News: US steel import permit applications in May 2013 totalled 2.8mn tonnes, according to the American Iron and Steel Institute, reports Steel Orbis. This figure indicates a 2% increase on the final steel import total recorded in the previous month. US import permits for finished steel in May 2013 amounted to 2.11mn tonnes, a 2% decrease from the final finished steel import total posted in April 2013.
BMI View: Our forecasts across the refined metals sector in the US remains mixed as the country's economic recovery remains tenuous and long-term trends of declining consumption continue to play out. In the short term, we anticipate refiners and metal producers will continue bringing production back online as the country's economic outlook improves, particularly in the construction and automotive sectors. That said, production and consumption will likely remain below pre-crisis levels as Chinese growth slows in H213 and eurozone uncertainty loom over the global economy.