Based on reported import licenses, US long products imports fell 11% from 325,000 short tons in October, 2022 to 291,000 tons last month. According to import licenses, the largest declines came from parallel flange sections, where volumes declined from South Korea, Spain, and the UAE, and rebar, where imports dropped from Mexico, Turkey, Spain and Portugal.
Long products imports in the first ten months of 2023 were 18% lower than in the same period last year with wire rod showing the highest volume and percentage decline (-560,000 tons and -37%).
US long products import licenses
January 2015 to October 2023
Short tons
“Dresden, renovation of the Augustus Bridge April 2018, first bridge arch, steel reinforcement” by Bybbisch94, Christian Gebhardt, CC BY-SA 4.0 https://creativecommons.org/licenses/by-sa/4.0, via Wikimedia Commons
Based on reported import licenses, US flat products imports fell 11% from 706,000 short tons in October, 2022 to 631,000 tons in October, 2023. Cold rolled imports fell by the highest volume following lower volumes from Mexico, South Korea, Thailand, and Canada. In contrast, cut plate imports rose from countries including Romania, Germany, Canada, and Malaysia.
Flat products imports in the first ten months of 2023 were 19% lower than in the same period last year with cold rolled -27%, hot dip galvanized -25%, hot rolled -17%, but cut plate +23%.
US flat products import licenses
January 2016 to October 2023
Short tons
Rolling process at NLMK Verona (NLMK Group) from Worldsteel Image Library
Worldsteel reported September crude steel production in China at 82.1 million metric tonnes, 5.6% lower than in September, 2022. Chinese production in the first nine months of 2023 was 1.4% higher than in the first nine months of 2022.
Data from China’s General Administrion of Customs show China’s net finished steel exports (exports minus imports) rose 81% compared to September last year. Net finished steel exports in the first nine months of 2023 were 43% higher than in the same period last year.
China produced 82.1 million tonnes in September, accounting for 55% of world output and falling 5.6% compared to September, 2022. World crude steel production outside China rose 4.0% on last September following increases mainly in India (+18.2%), South Korea (+18.2%) and Russia (estimated +9.8%).
Crude steel production in the first nine months of 2023 was 0.4% higher than in the same period last year.
“Continously casting steel billets from the electric arc furnace directly above”, Badische Stahlwerke, Kehl, Germany 20.04.2016, BSW GmbH, from Worldsteel Image Library
In its latest Short Range Outlook (SRO), published last week, Worldsteel expects world steel demand to be 1,815 million metric tonnes in 2023 and 1,849 million tonnes in 2024. The new forecast expects a 1.8% steel demand growth in 2023 and a 1.9% increase in 2024, lowering their expectations compared to their April, 2023 forecast for 2023 by 0.5%, but raising their forecast for 2024 by 0.2%.
China accounted for 52% of world steel demand in 2022 and is expected to account for 52% in 2023 and 51% inn 2024. Chinese steel demand is expected to increase by 2.0% in 2023 and remain flat in 2024.
After a 3.2% decline in steel demand in 2022, steel demand outside of China is forecast to increase by 1.6% in 2023 and rise again by 4.0% in 2024. European Union plus UK demand is now expected to decline by 5.1% in 2023 but rise by 5.8% in 2024. USMCA demand is forecast to rise by 0.9% in 2023 and by 1.5% in 2024.
Based on reported import licenses, US long products imports fell 14% from 274,000 short tons in September, 2022 to 235,000 tons last month. According to import licenses, rebar imports showed the highest decline, with volumes falling mainly from Turkey, but also from Algeria and Mexico. Rebar imports from Egypt rose significantly, however.
Long products imports in the first nine months of 2023 were 18% lower than in the same period last year with wire rod showing the highest volume and percent decline (-582,000 tons and -41%).
US long products import licenses
January 2015 to September 2023
Short tons
“Hot-dip galvanized reinforcing steel in accordance with general building authority approval” by Trissi1234, CC BY-SA 4.0 https://creativecommons.org/licenses/by-sa/4.0, via Wikimedia Commons
