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

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

U.S. steel imports increased notably by 12% in October 2024, totaling 2.39 million net tons (NT), according to preliminary Census Bureau data from the American Iron and Steel Institute (AISI). Finished steel imports also grew significantly, rising 8.6% to 1.84 million NT compared to September 2024. These increases reflect strong, ongoing demand for steel as U.S. industries continue their recovery and expansion efforts. Year-to-date, total steel imports rose by 2.6%, and finished steel imports grew by 2.7% compared to the same period in 2023. From November 2023 to October 2024, total steel imports rose 1.9%, while finished steel imports remained stable.

Key Steel Products Drive Import Growth

Several steel products saw substantial import growth in October, led by reinforcing bars (up 129%), heavy structural shapes (up 92%), and cut-length plates (up 55%). Additionally, hot rolled sheets increased by 51%, and blooms, billets, and slabs grew by 25%. Over the past year, significant growth was seen in sheets and strips (metallic coated), rising 55%, 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

In October, the top steel suppliers to the U.S. included Canada (545,000 NT, up 10%), Brazil (364,000 NT, up 10%), and Mexico (361,000 NT, up 35%). Other major suppliers were South Korea (162,000 NT, down 40%), Japan (138,000 NT, up 77%), and Germany (138,000 NT, up 73%). Canada remained the leading supplier over the past year, despite a slight 3% decline to 6.63 million NT. Conversely, Brazil’s exports to the U.S. rose significantly by 40%, reaching 4.79 million NT, while Mexico’s exports dropped by 20%. Vietnam showed notable growth, with imports increasing 126% to 1.22 million NT.

Finished Steel Market Share Remains Strong

Finished steel imports accounted for about 22% of total steel imports in October, with the year-to-date finished steel market share reaching 23%. This sustained market share highlights continued strong demand from industries relying on high-quality, ready-to-use steel products.