By Paul Ploumis (ScrapMonster Author)

October 12, 2015 02:09:20 AM

SEATTLE (Scrap Monster): The latest data released by the US government indicates that steel exports by the country edged higher in August this year, when compared with the previous month. However, the exports were down significantly when compared with a year before.

The US steel exports totaled 749,762 tonnes in Aug ’15, slightly up from the lows recorded during the month before. The country’s steel exports had totaled 737,589 tonnes during July. The exports were down sharply by 21% year-on-year. It must be noted that US steel exports had totaled 949,612 tonnes during August last year.

The top export destination for US steel products was Canada. The steel exports from the US to Canada totaled 368,748 tonnes in August, accounting for almost half of the total steel exports by the US during the month. The exports to Canada were up slightly by 1.65% when compared with the previous month. However, shipments to Canada witnessed sharp fall of 31% over the year, when compared with August 2014 exports of 523,390 tonnes.

In second place was Mexico with total purchases of 287,521 tonnes in Aug ‘15. The Mexican steel imports from the US were up slightly by 1.8% from July but were down considerably by 12% from year-ago levels. The shipment of with hot rolled bar and heavy structurals dropped significantly over the year.

The products which witnessed notable decline in export during August this year were heavy structurals, rebar, coiled plate, hot rolled sheet, and OCTG. As Canada remains the primary export destination of US steel products, economic recession in that country are likely to impact US steel exports. The export figures may continue their downward trend unless conditions across the border start showing major improvement.

The combined steel exports by the country during the initial eight-month period of the current year from January to August totaled 6.295 million tonnes, down 14.5% when compared with the corresponding eight-month period in 2014.