US Steel Imports At Multi Year Lows
With many pundits extolling the imminent inventory pick up and the ensuing exponential growth of US GDP, it probably makes sense to observe demand for primary raw materials for durable goods. Or, rather, the lack thereof. July US Steel imports were at the second lowest reading in over three years, at 0.9 million tonnes, well over 50% below the average monthly import total of 2.5 million tonnes. One would presume an inventory pick up would be preceded by a pick up in steel imports. Alas, the facts do not back up that assumption.
Source: Census Bureau