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Based on reported import licenses, US long products imports increased 49% from 244,000 short tons in March, 2023 to 365,000 tons in March, 2024. Imports of every product category rose, but the largest volume increases came from parallel flange sections, wire rod, and rebar.
US long products imports in the first three months of 2024 were 6% higher than in the same period last year. This small percentage increase was mainly the result of higher wire rod and parallel flange sections imports, which were partially offset by a decline in rebar imports.
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Today The Green Steel Challenge podcast releases its 10th episode dedicated to steel industry decarbonisation with an outstanding interview with Anne-Marie Grossmann, Board Member at GMH Gruppe. The podcasts are produced by the Korf Foundation and Kallanish Commodities and the discussion is all about how exactly we can deliver Green Steel.
This particular podcast explores the challenges of decarbonising steelmaking where there is not enough green energy supply, and where government bureaucracy is slowing down investments in green energy (while at the same time funding large steelmakers who are replacing integrated plants with EAFs or electric smelters). Anne-Marie Grossmann also highlights how important it is to recruit talented, innovative people to overcome these barriers.
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Based on reported import licenses, US flat products imports rose 37% from 668,000 short tons in March, 2023 to 917,000 tons in March, 2024. The increase was mainly due to higher hot dip galvanized imports, which rose by almost 75% from many countries including Vietnam, South Africa, the United Arab Emirates, South Korea and Austria. Imports of all flat products categories rose compared to last March, with cold rolled imports +36%, cut plate imports +23%, and hot rolled imports +18%.
US flat products imports in the first three months of 2024 were 25% higher than in the same period last year. Of all flat product categories, hot dip galvanized imports rose by the highest volume between the first quarter of 2023 and the first quarter of 2024.
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In its latest Short Range Outlook (SRO) published yesterday, Worldsteel expects world steel demand in 2024 to reach 1,793 million tonnes. The new forecast lowers estimated demand growth between 2023 and 2024 from 1.9% in its October, 2023 SRO to 1.7% in the newly released figures. World steel demand is expected to grow by another 1.2% inn 2025.
China, which accounts for 51% of world steel demand, is expected to have 0% steel demand growth in 2024 and -1.0% growth in 2025.
After a 1.3% increase in steel demand in 2023, steel demand outside China is expected to rise by 3.5% in 2024 and by another 3.5% in 2025.
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Worldsteel reported crude steel production in China at 81.2 million metric tonnes in February, 3.5% higher than in February, 2023. Chinese production in the first two months of 2024 was 1.8% lower than in the same period last year.
Data from China’s General Administration of Customs show net finished steel exports (exports minus imports) for January and February, 2024 at 14.8 million tonnes, 35% higher than in the same two months of 2023.
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