A report by the American Iron and Steel Institute was released today showing that there was a 18% decline in may, 2008 steel imports over april, 2008. The U.S. importred a total of 2,451,000 (NT) of steel in may 2008, including 1,998,000 (NT) of finished steel. For the first 5 months of 2008 total and finished steel imports are down by 11% and 14%, respectively vs the same period in 2007. However, in the most recent 3 months March-May 2008 is up 10% vs the monthly average in the previous 3 months (Dec. 2007 - Feb. 2008)
Total and finished steel imports on an annualized basis this year are down 5 percent and 6 percent, respectively, vs. 2007. On an annualized basis, total imports of steel in 2008 would be 31.6 million NT. Key products with large increases in May compared to the month before include: Sheet & Strip Galvanized Hot Dipped (up 89%), Oil Country Goods (up 21%), Heavy Structural Shapes (up 15%) and Cold Rolled Sheets (up 10%). For the first five months of 2008, products showing significant increases vs. the same period in 2007 included Oil Country Goods (up 17%) and Line Pipe (up 16%).