Based on reported import licenses, US long products imports fell 17% from 385,000 short tons in April, 2022 to 319,000 tons last month. According to import licenses, wire rod imports showed the highest volume decline compared to other product categories due to lower imports from Germany, Algeria, India, Egypt and Mexico.
Long products imports in the first four months of 2023 were 23% lower than in the same period last year with wire rod showing the highest volume (-330,000 tons) and percentage (-47%) decline.
Based on reported import licenses, US flat products imports fell 30% from 826,000 short tons in April, 2022 to 577,000 tons in April, 2023. Hot dip galvanized imports fell by the highest volume with imports down from Vietnam, South Africa and Turkey. Hot rolled imports also fell significantly April-on-April from Canada, South Korea, and Mexico.
Flat products imports in the first four months of 2023 were also 30% lower than in the same period last year with hot dip galvanized -38%, cold rolled -36%, hot rolled -26% and cut plate +3%.
US flat products import licenses
January 2016 to April 2023
Short tons
Stacking packaged galvanized steel coils at Ternium Monterrey Mexico from Worldsteel Image Library
Worldsteel reported crude steel production in China at 95.7 million metric tonnes, 6.9% higher than in March, 2022. Chinese production in the first three months of 2023 was 5.0% higher than in the same period last year.
Data from China’s General Administration of Customs show March net finished steel exports (exports minus imports) rose 83% compared to March last year. Net finished steel exports in the first three months of 2023 were 82% higher than in the first three months of 2022.
China produced 95.7 million tonnes in March, accounting for 58% of world output and rising 6.9% on March, 2022. World crude steel production outside of China fell 4.7% on March, 2022. Significant declines outside China include Turkey (-18.6%), Japan (-5.9%), and Brazil (-8.7%).
Crude steel production in the first three months of 2023 was approximately 1% lower than in the same period last year.
In its latest Short Range Outlook (SRO) published yesterday, Worldsteel expects world steel demand in 2023 to reach 1,822 million metric tonnes. The new forecast increases estimated demand growth between 2022 and 2023 from 1.0% in its October, 2022 SRO to 2.3% in the newly released figures. World steel demand is expected to grow by another 1.7% in 2024.
China, which accounts for 52% of world steel demand, is expected to increase steel demand by 2.0% in 2023 but by 0% in 2024.
After a 3.0% decline in steel demand in 2022, steel demand outside China is expected to rise by 2.6% in 2023 and by another 3.6% in 2024.
Rails ready for transportation from Baotou Iron & Steel, China, from Worldsteel Image Library
Based on reported import licenses, US long products imports fell 44% from 490,000 short tons in March, 2022 to 275,000 tons last month. According to import licenses, wire rod imports showed the highest volume decline due to lower imports from Malaysia, India, Mexico, and Vietnam. Rebar imports also declined significantly from Mexico.
Long products imports in the first three months of 2023 were 23% lower than in the same period last year with wire rod showing the highest volume (-220kt) and percentage (-44%) decline.
US long products import licenses
January 2015 to March 2023
Short tons
Steel reinforcement for a concrete slab on a plastic sheet, picture taken in Belgium by Jamain, CC BY-SA 3.0 https://creativecommons.org/licenses/by-sa/3.0, via Wikimedia
