U.S. steel exports experienced a significant rebound in March, though they remained below the levels of a year earlier, according to U.S. government data analyzed by the American Institute for International Steel.
“Following a dip in February, when many parts of the United States were still suffering the impact of a harsh winter, exports responded well to the milder weather that followed, surging 15 percent in March, the association said. “The increase put the monthly export total at more than 1 million tons for the first time since October.”
Canada, which receives more than half of all U.S. steel exports, raised its total by more than 17 percent compared to February. Mexico, which accounts for about one-third of U.S. steel exports, imported nearly 14 percent more than it did the previous month. Exports to EU countries expanded by more than 12 percent during the month, but they still represent less than 3 percent of the total.
The United States is also witnessing strong exports of steel to Venezuela, China and Brazil compared to 2013. While those nations account for just 3.6 percent of the country’s exports, that percentage is two and a half times larger than it was a year ago. “Year-to-date exports to those three countries have also increased — by a factor of five, in Venezuela’s case — even as weak January and February numbers produced a 9.5-percent drop in total exports for the first three months of the year,” AIIS reported.
“The strong recovery in steel exports to Canada and Mexico in March bodes well for the next several months, as it indicates that the slow start to the year had much to do with snow-related logistical problems. In addition, a strong showing in major developing countries could indicate that U.S. steel is becoming more of a factor outside North America. This trend could accelerate if the situation in Ukraine leads to tighter sanctions on Russia,” the association explained.
Total steel exports in March were 1.04 million tons, compared to 904,000 tons in February, a 15-percent increase, and a 5.5-percent decrease compared to March 2013. According to year-to-date figures, exports decreased 9.5 percent compared to 2013, or from 3.214 million tons in 2013 to 2.907 million tons in 2014, AIIS said.
U.S. steel exports up significantly in March
