U.S. steel imports continue slide in May

The United States imported 3.37 million net tons of steel in May, 3.1 percent less than in April and 16.4 percent less than in May 2014, according to AIIS.    U.S. steel imports have continued to slide in May, the fourth straight month since the start of the year.
   The United States imported 3.37 million net tons of steel in May, 3.1 percent less than in April and 16.4 percent less than in May 2014, according to the American Institute for International Steel. 
   “The sharpest decline was in imports from South Korea, which dropped 30.5 percent to 355,000 net tons, nearly 40 percent less than a year ago. Imports from Canada decreased 5.3 percent in May to 477,000 net tons, 11.8 percent less than in May 2014, while imports from Japan dipped 2.4 percent to 222,000 net tons,” AIIS explained. 
   The leading seller of steel to the United States so far this year has been Brazil at 3.84 million net tons, more than double the amount from a year earlier. 
   “It seems clear that the slowdown in energy exploration projects resulting from low oil prices is having a significant impact on steel demand,” said AIIS. “Second, the United States economy, which contracted in the first quarter, remains somewhat less than vibrant, and confidence may still be lacking in certain sectors…This downward trend will likely be the story for most, if not all, of 2015.”