The United States imported 36.34 million net tons of steel during the first 11 months of 2015, a 10.7% decline as falling oil prices and continued economic uncertainty abroad hindered U.S. steel consumption.
The United States imported 2.35 million net tons of steel in November, nearly a 24 percent decline from October and 36.4 percent less than November 2014, the American Institute for International Steel (AIIS) said.
November steel imports from Brazil totaled 345,000 net tons, while steel imports from Canada reached 435,000 net tons, a year-over-year decline of 14 percent and 7.6 percent, respectively. In addition, November steel imports from the European Union tumbled almost 45 percent compared to November 2014 to 393,000 net tons.
From January 2015 through November 2015, the U.S. imported 36.34 million net tons of steel, a 10.7 percent decline from the corresponding period in 2014.
On a bright note, steel imports from Brazil jumped 10.7 percent year-over-year for the first 11 months of 2015 to 5.09 million net tons.
However, steel imports from the European Union and Canada during the first 11 months of 2015 had year-over-year declines of 13.4 percent and 3.6 percent, respectively, with steel imports from the European Union reaching 5.59 million net tons and steel imports from Canada totaling 5.36 million net tons.
“The worldwide economic slowdown has reduced demand, and even though the United States is faring somewhat better than others, steel consumption here is down because of falling oil prices and continued economic uncertainty,” the AIIS said. “Domestic producers and steel importers both need a vibrant economy that will boost capital spending, and the availability of quality imported steel at good prices can help to engender that vibrancy.”
U.S. steel imports drop 36% in November
