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U.S. - Iron and Steel - Market Analysis, Forecast, Size, Trends And Insights
Report Update: Apr 1, 2025

U.S. - Iron and Steel - Market Analysis, Forecast, Size, Trends And Insights

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Jan 26, 2025

2024 Sees 30% Decline in U.S. Imports to $2.1 Billion for Raw Steel and Pig Iron

U.S. Raw Steel and Pig Iron Imports

In 2024, overseas purchases of raw steel and pig iron increased by 13% to 4.9M tons for the first time since 2021, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +2.5% from 2014 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 34% against the previous year. Imports peaked at 6M tons in 2018; however, from 2019 to 2024, imports remained at a lower figure.

In value terms, raw steel and pig iron imports reached $2.2B (IndexBox estimates) in 2024. Over the period under review, imports continue to indicate a mild expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 122% against the previous year. As a result, imports attained the peak of $3.3B. From 2022 to 2024, the growth of imports remained at a lower figure.U.S. Raw Steel and Pig Iron Imports By Country (Million USD)

COUNTRYImport Value of Raw Steel and Pig Iron in U.S. (million USD)
2014201520162017201820192020202120222023
Brazil6614651713183064232528731,6231,381
Ukraine255150182430758524607940399508
South Africa10880.130.651.579.548.534.545.099.980.0
IndiaN/AN/AN/A25.6N/AN/AN/A22629176.0
Canada10.58.516.517.717.025.129.646.912647.4
ItalyN/AN/AN/A0.5N/A17.819.5N/AN/A39.2
Russia8706635821,0121,3178215401,158351N/A
Others14.06.030.015.722.06.91.62.517514.3
Total1,9191,3731,0121,8712,5001,8671,4843,2913,0652,146

Imports by Country

In 2023, Brazil (2.8M tons) constituted the largest raw steel and pig iron supplier to the United States, with a 64% share of total imports. Moreover, raw steel and pig iron imports from Brazil exceeded the figures recorded by the second-largest supplier, Ukraine (1.1M tons), threefold. The third position in this ranking was taken by South Africa (148K tons), with a 3.4% share.

From 2014 to 2023, the average annual rate of growth in terms of volume from Brazil totaled +8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+8.3% per year) and South Africa (-4.2% per year).

In value terms, Brazil ($1.4B) constituted the largest supplier of raw steel and pig iron to the United States, comprising 64% of total imports. The second position in the ranking was taken by Ukraine ($508M), with a 24% share of total imports. It was followed by South Africa, with a 3.7% share.

From 2014 to 2023, the average annual rate of growth in terms of value from Brazil stood at +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+7.9% per year) and South Africa (-3.3% per year).

Imports by Type

In 2024, pig iron and spiegeleisen (4.9M tons) was the main type of raw steel and pig iron supplied to the United States, with a 99.9% share of total imports. It was followed by iron and non-alloy steel in ingots (2.1K tons), with less than 0.1% share of total imports.

From 2014 to 2024, the average annual growth rate of the volume of pig iron and spiegeleisen imports stood at +2.5%.

In value terms, pig iron and spiegeleisen ($2.2B) constituted the largest type of raw steel and pig iron supplied to the United States, comprising 100% of total imports. The second position in the ranking was held by iron and non-alloy steel in ingots ($3M), with a 0.1% share of total imports.

Import Prices by Country

In 2023, the raw steel and pig iron price stood at $493 per ton (CIF, US), dropping by -25.8% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 66%. The import price peaked at $665 per ton in 2022, and then contracted dramatically in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2023, amid the top importers, the countries with the highest prices were Canada ($544 per ton) and South Africa ($541 per ton), while the price for Italy ($477 per ton) and Ukraine ($481 per ton) were amongst the lowest.

From 2014 to 2023, the most notable rate of growth in terms of prices was attained by Russia (+1.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the iron and steel market in the U.S.. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

    Country coverage:

    • United States

    Data coverage:

    • Market volume and value
    • Per Capita consumption
    • Forecast of the market dynamics in the medium term
    • Trade (exports and imports) in the U.S.
    • Export and import prices
    • Market trends, drivers and restraints
    • Key market players and their profiles

    Reasons to buy this report:

    • Take advantage of the latest data
    • Find deeper insights into current market developments
    • Discover vital success factors affecting the market

    This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

    In this report, you can find information that helps you to make informed decisions on the following issues:

    1. How to diversify your business and benefit from new market opportunities
    2. How to load your idle production capacity
    3. How to boost your sales on overseas markets
    4. How to increase your profit margins
    5. How to make your supply chain more sustainable
    6. How to reduce your production and supply chain costs
    7. How to outsource production to other countries
    8. How to prepare your business for global expansion

