Mark Szakonyi | Aug 01, 2011 2:22PM EDT
U.S. steel imports declined 10 percent in June from May, but were up 31.2 percent year-to-date, reflecting weakening manufacturing demand in the last several months, the Commerce Department said.
“Improved market conditions in 2011 compared to 2010 have sustained imports at these levels, but of course, the current weakness of most markets – with the exception of oil and gas related products – suggests that imports will remain in this modest range in the short to medium term, with obviously one month variations possible,” said David Phelps, president of the American Institute for International Steel.
Steel imports in June totaled 2.669 million tons compared to 2.964 million tons in May 2010. Year-to-date imports increased to 14.609 million tons from 11.706 million tons in 2010.
About 560,000 tons of semifinished products were imported in June 2011, up 18.8 percent from June 2010. Year-to-date imports increased 41.4 percent to 3.553 million tons compared to the same period in 2010.
-- Contact Mark Szakonyi at mszakonyi@joc.com. Follow him on Twitter @Szakonyi_JOC
