Import of Iron and Steel Forging in United States Soars by 66% to $10M in August 2023
U.S. Iron And Steel Forging Imports
In August 2023, approximately 2M units of iron and steel forging were imported into the United States; with an increase of 70% against the previous month’s figure. Overall, total imports indicated a noticeable increase from August 2022 to August 2023: its volume increased at an average monthly rate of +2.1% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on August 2023 figures, imports increased by +70.0% against July 2023 indices. Over the period under review, imports hit record highs at 2.2M units in September 2022; however, from October 2022 to August 2023, imports stood at a somewhat lower figure.
In value terms, iron and steel forging imports skyrocketed to $10M (IndexBox estimates) in August 2023. In general, total imports indicated a pronounced increase from August 2022 to August 2023: its value increased at an average monthly rate of +2.1% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on August 2023 figures, imports increased by +65.6% against July 2023 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.
Imports by Country
India (804K units), China (410K units) and Canada (269K units) were the main suppliers of iron and steel forging imports to the United States, with a combined 75% share of total imports.
From August 2022 to August 2023, the biggest increases were in India (with a CAGR of +11.8%), while purchases for the other leaders experienced more modest paces of growth.
In value terms, the largest iron and steel forging suppliers to the United States were India ($4M), China ($2.1M) and Canada ($1.4M), with a combined 75% share of total imports.
India, with a CAGR of +11.8%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices by Country
In August 2023, the iron and steel forging price stood at $5.0 per unit (CIF, US), dropping by -2.5% against the previous month. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in October 2022 an increase of 13% m-o-m. Over the period under review, average import prices reached the maximum at $5.4 per unit in December 2022; however, from January 2023 to August 2023, import prices failed to regain momentum.
Average prices varied noticeably amongst the major supplying countries. In August 2023, the countries with the highest prices were Italy ($5.6 per unit) and Canada ($5.2 per unit), while the price for Mexico ($4.9 per unit) and India ($4.9 per unit) were amongst the lowest.
From August 2022 to August 2023, the most notable rate of growth in terms of prices was attained by Italy (+0.8%), while the prices for the other major suppliers experienced more modest paces of growth.
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