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Domestic Demand for Stainless Steel Climbs
WASHINGTON -- Data released Friday by the Specialty Steel Industry of North America reflect a year-on-year increase in stainless steel consumption in the United States and a slight decrease in overall import penetration over the previous year, with one particular product line showing a significant hike. Stainless steel plate consumption shot up 31% to 47,471 tons in year-to-date February 2004. The increased consumption offset a 17% rise in imports to 8,941 tons, resulting in a two percentage point drop in import penetration to 19%.Demand for stainless steel sheet/strip, the industry's dominant product category, also increased a respectable 7% to 281,868 tons. Imports increased 6% to 54,986 tons year on year, capturing 20% U.S. market share.Stainless steel bar imports, consumption and market penetration declined. Year on year, imports dropped 27% to 9,222 tons; consumption decreased 10% to 28,301 tons; and import penetration declined 7 percentage points to 33%.Similarly, stainless steel rod imports decreased 20% to 5,231 tons year on year; consumption dropped 10% to 11,255 tons; and two month import penetration was 46%, a six percentage point decline. Stainless steel wire imports increased 6% to 6,181 tons.Total stainless steel consumption, which comprises the above product lines, rose 7% to 373,428 tons year on year. Two month import penetration dropped one percentage point to 23%.Alloy tool steel and electrical steel imports declined. Imports of alloy tool steel dropped 12% to 11,549 tons and electrical steel imports saw a 2% decrease to 10,350 tons. (See attached table for further information on U.S. imports, consumption and market penetration data for YTD February 2004, 2003 and 2002).Specialty Steel Industry of North America is a trade association representing virtually all continental specialty steel producers. Specialty steels are high technology, high value stainless and other specialty alloy products.Visit the Specialty Steel Industry of North America: www.ssina.com"