Steel imports dropped 12.4 percent in August compared with July, the American Iron and Steel Institute reported Wednesday.
August imports totaled 2.2 million net tons, including 1.8 million net tons of finished steel. That compares with 2.5 million net tons in July. In August 2004, 3.6 million net tons of finished and semifinished steel entered the United States.
On a year-to-date basis, total steel imports declined 3.1 percent compared with 2004.
U.S. spot prices for hot- and cold-rolled sheet steel also declined in August for the 11th consecutive month. Hot-rolled prices dropped to about $450 per ton, a 42.5 percent decline compared with a year ago. Cold-rolled sheet prices fell to about $550 per ton, a 34.3 percent decline compared with August 2004.