The United States of America imported a total of 2.5Mt (net tons) of steel in March 2024, including 2Mt (net tons) of finished steel (up 1.6% and 14.7%, respectively, versus. February 2024). These figures are based upon on preliminary Census Bureau data and have been reported by the American Iron and Steel Institute (AISI).

Total and finished steel imports are both unchanged year-to-date versus 2023. Over the 12-month period April 2023 to March 2024, total and finished steel imports are down 5.7% and 10.7%, respectively, versus the prior 12-month period. Finished steel import market share was an estimated 23% in March and is estimated at 22% over the first three months of 2024.

Key steel products with a significant import increase in March compared to February are line pipe (up 118%), plates in coils (up 70%), hot rolled sheets (up 40%), mechanical tubing (up 23%) and sheets and strip hot dipped galvanized (up 21%). Products with a significant increase in imports over the 12-month period April 2023 to March 2024 compared to the previous 12-month period include cut lengths plates (up 22%) and ingots, billets and slabs (16%).

“According to the OECD, Chinese steel exports grew from 68 million metric tons in 2022 to 95 million metric tons in 2023, a 40 percent increase in just one year."

Kevin Dempsey, president of the American Iron and Steel Institute (AISI).

In March, the largest suppliers were Canada (597kt, up 11% versus February); Brazil (392Kt down 23%), South Korea (349kt, up 88%); Mexico (287kt, down 12%); and Japan (109kt, up 47%).

Over the 12-month period April 2023 to March 2024, the largest suppliers were Canada (6,8Mt, down 1% compared to the previous 12 months), Brazil (4.1Mt up 47%), Mexico (3.9Mt, down 22%); South Korea (2.8Mt, up 6%) and Japan (1,1Mt, down 8%).

Steel imports into the USA are under heightened scrutiny at the moment as exports to the US from China have witnessed a recent significant increase. The AISI has welcomed President Joe Biden's call on the US Trade Representative to consider tripling the existing Section 301 tariff on Chinese steel.

Kevin Dempsey, president of the AISI, commented: “According to the OECD, Chinese steel exports grew from 68 million metric tons in 2022 to 95 million metric tons in 2023, a 40 percent increase in just one year. While we have not yet seen a similar surge in direct Chinese steel shipments to the United States, Chinese steel exports to third country markets often are further processed into other steel or downstream manufactured products that are then exported to the U.S. market."

“China disrupts world markets both by subsidizing the production of steel and other products and by dumping those products in the US and other markets. The Chinese government is also expanding its unfair trade practices beyond its borders by subsidizing its steel producers in building additional export-oriented steelmaking capacity outside of China — particularly in Southeast Asia through the Belt and Road Initiative. AISI very much appreciates the Biden administration’s continuing efforts to push back on Chinese and other foreign unfair trade practices that hurt American steel producers and their workers,” he concluded.