Steel Import Monitoring System Extended for Five Years
The International Trade Administration has extended the Steel Import Monitoring and Analysis System until March 21, 2022.
The purpose of the SIMA system is to provide steel producers, steel consumers, importers, and the general public with accurate information on anticipated imports of certain steel products roughly five weeks earlier than it would otherwise be available. Under this system steel import licenses obtained through an online system are required for U.S. imports of basic steel mill products. Aggregate import data collected from these licenses are updated weekly and posted to a publicly available Web site. Further details can be found here.
The ITA has said that the 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.