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

Laura Miller is a reporter and editor for Steel Market Update. She has held a variety of positions within the steel industry since 2007, including reporting and editing for Steel Business Briefing/Platts, the Association for Iron and Steel Technology, and Kallanish Commodities, as well as marketing for what was then known as ThyssenKrupp Steel USA (now AM/NS Calvert). After a five-year hiatus working across other industries, she returned to steel in 2021 and has covered the flat rolled, tubular, and trade areas of the industry. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.

Read more from Laura Miller

Latest in SMU Data and Models