Steel Import Applications on the Rise

Steel import applications during March were 32 percent higher than February.

Import applications for March totaled 3,087,000 net tons, according to U.S. Commerce Department data as reported by the American Iron and Steel Institute.

The March total compares to 2,333,000 permit tons recorded in February, according to the data.

Over the first three months of 2022, total steel import applications were 8,471,000 net tons, a 27.8 percent increase compared to the same period in 2021. Finished steel import applications were 6,697,000 net tons, a 50.1 percent increase compared to last year.

Steel products with the largest increases in March permits compared to February were standard pipe, wire rods, structural pipe and tubing, hot rolled sheets, and oil country goods.

Canada, Mexico, South Korea, Brazil, and Vietman were the largest steel import applicants in March.

Northeastern Minnesota’s six taconite plants produce iron ore pellets, the raw ingredient used to make steel in blast furnaces.

(Business North)