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U.S. Apparent Steel Supply Slips in May

July 23, 2019

May apparent steel supply was calculated at 9,387,605 net tons, according to data recently released by the American Iron and Steel Institute and U.S. Department of Commerce. Apparent steel supply, a proxy for demand, is determined by adding domestic steel shipments and finished U.S. steel imports, then subtracting total U.S. steel exports.

May apparent steel supply saw a 266,595 ton or 2.8 percent decrease compared to the same month one year ago. This change was primarily due to a decrease in finished imports of 580,065 tons or 23.6 percent. A decrease in exports of 227,566 tons or 26.5 percent and a rise in domestic shipments of 85,904 tons or 1.1 percent lessened the overall year-over-year decrease in apparent steel supply.

The net trade balance between U.S. steel imports and exports was a surplus of 1,443,140 tons imported in May, down 1,288,810 tons or 47.2 from the prior month, and down 628,839 tons or 30.3 percent from one year ago. Foreign steel imports accounted for 20.0 percent of apparent steel supply in May, down from 21.3 percent in April, and down from 25.4 percent one year ago.

Compared to the prior month when apparent steel supply was 9,662,760 tons, May supply fell by 275,156 tons or 2.8 percent. This was due to a decrease in finished imports of 179,545 tons or 8.7 percent, a decrease in domestic shipments of 68,155 tons or 0.8 percent, and an increase in total exports of 27,455 tons or 4.6 percent.

The figure below shows year-to-date totals for each statistic over the last five years. Apparent steel supply remains on the high side this year compared to previous years, as do domestic shipments and semifinished imports. Total imports are mixed for 2019, while finished imports are marginally down and exports are down significantly.

To see an interactive graphic of our Apparent Steel Supply history (example below), visit the Apparent Steel Supply page in the Analysis section of the SMU website. If you need any assistance logging in or navigating the website, contact us at info@SteelMarketUpdate.com or 800-432-3475.

Brett Linton

Brett Linton is a digital operations analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.