AISI Reports October Steel Imports: Finished Steel Market Share Increases

October Steel Imports Decline, Finished Steel Sees Growth
The American Iron and Steel Institute (AISI) has released the latest data from the Steel Import Monitoring and Analysis (SIMA) system, revealing that steel import permit applications in October totaled 2.186 million net tons (NT), marking a 6.3% decline from September’s 2.333 million tons. However, compared to the final September total of 2.137 million tons, October’s imports were up by 2.3%. Finished steel products accounted for 1.732 million NT of the total imports, reflecting a 2.2% increase from the September total of 1.695 million tons.

Increases in Key Steel Products
October saw significant increases in imports of certain steel products, with reinforcing bars rising by 61%, hot-rolled sheets up by 34%, and heavy structural shapes growing by 28%. Other products experiencing notable increases include cut lengths plates (up 22%) and tin plate (up 17%). Year-to-date (YTD) figures show even larger gains for metallic coated sheets and strips (up 57%), hot-dipped galvanized sheets (up 42%), and cold-rolled sheets (up 28%).

Top Exporting Countries and YTD Trends
Canada continued to be the largest steel supplier to the U.S. in October, with 503,000 NT of steel imports, a modest 1% increase from September. Mexico also saw a large jump in its exports, with a 36% increase to 363,000 NT. Other key suppliers included Brazil (260,000 NT), South Korea (171,000 NT), and Japan (133,000 NT), with Japan recording a substantial 71% increase in exports compared to September. On a year-to-date basis, Canada remains the top supplier with 5.473 million NT, although its imports are down 6% compared to 2023. Brazil’s exports grew by 22%, while Mexico’s dropped by 21%.

SIMA Data Context and Notes
It’s essential to note that the SIMA data reflects steel import permit applications, which may not directly correspond to actual import volumes. Actual import estimates will be available later this month.