Chinese imports into the U.S. have fallen by 7.9% from August 2022, leading to concerns about sourcing steel and other metals. Chinese imports into the U.S. have fallen by 7.9% from August 2022, leading to concerns about sourcing steel and other metals.
The Construction MMI (Monthly Metal Index) rose for the first time in five months, welcoming a 3.97% increase. However, this rise could prove deceiving as the index still faces numerous bearish sentiments. Bar fuel surcharges rising helped the index rise month-over-month, along with did aluminum bar prices. Steel rebar and h-beam steel prices, on the other hand, moved sideways. Indeed, China is their primary source, and the weakening of Chinese imports caused both to suffer. In total, Chinese imports into the U.S. fell 7.9% compared to August 2022.
Buyers who purchase these particular forms of steel are encouraged to place other sources outside of China on the back burner in case sourcing from China becomes infeasible. To get a scope of metal market price forecasts and the best sourcing tactics for 2024, subscribe to the Annual Metals Outlook.
Source: Metal Miner
