US imported flat steel prices, volumes down

Prices for certain flat steel imports into the United States have dropped amid weakened domestic prices as well as rising concerns over underlying demand, restarted furnace capacity and surging Covid-19 cases - especially in the South, Midwest and West of the country.

With some states being overwhelmed by increased novel coronavirus infections, it is possible that they will resume lockdowns, sources said; and the threat of renewed shutdowns has affected both steel service centers and end users’ steel purchasing decisions.
Inventory levels for flat-rolled steel at most service centers are still relatively high, sources noted. And if states reinstate stay-at-home orders, there is no rush to buy steel, especially products coming from overseas.
“It is pretty much dead,” one Midwest trader source said of his company’s imported steel business.

US finished steel imports totaled 1.6 million tonnes in May, down by 35.4% from 2.5 million tonnes in April and down by 13.6% from 1.9 million tonnes in May 2019, according to preliminary Census data from the US Department of Commerce’s Enforcement and Compliance division, last updated...

Published

Muyao Shen

June 25, 2020

21:56 GMT

New York