Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported that the U.S. imported a total of 2,467,000 net tons (NT) of steel in February 2024, including 1,741,000 NT of finished steel (down 3.2 percent and 9.2 percent, respectively, vs. January 2024). Total and finished steel imports are up 2.4 percent and down 2.5 percent, respectively, year-to-date vs. 2023. Over the 12-month period March 2023 to February 2024, total and finished steel imports are down 6.5 percent and 12.5 percent, respectively, vs. the prior 12-month period. Finished steel import market share was an estimated 21 percent in February and is estimated at 22 percent over the first two months of 2024.
Key steel products with a significant import increase in February compared to January are reinforcing bars (up 155 percent), tin plate (up 34 percent), blooms, billets and slabs (up 15 percent), standard pipe (up 11 percent) and sheets and strip hot dipped galvanized (up 11 percent). Products with a significant increase in imports over the 12-month period March 2023 to February 2024 compared to the previous 12-month period include cut lengths plates (up 27 percent) and ingots, billets and slabs (21 percent).
In February, the largest suppliers were Canada (537,000 NT, down 14 percent vs. January), Brazil (506,000 NT, up 8 percent), Mexico (328,000 NT, down 17 percent), South Korea (185,000 NT, down 6 percent) and Taiwan (85,000 NT, up 38 percent). Over the 12-month period March 2023 to February 2024, the largest suppliers were Canada (6,918,000 NT, no change compared to the previous twelve months), Brazil (4,169,000 NT, up 56 percent), Mexico (4,070,000 NT, down 21 percent), South Korea (2,654,000 NT, down 5 percent) and Japan (1,188,000 NT, down 6 percent). Below are charts on steel imports by country and estimated finished steel import market share in recent months.
