Total steel imports for the month decreased by 13.7% month-over-month.
At the close of November 2024, steel enterprises in the United States reported a 13.5% decrease in imports of rolled steel compared to October, totaling 1.59 million tons, as indicated by data from the American Institute of Pig Iron and Steel (AISI).
In a notable shift, total steel imports, encompassing both rolled and semi-finished products, saw a decline of 13.7% in the month compared to October, reaching a total of 2.07 million tons. Galvanized steel accounts for the largest volume of imports, totaling 209.14 thousand tons, reflecting a decrease of 13.5% month-over-month. The finished products reached a volume of 77.1%.
By the conclusion of January-November 2024, steel imports into the United States reached 26.73 million tons, reflecting a 2.5% increase compared to the corresponding period in 2023. During this period, deliveries of rolled steel products saw a year-over-year increase of 3%, reaching a total of 20.68 million tons. During this period, imports of galvanized rolled products reached 2.81 million tons, marking a significant increase of 39.4% year-on-year.
In the period from January to November, the United States saw significant steel imports from three primary sources: Canada, which accounted for 6.04 million tons; Brazil, contributing 4.38 million tons; and Mexico, with 3.19 million tons.
According to a report from GMK Center, the United States has seen a reduction in steel imports by 8.7% at the end of 2023, totaling 28.15 million tons compared to the previous year, 2022. Over the past year, imports of rolled steel have seen a significant decline, dropping by 14.1% compared to 2022, totaling 21.69 million tons. Last year, the United States imported steel primarily from three countries: Canada, which accounted for 6.88 million tons, followed by Mexico with 4.18 million tons, and Brazil with 3.94 million tons.
In 2023, the United States experienced a notable decline in steel imports. This decrease can be attributed to several factors, including elevated import tariffs, a rise in domestic production, diminished demand for steel amid economic challenges, and geopolitical influences, particularly sanctions imposed on certain exporting nations.
In the last year, steel production in the United States saw a modest increase of 0.2% compared to 2022, reaching a total of 80.7 million tons. World steel production for the year reached 1.85 billion tons, reflecting a decrease of 0.1% compared to the previous year. The United States ranks as one of the top ten steel-producing nations globally, as reported by World Steel.
