Second quarter demand weakens US steel imports are now in double digits

According to preliminary data from the US Customs Department, in June, the United States imported 2.6 million net tons of steel. Among them, 2.1 million net tons of finished steel were imported (down from 15% and 13% respectively from the final data in May). According to the American Iron and Steel Institute (AISI), in the first half of the year, US imports of finished steel increased by 22% year-on-year.

In 2012, total US steel imports and total imports of finished steel products will reach 34.8 million net tons and 27 million net tons, respectively, an increase of 22% and 24% respectively year-on-year. In June, the United States’ market share of finished steel imports was 23%, compared with 24% in the first half of the year.

David Phelps, chairman of AISI, stated that “as demand was weak in the second quarter and with oversupply, buyers were cautiously controlling inventory, and import orders from offshore suppliers also fell in the beginning of the second quarter. In June, the production of slab and other semi-finished steel products fell sharply. US mills have also reduced their purchases of imported resources,"