June 2023 Sees a 19% Surge in Imported Fabricated Metal Structures to $783M in the United States
U.S. Fabricated Structural Metal Imports
In June 2023, approximately 234K tons of fabricated structural metal were imported into the United States; with an increase of 11% against the month before. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in March 2023 when imports increased by 27% m-o-m.
In value terms, fabricated structural metal imports surged to $783M (IndexBox estimates) in June 2023. The total import value increased at an average monthly rate of +1.2% over the period from June 2022 to June 2023; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain months. The growth pace was the most rapid in March 2023 with an increase of 27% m-o-m. Imports peaked in June 2023.
Imports by Country
Mexico (46K tons), China (32K tons) and Canada (27K tons) were the main suppliers of fabricated structural metal imports to the United States, with a combined 45% share of total imports. India, Turkey, South Korea and Thailand lagged somewhat behind, together accounting for a further 21%.
From June 2022 to June 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +2.3%), while imports for the other leaders experienced more modest paces of growth.
In value terms, the largest fabricated structural metal suppliers to the United States were Mexico ($166M), Canada ($140M) and China ($73M), with a combined 48% share of total imports. These countries were followed by India, South Korea, Turkey and Thailand, which together accounted for a further 13%.
Among the main suppliers, Turkey, with a CAGR of +2.5%, recorded the highest rates of growth with regard to 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 June 2023, the fabricated structural metal price stood at $3,346 per ton (CIF, US), growing by 7% against the previous month. Over the period from June 2022 to June 2023, it increased at an average monthly rate of +1.4%. The most prominent rate of growth was recorded in December 2022 an increase of 13% m-o-m. As a result, import price attained the peak level of $3,567 per ton. From January 2023 to June 2023, the average import prices remained at a lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Denmark ($6,372 per ton), while the price for Thailand ($1,646 per ton) was amongst the lowest.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by South Korea (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.
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