The American Iron and Steel Institute (AISI) predicts a significant reduction in the country’s finished steel imports this year. The estimates provided by the association are based on import trends over an initial eleven month period of the year.
In the country , there is a 23.3% decrease in finished steel imports throughout 2020. It is estimated that the total annual imports of finished goods are likely to be 16.144 million net tonnes in 2020. US imports of finished steel totaled 21.051 million net tonnes. At the same time, total steel imports are likely to decline 19.8% from 27.937 million net tonnes in 2019 to 22.392 million net tonnes this year, AISI reported.
AISI predicts a moderate to sharp decline in imports of all steel products throughout the year, excluding reinforcing bars, which are forecast to grow 2% yoy. Line pipe imports are likely to decline the most, down nearly 62.6% from the previous year. Imports of petroleum products and hot rolled steel are likely to fall by 53.2% and 25.5%, respectively. US wire rod imports are expected to decline 25.4% this year.
Imports of finished steel products from Turkey are likely to grow by 82.6% in 2020. In contrast, AISI predicts a 37.5% decline in imports of finished goods from Japan during the year.