US steel imports dip in May, paced by drop in blooms, billets and slabs

U.S. steel imports fell to 2.3 million metric tons in May, the Census Bureau reported.
The May import total marked a slight dip from the 2.4 million metric tons imported in April.
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Steel imports decline in May

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U.S. steel imports fell to 2.3 million metric tons in May, while imports through the first four months of the year were flat year over year at 8.4 million metric tons.
Imports of tin plate surged from 29,807 tons in April to 101,381 tons in May. Meanwhile, imports of cold-rolled sheets jumped from 89,028 metric tons to 131,497 metric tons in May.
In addition, hot dipped galvanized sheet and strip imports rose from 177,729 tons to 221,094 tons.
Imports of wire rod jumped from 57,343 tons to 93,849 tons.

Imports of blooms, billets and slabs drop

Meanwhile, imports of bloom, billet and slab fell from 887,267 metric tons in April to 604,340 metric tons in May.
Rebar imports fell from 104,481 tons to 84,732 tons.

Steel imports by country

Steel imports from Canada rose from 534,660 metric tons to 544,744 metric tons. As we noted yesterday, the U.S. Court of International Trade dismissed a complaint from Maple Leaf Marketing, Inc., which challenged the constitutionality of the Section 232 tariffs on Canadian steel.
Meanwhile, imports from Mexico fell from 371,242 metric tons to 279,266 metric tons.
Imports from Russia surged from just 20,696 tons to 206,939 metric tons.
Steel imports from Korea dipped from 241,583 metric tons to 167,192 metric tons.
In addition, imports from Brazil plunged from 594,191 metric tons to 301,825 metric tons.

US steel prices continue to rise

To buyers’ chagrin, U.S. steel prices continue to rise.
U.S. hot rolled coil closed Wednesday at $1,677 per short ton, up 9.46% month over month.
Meanwhile, cold rolled coil closed at $1,875 per short ton, or up 9.97%.
U.S. hot dipped galvanized closed at $1,990 per short ton, up 9.58% month over month.
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