SMU Data and Models
Imports decline for a second consecutive year in 2023
Written by Laura Miller
February 8, 2024
2023 was the third-lowest year for steel imports in the last decade, according to an SMU analysis of data from the US Department of Commerce.
Steel imports into the US declined for the second year in a row, falling 9% from 2022 and 32% from 2021 to 28,187,800 short tons (st) in 2023. This includes semi-finished and finished carbon, alloy, and stainless steel products.
Over the past 10 years, only 2020 and 2019 saw fewer imports, with 22,081,660 st and 27,868,850 st, respectively.
2023’s imports were 14% below the last decade’s annual average of 32,831,536 st.
Figure 1 below shows import levels were lower in the latter half of the decade.

When looking at flat-rolled steel imports, 2023 was not a special year. Of the six major flat-rolled steel categories, all were lower year over year (y/y), except for cut-to-length (CTL) plate.

While the other categories saw double-digit y/y declines, cut plate imports rose 21% to a five-year high of almost 650,600 st. Canada and South Korea were the top suppliers, supplying 37% and 34%, respectively, of total CTL plate imports in 2023. Malaysia was the next at 5%, followed by Sweden and Australia, both at 4%.
Compared to their 10-year averages, imports of all the major flat rolled categories were lower (Table 1).


Laura Miller
Read more from Laura MillerLatest in SMU Data and Models

SMU Survey: Sheet lead times ease further, plate hits one-year high
Steel buyers responding to this week’s SMU market survey report a continued softening in sheet lead times. Meanwhile, plate lead times have moderately extended and are at a one-year high.

SMU Survey: Buyers report more price flexibility from mills
Nearly half of the steel buyers responding to this week’s SMU market survey say domestic mills are showing increased willingness to negotiate pricing on new spot orders. This marks a significant shift from the firmer stance mills held in prior weeks.

SMU Survey: Buyers’ Sentiment Indices fall
Current Sentiment Index dropped six points to +42 this week compared to two weeks earlier. It has fallen in every successive survey since reaching a 2025 high of +66 on Feb. 19.

March service center shipments and inventories report
Steel service center shipments and inventories report through March 2024.

Apparent steel supply contracts in February
The amount of finished steel that entered the US market in February receded from January’s peak, according to our analysis of Department of Commerce and American Iron and Steel Institute (AISI) data.