Steel Products Prices North America
October Apparent Steel Supply Steady at 8.7 Million Tons
Written by Brett Linton
December 12, 2019
October apparent steel supply remained steady at 8.7 million net tons, according to data from the American Iron and Steel Institute and U.S. Department of Commerce. October supply is the second lowest level seen in the last 23 months, with the lowest occuring the month prior. 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.
October apparent steel supply saw an 855,000 ton decrease (8.9 percent) compared to the same month one year ago. This change was primarily due to a 516,000 ton decrease in finished imports and a 260,000 ton decrease in domestic shipments.
The net trade balance between U.S. steel imports and exports was a surplus of 1,477,000 tons imported in October, up 14.9 percent from the prior month, but down 44.2 percent from one year ago. Finished steel imports accounted for 17.2 percent of apparent steel supply in October, down from 17.7 percent in September, and down from 21.1 percent one year ago.
Compared to the prior month when apparent steel supply was 9.7 million tons, October supply was up less than 10,000 tons. Although total supply was flat, there was a 147,000 ton rise in domestic shipments from September to October, mostly negated by a 95,000 ton decrease in exports and a 43,000 ton rise in finished imports.
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. Semifinished imports are relatively in-line in total, while total imports are marginally down. Finished imports and total 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
Read more from Brett LintonLatest in Steel Products Prices North America
CRU: Longs pricing trends diverge in North, South America
Most longs prices in the US were unchanged this month, except for rebar, which declined by $1.50/cwt ($30/short ton) m/m. While end-use demand is stable, inventories are well-stocked, keeping purchases limited. Domestic availability is sufficient to meet current demand, hindering the appetite for imported material. Meanwhile, prices for scrap remained under pressure in June, with […]
Nucor cuts plate prices by $125/ton, cites ongoing competition
Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its August order book.
Nucor cuts HR price for fourth straight week
Nucor lowered its consumer spot price (CSP) for hot-rolled (HR) coil by another $10 per short ton (st) for the first week of July. The steelmaker said in a letter to customers on Monday that its CSP base price for the week will be $670/st for all of its sheet mills with the exception of California Steel Industries (CSI).
Cliffs sets $720/ton HR price with opening of August books
Cleveland-Cliffs on Tuesday announced its monthly hot-rolled (HR) coil price of $720 per short ton (st) with the official opening of its August order book. The rate is down from last month’s price of $800/st.
CRU: Demand weakness continues to weigh on global sheet markets
Demand has remained persistently weak across the globe for sheet steel, weighing on prices. US HR coil prices fell the furthest this week as high-volume, low-priced deals were transacted as mills looked to fill order books and competed with one another amid relative demand weakness. Meanwhile, European prices were also down due to low demand […]