Top Steel Importers By Country

Not every country has the ability to create steel to meet demand – in fact, some of the largest, most industrially advanced countries in the world still need to import steel to meet their infrastructure and manufacturing needs. This is what has made Australia such a wealthy country: we exported around US$1.54 Billion during 2022, and exported around AU$133 billion worth of iron ore in the same year. 

But which countries rely on steel imports more than others? Which are the largest steel imports by country in the last few years?

10. Belgium

Steel is critical to many applications (automotive, construction, mechanical construction, etc.) in Belgium, but unfortunately the country cannot produce enough steel to meet demand. Whilst Belgium has a large manufacturing sector – particularly in the automotive, machinery, and construction industries – it still requires a significant amount of steel.

Another reason why Belgium imports so much steel is due to convenience. Being a member of the European Union, Belgium has a high freedom of trade to make use of affordable steel imports.

9. Poland

In recent years, Poland’s steel consumption actually decreased due to a number of factors including an energy crisis, high inflation and disruptions in the supply chain. At the same time, Poland’s economy suffered due to the war in Ukraine, meaning that there is now a large disparity between locally produced steel and imported steel for their European country.

If you want to save money on just about anything, it’s always recommended that you purchase in bulk, and this goes for residential steel construction materials, too. If you have a large project that requires a significant amount of steel, consider buying in bulk from a trusted supplier. Many suppliers offer discounts for large orders, so this could help you save a substantial amount of money.

8. South Korea

South Korea is a country that needs a lot of steel, and at one point rivalled its neighbours China and Japan when it came to steel demand. More recently however, this building block of infrastructure has been on the rise, especially since South Korea has been recovering from the 2020 COVID-19 pandemic.

Although South Korea is one of the world’s largest producers of steel, it does not produce enough to meet domestic demand in a cost-effective way. This has led to the country importing a significant amount of steel to meet its needs.

7. Mexico

With a population of over 128 million people and a growing economy, Mexico requires a good amount of steel to keep its industries moving forward. Specialising in automotive, iron and steel, and electronic industries, and whilst Mexico produces a large amount of steel, they still need to import steel from other countries to be economically viable.

Additionally, Mexico has several trade agreements that make it easier and more cost-effective to import steel rather than producing it domestically. For example, the North American Free Trade Agreement (NAFTA) allows for the free flow of goods between the United States, Canada, and Mexico, which has made it easier for Mexico to import steel from the US.

6. Thailand

Thailand produces some steel, but not enough to meet the growing demand from its industries. The country’s steel industry has been struggling in recent years due to a lack of investment, which has led to a greater reliance on imported steel. 

On top of this, importing steel from countries with lower labour costs can be more cost-effective than producing it domestically, especially when factoring in the cost of raw materials, labour, and transportation. Thailand can import steel from countries such as China, which has lower labour costs than Thailand, and the steel can still be competitive in terms of price.

5. Turkey

Importing around 16.2 MT of steel in 2021, steel imports are very important to Turkey’s economy. Being strategically located between Europe and Asia, Turkey serves as a major transit hub for trade between these regions. The country’s geographic location and trade relationships make it an attractive market for steel imports.

As is the case for Thailand, Turkey can get its steel imports from countries with lower labour costs including Russia and Ukraine.

4. Italy

Italy has a high demand for steel due to its large manufacturing sector, particularly in the automotive, machinery, and construction industries. These all require a significant amount of steel. Italy also has a high population density and a large building stock, which further increases demand for steel. Italy is able to easily trade steel around the Mediterranean due to its central location, making it easier and more economically sound to trade steel within this area.

3. Germany

Similarly to Italy, Germany has a stake in a range of industries that require steel, including the automotive industry. As a member of the European Union, Germany is able to enjoy a free glow of goods between member countries. Germany tends to get a large majority of its steel from Russia, however the supply has been disrupted due to the Russian-Ukrainian war.

2. China

One of the biggest powerhouses on the world stage and with a current population of 1.4 billion, China is a huge country with a lot of demands in regards to steel imports. This is because China has undergone rapid industrialization in recent decades, which has led to an increase in demand for steel. The country also has a large manufacturing sector, which requires a significant amount of steel for the production of machinery, construction materials, and other goods.

Additionally, China has been investing heavily in infrastructure development, including the construction of highways, railways, and airports. These projects require a significant amount of steel, which has contributed to China’s high demand for the metal.

1. United States of America

The USA being at the top of the steel imports list may surprise some people. A powerhouse on the world stage, the USA imported 29.7 megatones (MT) of steel in 2021, making it the number one steel importer in the world.

Why? It simply comes down to America’s capacity to supply their large population with the amount of steel they need. Additionally, the price of raw materials has risen by 30 to 35 percent – meaning that importing foreign steel is a more economic choice for the USA.

At Australian Steel Traders, we’re experts at navigating the international steel pricing scene and can provide you with top of the range steel products at affordable prices. No matter the size of your project, get in touch with us today.