In a recent report, the American Iron and Steel Institute announced that steel import permit applications in September 2024 totaled 2,304,000 net tons. This marks a 3.2% increase compared to the 2,232,000 net tons recorded in August, though it shows a slight decline of 2.9% from the final import total of 2,374,000 net tons in August. The data highlights fluctuations in the U.S. steel market, showcasing the ongoing dynamics of steel imports.
For the month of September, finished steel import permit tonnage was recorded at 1,798,000 net tons, which represents a decrease of 2.0% from the final imports total of 1,833,000 net tons in August. Over the first nine months of 2024, total steel imports reached 22,439,000 net tons, while finished steel imports amounted to 17,349,000 net tons. This indicates increases of 2.7% and 3.7%, respectively, compared to the same period in 2023. The estimated finished steel import market share for September stands at 22%, and 23% year-to-date.
Among the notable increases in September permits compared to August final imports were several key steel products. Tin-free steel imports saw a remarkable rise of 62%, followed by hot rolled bars at 28%, line pipe at 21%, hot rolled sheets at 16%, and mechanical tubing at 14%. These increases suggest a growing demand in specific sectors, highlighting changing consumer needs in the market.
In terms of sourcing, the largest steel import permit applications in September came from Canada, with 493,000 net tons, despite a 1% decline from August final numbers. Brazil followed closely with 408,000 net tons, down 11%. South Korea saw a modest increase of 8% with 289,000 net tons, while Mexico’s imports surged by 64% to reach 264,000 net tons. Vietnam reported a decrease of 14% with 133,000 net tons.
Year-to-date data for 2024 also reveals significant increases in certain categories when compared to the same period in 2023. For instance, sheets and strip of all other metallic coated products experienced a staggering increase of 57%. Hot dipped galvanized sheets and strips rose by 43%, while cold rolled sheets increased by 28%. Other products such as wire rods, heavy structural shapes, and tin plate also showed impressive growth, indicating a robust demand across various industries.
Looking at the first nine months of 2024, Canada remains the largest supplier of steel to the U.S., delivering 4,968,000 net tons, though this reflects a 6% decrease from the previous year. Brazil's exports have increased by 20%, totaling 3,754,000 net tons. Conversely, Mexico's exports have dropped by 25%, reaching 2,521,000 net tons.
