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US Steel Imports Slow in September
Minor Bulks, Steel
US steel imports fell to a seven-month low of 2.8 Mt in September as shipments from Turkey and Brazil declined, according to US Census Bureau data. Nevertheless, weak imports in 2016 meant this was still up by 0.3 Mt year-on-year, contributing to annual growth of 4.4 Mt in imports in the first nine months of the year to 26.9 Mt.
The appeal of the US as a steel import market has been dented in recent months by an upsurge in domestic production and a softening in prices. The US domestic price for hot rolled band (HRB) fell by $11/t in the two weeks to 25 October, dropping to the lowest level since December 2016 at $661/t, according to the latest SteelBenchmarker from World Steel Dynamics. By contrast, the Western European HRB price edged slightly lower over the same period to $634/t, while the Chinese HRB price was unchanged at $533/t.