US steel imports from China plunge 23% YoY in Apr

In April, the total US import volume of steel products reached 2.54 million tonnes, up 18.2% from 2.16 million tonnes in April 2023, as calculated by Mysteel Global based on DoC data.

On April 17, during a campaign event at the United Steelworkers headquarters in Pittsburgh, Pennsylvania, US President Joe Biden called on his administration to consider tripling the existing 7.5% tariff rates on Chinese steel and aluminum products, as reported. 

The proposal was later implemented on May 14, increasing tariffs on Chinese steel and aluminum products from 0-7.5% to 25%. This increase is expected to affect the trade of certain products between the US and China to some extent, a market insider noted.

The proposal has affected sentiment among Chinese traders since it was raised in mid-April. In April, the share of Chinese steel in total U.S. steel imports dropped to 1.3% from 1.5% in March, or lower by 0.7 percentage points compared to 2% in April last year, Mysteel Global calculated based on DoC data.

In terms of value, US imports for consumption of steel products from China came in at $60.5 million in April, as compared to $76.3 million in April 2023 and $52.8 million in March, according to the report.

The average unit price for US consumption of steel imports experienced a sharp year-on-year increase in April, reaching $1,793/tonne, much higher than last April's $1,444.2/t and March's $1,549.3/t, Mysteel Global calculated according to DoC data.

During the first four months of this year, the US imports for consumption of steel products from China totaled 126,258 tonnes, posting a 40% plunge compared to 210,774 tonnes in the same period last year, as per DoC data. This had no significant impact on the Chinese steel market though, as the US accounted for just about 0.8% of China's steel exports over January-April, Mysteel Global learned from the country's customs data.

Written by Adele Pan, panqinjie@mysteel.com

Edited by Alyssa Ren, rentingting@mysteel.com

Mysteel Global's previous reports on United States' launch of tariffs can be found via the links below:

https://www.mysteel.net/news/5052582-flash-biden-calls-for-higher-tariffs-on-chinese-steel-aluminum

https://www.mysteel.net/news/5054173-us-hikes-tariffs-on-chinese-steel-aluminum-evs-chips-other-goods