Steel Products Prices North America
Apparent Steel Supply Slipped in February
Written by Brett Linton
April 8, 2020
February apparent U.S. steel supply slipped to 8.5 million net tons, according to data from the American Iron and Steel Institute and U.S. Department of Commerce. Recall that January apparent supply saw a drastic jump over December and was quite high compared to the last few years. The latest data shows suppy has fallen back to around late-2019 lows. Apparent steel supply, a proxy for demand, is determined by combining domestic steel shipments and finished U.S. steel imports, then deducting total U.S. steel exports.
February apparent supply is down 410,000 tons (4.6 percent) compared to the same month one year ago. This change was primarily due to a 395,000 ton decrease in finished imports.
The net trade balance between U.S. steel imports and exports was a surplus of 866,000 tons imported in February, down 65.2 percent from the prior month and down 52.7 percent from one year ago. This is the lowest net trade level since December 2011. Finished steel imports accounted for 16.0 percent of apparent steel supply in February, down from 17.2 percent in January and down from 19.7 percent one year ago.
Compared to the prior month when apparent steel supply was 9.5 million tons, February supply declined over 1 million tons or 11.0 percent. The decrease was due to a 764,000 ton decline in domestic shipments and a 286,000 ton decrease in finished imports.
The figure below shows year-to-date averages for each statistic over the last five years. 2020 apparent supply is down over the first two months of 2019, more in line with the 2017 and 2018 YTD averages.
To see an interactive graphic of our Apparent Steel Supply history (examples above and 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 […]