U.S. Steel Imports Surge 12% in October, Led by Finished Steel

Continued Growth in Imports Reflects Strong Demand Across Key Products
In October 2024, U.S. steel imports saw a notable increase of 12%, reaching a total of 2.39 million net tons (NT), according to preliminary Census Bureau data reported by the American Iron and Steel Institute (AISI). Finished steel imports also saw significant growth, rising by 8.6% to 1.84 million NT compared to September 2024. This increase in both total and finished steel imports reflects a strong, ongoing demand for steel in the U.S. market as industries continue to recover and expand. Year-to-date, total steel imports have risen by 2.6%, while finished steel imports have grown by 2.7%, compared to the same period in 2023. Over the 12-month period from November 2023 to October 2024, total steel imports increased by 1.9%, with finished steel imports remaining unchanged.

Key Steel Products Drive Import Growth
Reinforcing Bars and Structural Shapes Lead Import Increases
Several key steel products saw substantial increases in imports in October. Notably, reinforcing bars experienced a sharp 129% rise, while heavy structural shapes increased by 92%, and cut-length plates rose by 55%. Other products such as hot rolled sheets (up 51%) and blooms, billets, and slabs (up 25%) also showed strong growth compared to September. Over the 12-month period from November 2023 to October 2024, the largest year-over-year increases in imports were seen in sheets and strips (all other metallic coated), which rose by 55%, followed by hot-dipped galvanized sheets and strips (up 37%), wire rods (up 21%), and cold rolled sheets (up 19%).

Top Steel Suppliers to the U.S. Market
Canada, Brazil, and Mexico Lead the Way in October Imports
In October, the largest suppliers of steel to the U.S. were Canada (545,000 NT, up 10% from September), Brazil (364,000 NT, up 10%), and Mexico (361,000 NT, up 35%). Other major suppliers included South Korea (162,000 NT, down 40%), Japan (138,000 NT, up 77%), and Germany (138,000 NT, up 73%). Over the past 12 months, Canada remained the top supplier with 6.63 million NT, although this represents a 3% decrease from the previous 12-month period. In contrast, Brazil saw a significant 40% increase, supplying 4.79 million NT, while Mexico’s imports decreased by 20%. Other countries, such as Vietnam, saw impressive growth, with imports rising by 126% to 1.22 million NT.

Finished Steel Market Share Remains Strong
Finished Steel Market Share Reaches 23% in 2024
The share of finished steel in total U.S. steel imports has remained robust. Finished steel imports accounted for an estimated 22% of total steel imports in October, with the year-to-date finished steel market share reaching 23%. This indicates a healthy demand for finished products, as industries continue to rely on high-quality, ready-to-use steel materials.