Home / us steel stock news / Steel Imports Report: United States

Steel Imports Report: United States - us steel stock news


Steel Imports Report: United States-us steel stock news

Steel Imports Report: United States
Background May 2020
The United States is the world's largest steel importer (2019 ranking).
In 2019, the U.S. imported 26.3 million metric tons of steel, a 15 percent Quick Facts:
decrease from 30.8 million metric tons in 2018. U.S. imports in 2019
represented about 8 percent of all steel imported globally, based on 26.3 million metric tons in
available data. The volume of U.S. steel imports in 2019 was more than 2019
12 percent larger than that of the world's second-largest importer,
Germany in 2019. In value terms, steel represented just about 1 percent 78% steel import growth
of the total goods imported into the United States in 2019 . since 2009
The United States imported steel from about 80 countries and 2019 import volume
territories in 2019. The 10 countries highlighted in the map below down 15% and import
represent the top sources for U.S. imports of steel, with the U.S. value down 19% from
receiving more than 530 thousand metric tons from each and together 2018
accounting for 78 percent of U.S. steel imports in 2019.
Import penetration down
from 28.3% in 2018 to
24.6% in 2019
Top three import
sources: Canada, Brazil,
Mexico
Largest producers:
Nucor, ArcelorMittal USA,
U.S. Steel
1
Steel Imports Report: United States
Steel Trade Balance
The United States' deficit in steel U.S. Trade in Steel Mill Products, Quarterly,
products has persisted for well over a 12.0
decade. Since mid-2009, imports have Millions of Metric Tons
remained above their global recession 10.0 Exports
related lows, while exports have Imports
remained relatively flat in comparison, 8.0
and the trade deficit has widened
accordingly. Since their most recent low 6.0
year, imports have grown by 78 percent
between 2009 and 2019, while exports 4.0
have decreased by 8 percent. In 2019, 2.0
the U.S. steel trade deficit amounted to
19.2 million metric tons, a 14 percent 0.0
increase from 22.4 million metric tons in
2018. Source: U.S. Department of Commerce - IHS Markit Global Trade Atlas
Import Volume, Value, and Product
In 2014, U.S. imports of steel products reached a near-record high of 40.3 million metric tons, only
topped by the 41.3 million metric tons imported in 2006. With the exception of 2017 when imports
grew, import levels have fallen each year, by 12 percent in 2015, by 15 percent in 2016, by 11 percent
in 2018, and 15 percent in 2019 to reach 26.3 million metric tons. The value of imports in 2019 has
decreased 19 percent to $23.9 billion from $29.5 billion in 2018.
In 2019, flat products accounted for the largest share of U.S. steel imports at 33 percent, or 8.8
million metric tons. Semi-finished products accounted for 27 percent, or 7.1 million metric tons,
followed by pipe and tube products at 20 percent (5.3 million metric tons), long products at 17
percent (4.3 million metric tons), and stainless products at 3 percent (735 thousand metric tons).
U.S. Imports of Steel Mill Products U.S. Imports of Steel Mill Products
14.0 12.0 Billions of U.S. Dollars
flat flat
12.0 long 10.0 long
10.0 pipe and tube pipe and tube
8.0
8.0 semi semi
stainless 6.0 stainless
6.0
4.0
4.0
2.0 2.0
0.0 0.0
Source: IHS Markit Global Trade Atlas, YTD through December 2019 Source: IHS Markit Global Trade Atlas, YTD through December 2019
2
2017
2019
2017
2019
2017
2019
2017
2019
2017
2019 2005
2006
2007
2017 2008
2019 2009
2010
2017 2011
2019 2012
2013
2017
2014
2019
2015
2017
2016
2019 2017
2018
2017 2019
2019
Steel Imports Report: United States
Imports by Top Source U.S. Steel Imports-Top 10 Sources
The top 10 source countries for 2019 - Percent of Volume
U.S. steel imports represented 78
percent of the total steel import
volume in 2019 at 20.4 million
metrics tons (mmt). Canada
accounted for the largest share of
U.S. imports at 19 percent (5.0
mmt), followed by Brazil at 18
percent (4.8 mmt), Mexico at 13
percent (3.3 million metric tons),
South Korea at 9 percent (2.3
million metric tons), Japan at 4
percent (1.1 mmt), Russia at 4
percent (1.0 mmt) and Germany
at 4 percent (965 thousand mt).
Trends in Imports from Top Sources
From 2018 to 2019, the volume of U.S. imports decreased from nine of the United States' top 10
import sources. Imports from Russia (-56%), showed the largest decline in volume in 2019,
followed by Vietnam (-41%), Taiwan (-22%), Germany (-21%), Japan (-17%), Italy (-14%), Canada
(-12%), South Korea (-7%), and Mexico (-3%). Import volumes into the U.S. increased from Brazil
(14%).
The overall value of U.S. imports decreased from nine of the top 10 sources. The value of imports
from Russia decreased the most
in 2019 (-57%), followed by Percent Change in Imports from Top 10 Sources (YTD 2018-2019)
Vietnam (-42%), Taiwan (-24%),
Germany (-22%), Canada (-20%), Canada
Italy (-17%), Mexico (-12%), Brazil
Japan (-9%), and South Korea
(-5%). U.S. imports of steel from
Mexico
Brazil increased (up 4%) in value South Korea Volume
in 2019. Japan Value
Outside the top 10 sources, other Russia
notable volume changes included Germany
U.S. imports from 30th-ranked
Malaysia (90%), 35th-ranked Taiwan
Bulgaria (85%), and 58th-ranked Vietnam
Venezuela (-91%). Italy
-60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50%
Source: U.S. Department of Commerce - IHS Markit Global Trade Atlas - YTD through December 2019
3

Why is US Steel stock up? U.S. Steel (X) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might help the stock continue moving higher in the near term. Credit Suisse analyst Curt Woodworth upgraded stock in United States Steel and Cleveland Cliffs because the supply/demand balance is too tight.