Steel Imports Slip from 2-Year High in February, Now at 11-Month Low

Total finished steel imports are preliminarily at 1.85 million tons in February, down 19% from the month prior and down 21% from November’s 3.5-year high. License data shows finished steel imports will likely bounce back in March. They are currently at 2.26 million tons, which is 22% above February and just 1% below January.

Due to large month-to-month swings in semifinished imports, the chart below shows total monthly imports on a three-month moving average (3MMA) basis in an attempt to more accurately display U.S. steel import trends. The 3MMA through preliminary February data is 2.76 million tons, down from January’s 42-month high but still lofty compared to recent years. (2021 averaged 2.63 million tons per month, 2020 averaged 1.84 million tons per month, 2019 averaged 2.32 million tons per month.) Recall that the lowest 3MMA level in SMU’s recent history was October 2020, at 1.36 million tons. With the latest March license data, that 3MMA is at 2.69 million tons.

The table below displays flat rolled product imports as well as other high-volume products, including rebar, tin plate, wire rod, structural pipe and tube, and other long products. We also provide data on imports divided into semifinished, finished, flat rolled, longs, pipe and tube, and stainless products.

The two charts below show monthly imports grouped by product category: flat rolled imports and pipe and tube imports. February flat rolled imports fell to 882,000 tons, down 33% from a multi-year high of 1.31 million tons in January. March license data currently shows 1.12 million tons of flat rolled imports coming into the country. Pipe and tube imports fell 4% to 375,000 tons in February, a six-month low. March pipe and tube import licenses have rebounded 31% to 491,000 tons.

We have an interactive graphing tool available on our website here where readers can further investigate historical import data, in total and by product. If you need assistance logging into or navigating the website, contact us at Info@SteelMarketUpdate.com.

By Brett Linton, Brett@SteelMarketUpdate.com