August 29, 2008

US steel import permits in February decrease by 8% MoM

Based on the US Commerce Departments most recent steel import monitoring and analysis data, the American Iron and Steel Institute reported that steel import permit applications for the month of February 2008 totaled 2.329 million net tons. This was an 8% decrease from the 2.534 million net tonne permit tons recorded in January 2008 and a 12% decrease from the January preliminary imports total of 2.658 million net ton.

Import permit tonnage for finished steel in February was 1.849 million net ton a decrease of 16% from the preliminary imports of 2.197 million net ton in January. For the first two months of 2008 total steel imports annualize at 29.9 million net ton 10% below the 2007, 12 month total.

For February 2008, the largest finished steel import permit applications for offshore countries were
1. China 222,000 net tons
2. Korea 156,000 net ton
3. Japan 97,000 net ton
4. Germany 87,000 net ton
5. India 83,000 net ton

Finished steel import permit applications for Chinese steel declined by 18% in February compared to January preliminary imports. Product categories that have increased in the first two months of 2008 vs. the same period in 2007 include: line pipe up by 59%, heavy structural shapes up by 18% and hot rolled sheets up by 7%.

Mr Andrew G Sharkey III president & CEO of AISI said that “While imports in the first two months of 2008 are below the same period last year, finished steel imports on a monthly basis this year are 10 percent higher than the monthly average in the last quarter of 2007. Our industry will stay vigilant about imports that violate trade rules, and we will continue to monitor closely imports of certain products from certain countries.”