Based on preliminary Census Bureau data, the American Iron and Steel Institute reported that the U.S. imported a total of 3,250,000 net tons of steel in February, including 2,240,000 net tons of finished steel (up 1.4% and down 8.3%, respectively, vs. January final data).

YTD total and finished steel imports are 6,455,000 net tons and 4,681,000 net tons, respectively, up 26% and 16% respectively, vs. 2013.

Annualized total and finished steel imports in 2014 would be 38.7 million net tons and 28.1 million net tons, up 21% and 13% respectively vs. 2013.

Finished steel import market share was an estimated 24% in February and is estimated at 25% YTD.

Key finished steel products with a significant import increase in February compared to January are tin plate (up 52%), cut lengths plates (up 52%) and plates in coils (up 11%). Major products with significant YTD import increases vs. the same period last year include wire rods (up 81%), plates in coils (up 79%), reinforcing bars up 53%), sheets and strip all other metallic coatings (up 44%), hot rolled sheets (up 41%), sheets and strip hot dipped galvanized (up 34%) and oil country goods (up 26%).

In February, the largest volumes of finished steel imports from offshore were all from Asia and Europe. They were from South Korea (376,000 net tons, down 13% vs. January final), China (176,000 net tons, down 8%), Japan (152,000 net tons, down 12%), India (151,000 net tons, up 114%) and Russia (101,000 net tons, up 22%).

For two months of 2014, the largest offshore suppliers were South Korea (809,000 net tons, up 26%), China (367,000 net tons, up 18%), Japan (324,000 net tons, up 22%), Turkey (300,000 net tons, up 20%) and India (221,000 net tons, up 104%).