Steel Imports Drop as November Data Shows a 5.1% Decrease
The latest Steel Import Monitoring and Analysis (SIMA) data from the U.S. Department of Commerce, released by the American Iron and Steel Institute (AISI), reveals a decline in U.S. steel imports for November 2024. Total steel import permit applications for November stood at 2.12 million net tons (NT), marking a 5.1% decrease from 2.24 million tons in October. Compared to the 2.40 million tons of final imports in October, this represents an 11.3% decline, reflecting shifting trade dynamics in the steel market.
Finished Steel Imports Experience a Steeper Drop
Finished steel imports fell 10% to 1.66 million tons in November, down from 1.84 million tons in October. Despite this monthly decrease, year-to-date (YTD) total imports for steel (up 2.8%) and finished steel (up 3.3%) remain higher than the same period in 2023. The share of finished steel imports in November accounted for 21% of total imports, slightly below the year-to-date average of 23%.
Key Steel Products with Rising Import Volumes
Despite the overall decline in steel imports, several key products saw significant growth in November’s permit applications:
- Electrical sheet and strip: +160%
- Oil country goods: +74%
- Sheet and strip all other metallic coated: +51%
- Standard pipe & line pipe: +11%
In a year-over-year comparison, products with the highest YTD growth included:
- Sheets and strip all other metallic coated: +51%
- Hot-dipped galvanized sheets: +40%
- Cold-rolled sheets: +28%
- Tin plate: +27%
- Wire rods: +19%
Top Steel Exporting Countries to the U.S.
Canada retained its position as the largest supplier of steel to the U.S., shipping 476,000 tons in November, despite a 13% decline from October. Other major suppliers included:
- Brazil: 306,000 tons (-16%)
- Mexico: 268,000 tons (-26%)
- South Korea: 186,000 tons (+15%)
- Vietnam: 144,000 tons (+42%)
From January to November 2024, Canada shipped the highest volume of steel to the U.S. at 5.99 million tons, though this reflects a 6% decline from 2023. Meanwhile, Brazil saw a 21% increase in its steel exports to the U.S. year-to-date.
Understanding SIMA Data and Market Implications
It’s important to note that SIMA data reflects import permit applications, not finalized import volumes. These figures may be revised later this month to provide a more accurate estimate of actual steel import levels. The trends observed highlight fluctuating trade patterns, the impact of global steel demand, and potential shifts in the U.S. steel market outlook moving into 2025.
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