July 2023 Sees Slight Decrease in U.S. Steel Foundry Imports, Totalling $29M
U.S. Steel Foundry Imports
In July 2023, after two months of growth, there was significant decline in supplies from abroad of steel foundries (except investment), when their volume decreased by -9.4% to 5.7K tons. Over the period under review, imports recorded a slight decrease. The pace of growth was the most pronounced in June 2023 with an increase of 20% m-o-m.
In value terms, steel foundry imports contracted modestly to $29M (IndexBox estimates) in July 2023. The total import value increased at an average monthly rate of +1.0% over the period from July 2022 to July 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain months. The pace of growth appeared the most rapid in November 2022 when imports increased by 17% against the previous month. As a result, imports reached the peak of $32M. From December 2022 to July 2023, the growth of imports remained at a somewhat lower figure.
Imports by Country
China (2K tons), India (1.4K tons) and Brazil (823 tons) were the main suppliers of steel foundry imports to the United States, together accounting for 73% of total imports.
From July 2022 to July 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Brazil (with a CAGR of +6.7%), while imports for the other leaders experienced more modest paces of growth.
In value terms, China ($6.5M), India ($5.8M) and Brazil ($4.6M) were the largest steel foundry suppliers to the United States, together accounting for 59% of total imports.
Among the main suppliers, Brazil, with a CAGR of +8.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices by Country
In July 2023, the steel foundry price amounted to $5,039 per ton (CIF, US), with an increase of 6.4% against the previous month. Over the period from July 2022 to July 2023, it increased at an average monthly rate of +2.1%. The most prominent rate of growth was recorded in November 2022 an increase of 28% against the previous month. Over the period under review, average import prices attained the peak figure at $5,062 per ton in May 2023; however, from June 2023 to July 2023, import prices remained at a lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Germany ($13,455 per ton), while the price for China ($3,260 per ton) was amongst the lowest.
From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by Argentina (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.
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