November steel import permit applications down on light demand

Dec 02, 2010 | 02:38 PM |

Steel import permit applications fell for the fourth consecutive month in November, which industry sources say is to be expected given the country's current economic course.

"It just doesn't make sense right now to import anything," a Southern steel industry source said. "Domestic prices are heading up, OK, but nobody knows where the numbers are going to be either in a few months. Demand is just not there to load up."

An East Coast trader agreed. "Imports serve a purpose in the market to hold down prices," he said. "But people can buy domestic more easily right now, and the imports don't fit in their plan. Buyers are running inventories very low and just buying what they need as they need it."

While November is complete and the American Iron and Steel Institute, Washington, has released its assessment of the most current U.S. Census Bureau Steel Import Monitoring and Analysis (SIMA) data, Census' official final count of November's import licenses won't be released until Tuesday. While AISI rehashed the current numbers, it wouldn't discuss what the data means.....