Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) reported that the U.S. imported a total of 2,547,000 net tons (NT) of steel in January 2024, including 1,914,000 NT of finished steel (up 21.7 percent and 18.0 percent, respectively, vs. December 2023). Total and finished steel imports are down 2.4 percent and 4.4 percent, respectively, vs. January 2023. Over the 12-month period February 2023 to January 2024, total and finished steel imports are down 7.6 percent and 13.5 percent, respectively, vs. the prior 12-month period. Finished steel import market share was an estimated 22 percent in January 2024.
Key steel products with a significant import increase in January compared to December are sheets and strip all other metallic coatings (up 190 percent), hot rolled bars (up 66 percent), cut lengths plates (up 44 percent), oil country goods (up 37 percent) and blooms, billets and slabs (up 34 percent). Products with a significant increase in imports over the 12-month period February 2023 to January 2024 compared to the previous 12-month period include cut lengths plates (up 22 percent) and blooms, billets and slabs (up 20 percent).
In January, the largest suppliers were Canada (627,000 NT, up 16 percent vs. December), Brazil (468,000 NT, up 40 percent), Mexico (396,000 NT, up 36 percent), South Korea (193,000 NT, down 28 percent) and Japan (115,000 NT, up 46 percent). Over the 12-month period February 2023 to January 2024, the largest suppliers were Canada (6,919,000 NT, up 1 percent vs, compared to the previous 12-months), Mexico (4,124,000 NT, down 21 percent), Brazil (4,015,000 NT, up 55 percent), South Korea (2,691,000 NT, down 4 percent) and Japan (1,168,000 NT, down 8 percent).