    While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

    1. 1. INTRODUCTION

      Making Data-Driven Decisions to Grow Your Business

      1. REPORT DESCRIPTION
      2. RESEARCH METHODOLOGY AND AI PLATFORM
      3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
      4. GLOSSARY AND SPECIFIC TERMS

    2. 2. EXECUTIVE SUMMARY

      A Quick Overview of Market Performance

      1. KEY FINDINGS
      2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

    3. 3. MARKET OVERVIEW

      Understanding the Current State of The Market and Its Prospects

      1. MARKET SIZE
      2. MARKET STRUCTURE
      3. TRADE BALANCE
      4. PER CAPITA CONSUMPTION
      5. MARKET FORECAST TO 2030

    4. 4. MOST PROMISING PRODUCT

      Finding New Products to Diversify Your Business

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
      2. BEST-SELLING PRODUCTS
      3. MOST CONSUMED PRODUCT
      4. MOST TRADED PRODUCT
      5. MOST PROFITABLE PRODUCT FOR EXPORT

    5. 5. MOST PROMISING SUPPLYING COUNTRIES

      Choosing the Best Countries to Establish Your Sustainable Supply Chain

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
      2. TOP PRODUCING COUNTRIES
      3. TOP EXPORTING COUNTRIES
      4. LOW-COST EXPORTING COUNTRIES

    6. 6. MOST PROMISING OVERSEAS MARKETS

      Choosing the Best Countries to Boost Your Exports

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
      2. TOP CONSUMING MARKETS
      3. UNSATURATED MARKETS
      4. TOP IMPORTING MARKETS
      5. MOST PROFITABLE MARKETS

    7. 7. PRODUCTION

      The Latest Trends and Insights into The Industry

      1. PRODUCTION VOLUME AND VALUE

    8. 8. IMPORTS

      The Largest Import Supplying Countries

      1. IMPORTS FROM 2012–2024
      2. IMPORTS BY COUNTRY
      3. IMPORT PRICES BY COUNTRY

    9. 9. EXPORTS

      The Largest Destinations for Exports

      1. EXPORTS FROM 2012–2024
      2. EXPORTS BY COUNTRY
      3. EXPORT PRICES BY COUNTRY

    10. 10. PROFILES OF MAJOR PRODUCERS

      The Largest Producers on The Market and Their Profiles

      This Chapter is Available Only for the Professional Edition PRO

    11. LIST OF TABLES

      1. Key Findings In 2024
      2. Market Volume, In Physical Terms, 2012–2024
      3. Market Value, 2012–2024
      4. Per Capita Consumption In 2012-2024
      5. Imports, In Physical Terms, By Country, 2012–2024
      6. Imports, In Value Terms, By Country, 2012–2024
      7. Import Prices, By Country Of Origin, 2012–2024
      8. Exports, In Physical Terms, By Country, 2012–2024
      9. Exports, In Value Terms, By Country, 2012–2024
      10. Export Prices, By Country Of Destination, 2012–2024

    12. LIST OF FIGURES

      1. Market Volume, In Physical Terms, 2012–2024
      2. Market Value, 2012–2024
      3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
      4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
      5. Trade Balance, In Physical Terms, 2012-2024
      6. Trade Balance, In Value Terms, 2012-2024
      7. Per Capita Consumption, 2012-2024
      8. Market Volume Forecast to 2030
      9. Market Value Forecast to 2030
      10. Products: Market Size And Growth, By Type
      11. Products: Average Per Capita Consumption, By Type
      12. Products: Exports And Growth, By Type
      13. Products: Export Prices And Growth, By Type
      14. Production Volume And Growth
      15. Exports And Growth
      16. Export Prices And Growth
      17. Market Size And Growth
      18. Per Capita Consumption
      19. Imports And Growth
      20. Import Prices
      21. Production, In Physical Terms, 2012–2024
      22. Production, In Value Terms, 2012–2024
      23. Imports, In Physical Terms, 2012–2024
      24. Imports, In Value Terms, 2012–2024
      25. Imports, In Physical Terms, By Country, 2024
      26. Imports, In Physical Terms, By Country, 2012–2024
      27. Imports, In Value Terms, By Country, 2012–2024
      28. Import Prices, By Country Of Origin, 2012–2024
      29. Exports, In Physical Terms, 2012–2024
      30. Exports, In Value Terms, 2012–2024
      31. Exports, In Physical Terms, By Country, 2024
      32. Exports, In Physical Terms, By Country, 2012–2024
      33. Exports, In Value Terms, By Country, 2012–2024
      34. Export Prices, By Country Of Destination, 2012–2024

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