The American Iron and Steel Institute (AISI) reported Wednesday that based on the US Department of Commerce's most recent Steel Import Monitoring and Analysis (SIMA) data, total steel permit applications in February were 2.5 million net tons (nt)--down 10 percent from the 2.8 million nt recorded in January. However, February steel import permits were up 0.1 percent from the January preliminary imports total. Import permit tonnage for finished steel in February was 1.99 million nt, down 3 percent from January. The AISI also stated that through the first two months of 2012, finished steel imports were 4.1 million nt, up 29 percent versus the 3.1 million nt in the same period last year. February 2012 total and finished steel import permit tons would annualize at 30.6 million nt and 24 million nt, up 7 percent and 11 percent, respectively, compared to 2011. The estimated finished steel import market share in February was 23 percent.
In February, the largest finished steel import permit applications for offshore countries were for Korea (276,000 nt and down 12 percent from January); Japan (157,000 nt and up 23 percent), Turkey (145,000 nt and up 2 percent); China (80,000 nt and down 20 percent); and Germany (67,000 nt and down 38 percent).
Year-to-date in February, several products experienced elevated import levels compared to their 2011 annual average. Rebar imports were up 90 percent; bar size light shapes rose 84 percent; sheets and strip all other metallic coated increased 35 percent; and hot dipped galvanized sheets and strip climbed 18 percent.
Thomas J. Gibson, AISI president and CEO noted that through February, finished steel imports are "running a full million tons ahead of where they were through the first two months of last year. There are some significant volume increases in imports of a number of key long and flat products--particularly in rebar, bar size light shape and hot dipped galvanized sheets and strip."