Author: Paul Ploumis 13 May 2015 Last updated at 02:35:04 GMT
SEATTLE (Scrap Monster): The latest steel export statistics published by the American Institute for International Steel (AIIS) indicates that steel exports from the country declined sharply during the initial three-month period in 2015. The US steel exports during the first quarter totaled 2.70 million tons, 7% down when compared with the exports during the corresponding quarter last year.
According to the Institute, the fall in exports was anticipated due to stronger US dollar in comparison with the previous year. It also expects the steel exports to remain subdued during rest of 2015 mainly on account of expensive dollar and stagnant economic activity in majority of world economies. The steel exporters in the country may face hard time going ahead, it warns.
The key export destination of US steel during the quarter was Canada. The steel exports to Canada totaled 1.3 million tons, dropping sharply by 17% when compared with Q1 2014. On the other hand, exports to Mexico increased 7% during the quarter to 1.05 million tons. The US steel exports to the EU region skyrocketed by 388% to 111,200 tons.
Among products that witnessed noticeable year-on-year increase in exports were: cold rolled sheet (177,200 tons, up 10%), stainless steel products (247,500 tons, up 39%). The products that reported decline in exports were heavy structurals (164,000 tons, down 39%), coiled plate (100,600 tons, down 27%), OCTG (98,300 tons, down 23%), rebar (86,800 tons, down 31%) and line pipe (33,700 tons, down 60%).
The American Institute for International Steel is the only steel-related trade association that supports free trade.