U.S. steel exports see mixed results in January

The United States exported 782,172 net tons of steel in January, a 7.8 percent increase from December, but a 15.5 percent decline year-over-year.    The United States exported 782,172 net tons of steel in January, a 7.8 percent increase from December, according to preliminary data from the U.S. Census Bureau, the American Institute for International Steel (AIIS) said.
   The increase from January largely resulted from a 12.2 percent month-over-month surge in steel exports to Canada.
   On a year-over-year basis, however, U.S. steel export volumes in January declined 15.5 percent.
   U.S. steel exports to Canada in January totaled 391,338 net tons, while exports to Mexico reached 298,293 net tons, year-over-year drops of 18.6 percent and 11.6 percent, respectively. In addition, U.S. steel exports to the European Union tumbled 40.1 percent from January 2015 to 18,936 net tons.
   On a brighter note, U.S. steel exports to Chile, which totaled 12,505 net tons in January, were more than six times higher than in January 2015.
   Overall, around 90 percent of steel exported from the U.S. is destined for either Canada or Mexico, according to AIIS.
   “Following economic growth of just 1.2 percent in 2015, things are still looking grim in Canada, with the Organization for Economic Cooperation and Development forecasting an expansion of only 1.4 percent this year,” the group said in a statement. “Mexico is healthier, with growth of 2.5 percent last year and the most optimistic projections for 2016 exceeding 3 percent. However, the strong dollar will tend to discourage purchases of steel in Mexico from U.S. companies.”