with 139,000 NT. These figures illustrate the shifting patterns in steel trade among key suppliers.
In the cumulative data for the first seven months of 2024, Canada remains the largest supplier with 3,930,000 NT, albeit down 6% from the previous year. Brazil, showing a 15% increase, supplied 2,823,000 NT, while Mexico’s contribution declined by 20% to 2,089,000 NT. These statistics provide insights into the evolving supply dynamics and market influences shaping the steel import sector.
