Analysis
February 27, 2024
Written by David Schollaert
January’s import level was even higher than an earlier license count had suggested, making it the highest month for imports since June 2023.
The US Commerce Department’s preliminary count shows 2,547,981 short tons (st) of steel products entered the country in the first month of 2024. This was a 22% increase from December’s final tally of 2,096,039 st but a 2.4% drop from January 2023.
The scrap market for October is looking for direction as some participants on both sides of the furnace are indicating scrap prices are poised for an increase.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
The domestic plate market is showing few signs of relief for steel buyers. Lead times are stretching well beyond seasonal norms, spot availability has all but evaporated, and mills are drawing hard lines on contract volumes heading into 2027 negotiations.
SSAB Americas announced immediate changes to pricing extras on select products, according to a letter sent to customers Friday morning.