Steel Import Monitoring System Proposed for Extension Until 2022
The International Trade Administration is proposing to extend the Steel Import Monitoring and Analysis System for five years, until March 21, 2022. Comments on this proposal are due no later than Nov. 14.
The purpose of the SIMA system is to provide steel producers, steel consumers, importers, and the general public with accurate and timely information on anticipated imports of certain steel products. Under this system steel import licenses obtained through an online system are required by U.S. Customs and Border Protection for filing entry paperwork for imports of steel mill products. Import data collected through the issuance of these licenses are aggregated weekly and posted to a publicly available Web site. Further details can be found here.
The ITA states that the proposed renewal of the SIMA system comes at a time of significant challenges to the steel sector due in part to the extensive structural excess production capacity currently present in the global steel industry, which exacerbates import pressures and increases market volatility. The domestic steel industry and other steel market participants have previously expressed support for the SIMA system because it permits all participants to monitor import fluctuations in a timely manner.