U.S. steel exports continue decline in October

The American Institute for International Steel attributed the weak result for the month to a sharp decrease in steel shipments to Mexico.    The United States exported 785,077 net tons of steel in October, a 3.3 percent decline from the prior month and nearly a quarter less than October 2014.
   The American Institute for International Steel (AIIS) attributed the month’s weak result to a significant decline in steel shipments to Mexico.
   The U.S. exported 281,804 net tons of steel to Mexico in October, a 14.6 percent decline from September and a 19.2 percent drop year-over-year.
   Steel exports to Canada totaled 413,596 net tons in October. Although exports to Canada increased 5.2 percent from the prior month, the result was 23 percent lower than October 2014.
   The U.S. exported 19,387 net tons of steel to the European Union in October, a 20 percent decline from September a 45 percent drop year-over-year.
   Overall, U.S. steel exports during the first 10 months of 2015 totaled 8.54 million net tons, a 16 percent decline from the corresponding 2014 period.
   “With monthly exports falling below 800,000 net tons, there is little indication that the negative trend will reverse soon,” the AIIS said in a statement. “Canada, the United States’ biggest trading partner, had a tough economic year in 2015, and forecasts for 2016 are for growth of less than 2 percent. The Mexican economy looks healthier, with growth of around 3 percent predicted for the new year, but steel use in both countries is likely to be further depressed by low energy prices that continue to limit oil and natural gas exploration projects.”