Steel Products Prices North America
Preliminary August Imports at 11-Year Low
Written by Brett Linton
September 29, 2020
Recently released Census data has preliminary August steel imports totaling 1.30 million net tons, less than half of the volume imported in July due to the quarterly reset on semifinished import quotas. This is the lowest total monthly import level seen since September 2009.
Finished imports in August total 1.20 million tons, down 16 percent from July. Imports of semifinished products (mostly slabs) were 108,000 tons in August, down from 1.27 million tons the month prior.
September import licenses are currently at 1.29 million tons, with 224,000 tons being semifinished and 1.07 million tons being finished products.
Note: The January, July, August and October import figures are unusually high as a result of buyers seeking to max out quarterly quota limits on semifinished products. For the remainder of each quarter, final semifinished imports are significantly lower. Due to these month-to-month swings, SMU has ceased monthly import “trending” projections and now only shows unadjusted figures as reported by the Commerce Department.
As shown in the figure below, finished steel import levels are much less volitile and more accurately display the U.S. steel import trend month-to-month. Current September finished imports are well below levels seen earlier this year.
The three graphics below show total steel imports through September license data. To provide the most clarity, we are only showing a limited time line in each graphic. To see a greater data history and utilize our interactive graphing features, you can visit our website. Contact us at info@SteelMarketUpdate.com if you have any questions.
Brett Linton
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