AIIS: Softening Steel Export Market Bears Watching
U.S. exports of steel declined 4.2 percent in June from the previous month, according to government data and the American Institute for International Steel, McLean, Va. “Softening market conditions in NAFTA in June, along with lower exports to Asia some months prior to June, lowered the total for the month. Whether this result portends a weakening trend given all the economic turmoil in the U.S./NAFTA market and other developed countries is concerning and warrants watching," says David Phelps, president of AIIS.
Steel exports in June totaled 1.095 million tons, down from 1.144 million tons in May, a 4.2 percent decrease, but a 4.5 percent increase compared to June 2010. According to year-to-date figures, exports were up 3 percent, or from 6.408 million tons in 2010 to 6.222 million tons in 2011.
“While there are concerns about a double-dip recession and economic weakness in the Eurozone, on balance the stronger markets internationally in 2011 have kept exports above the weaker conditions experienced in 2010 so far," Phelps says.