U.S. steel exports see mixed results

The American Institute for International Steel reported U.S. steel shipments improved slightly in June from the prior two months, but were still down year-over-year.    U.S. steel exports, as reported by the American Institute for International Steel (AIIS), increased in June for the second month in a row for a total of 885,191 net tons.
   However, exports in June were down nearly 15 percent from the same month last year.
   Exports to Canada, which account for half of all U.S. steel exports, stood at 444,899 net tons in June, up 8.8 percent from May, but down 17.1 percent year-over-year.
   Exports to Mexico, which account for over one-third of U.S. steel exports, stood at 338,364 net tons in June, up 7.8 percent from May, but down 0.9 percent year-over-year.
   Monthly gains from exports to Canada and Mexico were partially offset by a decline in exports to the European Union, which stood at 23,527 net tons in June. Results were down 12.9 percent from May and 17.3 percent year-over-year.
   Overall, the first half of 2015 saw steel exports drop 12.6 percent year-over-year to 5.3 million net tons. Exports to Canada saw a 20.3 percent drop to 2.57 million net tons, while exports to Mexico slipped 1 percent to 2.03 million net tons. Exports to the European Union increased 11.2 percent to 191,581 tons. AIIS attributed the decline to Canada and Mexico’s weak economy, which were hindered by low oil prices.
   “With little indication that oil prices will increase anytime soon and restart dormant drilling and fracking projects, the outlook for steel exports remains bearish,” AIIS said in a statement.