This Morning in Metals: US steel imports up 17.4% this year

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This morning in metals news: U.S. steel imports are up by 17.4% in the year to date, the American Iron and Steel Institute reported; meanwhile, Toyota Motor is imposing its biggest price hike on steel materials in over a decade, according to Nikkei Asia; and, lastly, the WTI crude oil price has ticked up this week.

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US steel imports up 17.4%

imports

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US steel imports jumped by 17.4% through the first seven months of the year, the American Iron and Steel Institute reported.

The U.S. imported a total of 3.0 million net tons of steel in July 2021, up 2.8% from June, AISI reported, citing Census Bureau data.

Meanwhile, through the first seven months of 2021, steel imports totaled 17.7 million net tons, or up 17.4% year over year.

Furthermore, finished steel import market share reached an estimated 21% in July.

Toyota Motor to raise steel prices

Reflecting the environment of rising prices across the board, Japan’s Toyota Motor will hike prices for its steel materials by approximately $182 per ton, Nikkei reported.

The price increase is its largest in over a decade, the report notes.

WTI crude price gains

Concerns over falling oil demand amid the spread of the Delta variant worldwide have led to a cooling in oil prices.

The WTI crude oil price has lost steam since reaching just over $75 per barrel in early July.

The WTI crude oil price closed Tuesday at $67.54 per barrel, according to the Energy Information Administration. The price increased by $0.95 per barrel from a week ago. Furthermore, the WTI closing price marked an increase of $24.92 per barrel from the same point in 2020.

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