Based on preliminary Census Bureau data, the American Iron and Steel Institute (AISI) has reported that the U.S. imported a total of 2,339,000 net tons (NT) of steel in February 2022, including 1,831,000 net tons (NT) of finished steel (down 23.1% and 19.7%, respectively, vs. January 2022). Total and finished steel imports are up 23.2% and 27.6%, respectively, vs. February 2021. Over the 12-month period March 2021 to February 2022, total and finished steel imports are up 50.1% and 53.1%, respectively, vs. the prior 12-month period. Finished steel import market share was an estimated 22% in February and is estimated at 23% over the first two months of 2022.
Key finished steel products with a significant import increase in February compared to January are reinforcing bars (up 96%), heavy structural shapes (up 34%) and line pipe (up 19%). Products with a significant increase in imports over the 12-month period March 2021 to February 2022 compared to the previous 12-month period include hot rolled sheets (up 93%), sheets and strip all other metallic coated (up 92%), oil country goods (up 91%), wire rods (up 86%) and plates in coils (up 85%).
In February, the largest suppliers were Canada (470,000 NT, down 19% vs. January), Mexico (446,000 NT, down 22%), Brazil (264,000 NT, down 30%), South Korea (217,000 NT, up 37%) and Vietnam (71,000 NT, down 50%). Over the 12-month period March 2021 to February 2022, the largest suppliers were Canada (6,935,000 NT, up 33% vs. compared to the previous 12-months), Mexico (5,160,000 NT, up 58%), Brazil (3,929,000 NT, up 3%), South Korea (2,762,000 NT, up 36%) and Russia (1,688,000 NT, up 299%).
(Courtesy American Iron and Steel Institute)
