The United States saw total steel exports fall 13.5 percent year-over-year in March, and some analysts are forecasting zero or even negative growth in steel exports to Canada during the second quarter, the American Institute for International Steel said.
The United States exported 775,270 net tons of steel in March, a 0.5 percent decline from February and a 13.5 percent drop from March 2015, according to the American Institute for International Steel (AIIS).
U.S. steel exports to Canada declined 5.3 percent year-over-year in March to 400,906 net tons. “Some analysts are forecasting zero or even negative growth for Canada in the second quarter, partly because of the wildfires in Alberta,” the AIIS said.
Meanwhile, the U.S. exported 289,544 net tons of steel to Mexico in March, nearly a 20 percent decline from March 2015. However, Mexico’s economic growth surpassed expectations during the first quarter of 2016, expanding at an annualized rate of 3.2 percent.
U.S. steel exports to the European tumbled 35.2 percent year-over-year in March to 20,122 net tons.
Overall, total U.S. steel exports during the first quarter of 2016 reached 2.34 million net tons, a 13.5 percent decline from the same period in 2015.
Looking ahead, if the U.S. dollar continues to remain as strong as it currently is, even steel buyers in a healthy economy will have reason to search elsewhere for at least some of their purchases, the AIIS said.
AIIS: U.S. steel exports remain weak in March
