Based on the US Commerce Department’s most recent Steel Import Monitoring and Analysis data, the American Iron and Steel Institute has reported that steel import permit applications for December 2008 totalled slightly more than 2 million tons, a 15 percent drop from the previous month, as well as a 10 percent decline from November preliminary imports total of 2.241 million tons. Import permit tonnage for finished steel in December was 1,797,000 net tons, a decrease of 13 percent from the preliminary imports total of 2,058,000 net tons in November.
For the whole of last year, total and finished steel imports were 31.7 million net tons and 25.739 million net tons, down 5 and 3 percent, respectively, from 2007.
In December, the largest finished steel import permit applications for offshore countries were for China (488,000 net tons), India (132,000 net tons), South Korea, (102,000 net tons) and Japan (94,000 net tons).
Chinese permit tonnage was more than Canada and Mexico combined, and over three times that of any other offshore supplier. While permit tonnage for Chinese steel decreased 17 percent in December vs. November preliminary imports, this was 27 percent of total SIMA finished steel permit tonnage. Moreover, imports of Chinese finished steel during the fourth quarter would annualize at 7.2 million tons; 1.7 million tons higher than the record amount of United States’ steel imports from China set in 2006.
Major finished steel import products that registered large increases in December vs. the November preliminary include Heavy Structural Shapes (up 52 percent) and Cold finished Bars (up 16 percent). Import products with significant increases for full year 2008 vs. 2007 include Oil Country Goods (up 103 percent) and Hot Rolled Bars (up 12 percent).
Source: Recycling Today
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