AIIS: U.S. steel exports remain sluggish in July

The U.S. steel export trade remained week in July since the majority of steel the nation exports is destined for Canada and Mexico, which have both been dealing with economic challenges.

   The American Institute for International Steel (AIIS) said the United States exported 738,096 net tons of steel in July, a 9 percent decrease from June and a 9.2 percent drop from July 2015.
   The U.S. steel export trade remained week in July since the majority of steel the nation exports is destined for Canada and Mexico, which have both been dealing with economic challenges.
   In July, the U.S. exported 365,564 net tons of steel to Canada and 297,318 net tons of steel to Mexico, year-over-year declines of 8.7 percent and 4.5 percent, respectively. U.S. steel exports to the European Union for the month fell 8.9 percent from July 2015 to 22,690 net tons.
   Overall, for the first seven months of 2016, the U.S. exported 5.48 million tons of steel, a 10.3 percent decline from the corresponding period in 2015.
   Looking ahead, the AIIS said, “An economic bounce back in Canada over the next few months – if predictions are accurate – could strengthen exports of steel to that nation, and with oil prices now nearly double the 2016 low of $26 that hit in February, Mexican spending on steel could also increase.” AIIS added, “Still though, there remains a lot of room for those things not to happen, and for exports to stagnate or even decline further.”