Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported that the U.S. imported a total of 2,510,000 net tons (NT) of steel in March 2024, including 2,001,000 NT of finished steel (up 1.6 percent and 14.7 percent, respectively, vs. February 2024). Total and finished steel imports are both unchanged year-to-date vs. 2023. Over the 12-month period April 2023 to March 2024, total and finished steel imports are down 5.7 percent and 10.7 percent, respectively, vs. the prior 12-month period. Finished steel import market share was an estimated 23 percent in March and is estimated at 22 percent over the first three months of 2024.
Key steel products with a significant import increase in March compared to February are line pipe (up 118 percent), plates in coils (up 70 percent), hot rolled sheets (up 40 percent), mechanical tubing (up 23 percent) and sheets and strip hot dipped galvanized (up 21 percent). Products with a significant increase in imports over the 12-month period April 2023 to March 2024 compared to the previous 12-month period include cut lengths plates (up 22 percent) and ingots, billets and slabs (16 percent).
In March, the largest suppliers were Canada (597,000 NT, up 11 percent vs. February), Brazil (392,000 NT, down 23 percent), South Korea (349,000 NT, up 88 percent), Mexico (287,000 NT, down 12 percent) and Japan (109,000 NT, up 47 percent). Over the 12-month period April 2023 to March 2024, the largest suppliers were Canada (6,855,000 NT, down 1 percent compared to the previous twelve months), Brazil (4,103,000 NT, up 47 percent), Mexico (3,920,000 NT, down 22 percent), South Korea (2,816,000 NT, up 6 percent) and Japan (1,179,000 NT, down 8 percent). Below are charts on steel imports by country and estimated finished steel import market share in recent months.
