The US Accounted For The Highest Jump In Iron & Steel Imports in 2021

13 September 2022
US Iron and Steel Imports

The US iron and steel production accounts for about 4-6% of global crude steel production. The consumption of domestic steel is also higher, leading to the high amount of iron and steel imports from the US.

 

According to the import data of the US, the year 2021 accounted for the highest value of imported iron and steel in the past decade. The values also show a frequent surge in the imports of iron and steel to the US.

 

 

US Iron & Steel Historical Imports

 

The imports of the US’s iron and steel featured below show yearly values, from 2012 to 2021. The US’s iron and steel imports for 2013-14 accounted for a decline of 12.2% compared to the 2011-12 period. Following minor fluctuations, imports registered a value of $38.9 billion in 2021.

 


US Iron & Steel Imports – Yearly

Year

Value USD Billion

2012

30.45

2013

26.73

2014

36.00

2015

27.86

2016

22.46

2017

28.81

2018

31.03

2019

24.48

2020

18.79

2021

38.90

 

 

US Top Importing Partners, 2021


The top importing partners for the US in iron & steel imports are—Canada with a share value of 23.5%, followed by Mexico with 12%, Brazil with 10.9%, Russia with 7.1%, South Korea with 5.4%, Taipei, Chinese with 3.3%, Japan with 3.1%, Germany with 2.8%, Ukraine with 2.6%, and Vietnam with 2.5%.

 


US Iron & Steel Import Partners (2021)

Country

Value USD %

Canada

23.5

Mexico

12

Brazil

10.9

Russia

7.1

South Korea

5.4

Taipei, Chinese

3.3

Japan

3.1

Germany

2.8

Ukraine

2.6

Vietnam

2.5

 

 

Growth of Iron & Steel Imports

 

The imports of iron and steel in the US following the year of 2020 to 2022 is shown on a quarterly basis in the table below. The represented US import data 2022 provides insight into the import trends of the US in importing iron and steel so far.


 

US Iron & Steel Imports – Quarterly

Quarter

Value USD Billion

Q1-2020

5.35

Q2-2020

4.68

Q3-2020

3.97

Q4-2020

4.78

Q1-2021

6.51

Q2-2021

9.23

Q3-2021

11.27

Q4-2021

11.88

Q1-2022

11.88

Q2-2022

12.79

 

The first quarter of 2020 accounted for a total import value of $5.3 billion, followed by $4.6 billion in Q2-2020. In Q3-2020, the imports fell down to the value of $3.9 billion, accounting for a decline by a percentage of 15%. The next quarter registered an increase of 20.3% with a total import value of $4.7 billion.

 

The first quarter of 2021 accounted for the import value of $6.5 billion, followed by the second quarter amounting to $9.2 billion, $11.2 billion in the third quarter, and settling down at the highest value in the year with $11.8 billion in the last quarter, showing an increase of 5.4%.

 

The first quarter of 2022 amounted to an increase of 0.02%, according to the import data 2022, showing a minor increase as compared to the previous quarter. The next following quarter (Q2-2022) registered a total value of $12.7 billion, showing an increase of 7.6%.

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