Steel imports plummeted by 34% in August, according to preliminary U.S. Census Bureau data.
In August, the United States imported 2 million tons of steel and 1.78 million tons of finished steel, which requires no further processing. Finished steel imports were down 3.4% in August compared to July and 34% year-over-year, according to the American Iron and Steel Institute.
The United States is on pace to import 31 million tons of steel this year, which would be down 8.1% as compared to 2018. That includes a projected 23 million tons of finished steel, which would be down 10.6% year-over-year.
Through the first eight months of the year, the United States has imported 20.66 million tons of steel, which is down nearly 14% year-over-year, according to the American Iron and Steel Institute. Finished steel imports have fallen 15.9% to 15.3 million tons through the end of August, as compared to the same period in 2018.
Imports of finished steel products grabbed 19% of the market share in August and 20% through the first eight months of the year.
The biggest offshore suppliers in August were South Korea, Japan, Germany, Taiwan and Spain.
August imports rose by 46% to 263,000 tons from South Korea, by 54% to 134,000 tons from Japan, and by 47% to 56,000 tons from Spain.
So far this year, with Section 232 tariffs of 25%, steel imports have declined 3% to 944,000 tons from Japan, by 12% to 767,000 tons from Germany, by 10% to 668,000 tons from Taiwan, and by 22% to 543,000 tons from Vietnam.