Despite continued supply chain issues, steel imports into the U.S. were up by nearly 45% late last year over late 2020, according to a new report issued by the American Iron and Steel Institute.
The report notes that as of the end of November, total steel imports were at 29.6 million net tons. The finished steel import market share, meanwhile, showed itself to be 22% higher than where things stood between January and November of 2020.
A breakdown of specific products show heavy structural shapes with a 64% increase; sheet metal up by 33%; and cold rolled sheets up by 32%.
Smaller gains were recorded in hot rolled bars, with a 29% increase; and tin plate products, up by 10%.
U.S. slab, or semi-finished steel product imports, meanwhile, saw a massive increase of just under 264% from this past November compared with November of 2020.
In a press release issued by the AISI, it was noted that the largest volumes of finished steel imports, at 232,000 tons, came from South Korea; with imports from Vietnam making up 180,000 tons; and Japan at 154,000 tons.
The South Korean imports, notes the release, were “up 42%, vs. the same period in 2020,” with Japan seeing a 38% jump; and Turkey a strong 71% increase.
Some analysts are predicting increased steel imports this year based not only on simple market dynamics, but also due to the passage of the Infrastructure Investment and Jobs Act late last year.
The publication S&P Global Market Intelligence is reporting that “transformer builders are ordering more supplies” of steel, noting that the legislation makes available around $65 billion for the development of the nation’s power grid.
Additional steel will be needed for the building out of a national electric vehicle charging network, with up to $7.5 billion in federal funds now available for such projects.
By Garry Boulard
