Steel imports increased by 43% in 2021 | Northwest Indiana Commercial Securities
The United States imported 31.47 million tons of steel last year, a 43% increase that followed lower tariffs and record domestic steel prices.
This included 22.77 million tons of finished steel that would require no further processing in the United States, such as at the Port of Indiana-Burns Harbor service centers. The American Iron and Steel Institute reports that steel imports captured 21% market share last year, including 24% in December.
The United States imposed fixed tariffs of 25% on most foreign-made steel, but after record steel prices contributed to inflation, fears began to push them back with trading partners such as the European Union, the United Kingdom and Japan. Instead, the federal government imposes a tariff quota system in which tariffs only come into effect if imports cross a certain threshold considered a threat to the domestic steel industry.
In December, the United States imported 2.25 million tons of steel, down 0.7% from November, according to data from the US Census Bureau.
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This included 2.25 million tonnes of finished steel, down 4% month-over-month.
Last year, imports of hot-rolled products increased by 89% year-on-year, sheet in coils by 75%, sheet and strip of all other metal coatings by 69%, petroleum products by 67% and wire rod by 62%. according to the American Iron and Steel Institute.
In December, imports of tinplate increased by 51%, standard tubing by 30%, line tubing by 26%, mechanical tubing by 21% and ingots, billets and slabs by 13%.
Last year, imports from Canada increased by 34% to 6.97 million tonnes, from Mexico by 44% to 4.76 million tonnes, from Brazil by 8% to 4.365 million tonnes, from South Korea South by 36% to 2.74 million tonnes and Russia by 280%. to 1.63 million tons.
In November, imports from Canada increased by 5% to 559,000, from Mexico by 21% to 553,000, from Brazil by 70% to 253,000 tons and from South Korea by 9% to 242,000 tons. Imports from Vietnam fell by 9% to 242,000 tonnes.