The American Institute for International Steel projects steel import volumes will continue to be weak as a result of a variety of factors such as the deepening slowdown in China, the weak Canadian economy and low oil prices.
The United States imported 38.77 million net tons of steel in 2015, a 12.6 percent decline from 2014, largely the result of a sharp drop in steel imports from Russia, according to figures released by the American Institute for International Steel (AIIS).
In 2015, the U.S. saw a 54.8 percent year-over-year drop in steel imports from Russia to 2.12 million net tons. Steel imports from the European Union totaled 6.06 million net tons for the year, a 15.2 percent decline from 2014. The U.S. imported 5.8 million net tons of steel from Canada in 2015 and 4.85 million net tons of steel from South Korea, year-over-year decreases of 4.2 percent and 11.4 percent, respectively.
On a brighter note, steel imports from Brazil during the year rose 5.8 percent from 2014 to 5.32 million net tons.
Overall, AIIS projects steel import volumes will continue to be weak in early 2016, and possibly beyond, due to certain factors such as the deepening slowdown in China, the weak Canadian economy and low oil prices.
U.S. steel imports tumble 12.6% in 2015
