Oil Country Tubular Goods Imports Rise Steeply: Effect on Steel
In the previous part of this series, we looked at consolidated steel imports data. In this part, we’ll look at the imports for some of the prominent product categories such as flat rolled steel and OCTG (oil country tubular goods).
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OCTG goods are used in the energy sector. OCTG imports rose to 337,124 metric tons in July, according to preliminary data released by the United States Census Bureau. Imports have risen sharply compared to the previous month, and July imports were the highest since January 2015. Higher OCTG imports are negative for companies that produce these products such as U.S. Steel Corporation (X).
Flat-rolled steel products
Flat-rolled steel products include sheets and plates that are used in a wide range of industries. CRC (cold rolled coil), HRC (hot rolled coil), and HDG (hot dip galvanized) are the most widely used flat steel products. Looking at July imports data, HRC imports fell ~27.0% year-over-year. However, imports rose on a monthly basis. CRC imports fell almost 20.0% year-over-year in July. However, imports were higher compared to June. HDG imports rose on a yearly as well as monthly basis.
Rebar imports fell steeply last month compared to the corresponding month last year. We should remember that rebars are mainly used in the nonresidential construction industry. Nucor (NUE) is the largest rebar producer in North America (IWM) (RUT-INDEX). Gerdau (GGB) and Commercial Metals (CMC) are other leading rebar producers.
In the next part, we’ll look at the service center activity report.