Steel Products Prices North America
Apparent Steel Supply Inches Up in June
Written by Brett Linton
August 15, 2020
U.S apparent steel supply inched upwards in June to 6.93 million net tons, according to U.S. Department of Commerce and American Iron and Steel Institute data. While up over the previous month, April and May were the two lowest supply levels in the last 10 years at 6.54 million tons and 6.61 million tons, respectively. 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.
June apparent supply was down 1.93 million tons (21.8 percent) compared to the same month one year ago when apparent supply was 8.86 million tons. This change was primarily due to a 1.69 million ton decline in domestic shipments and a 408,000 ton decrease in finished imports, while a 176,000 ton decline in total exports slightly lessened the overall decrease in apparent supply.
The net trade balance between U.S. steel imports and exports was a surplus of 974,000 million tons imported in June, down 32.7 percent from the prior month and down 32.4 percent from one year ago. Finished steel imports accounted for 19.2 percent of apparent steel supply in June, down from 22.8 percent in May and down from 19.6 percent one year ago.
Compared to the prior month when apparent steel supply was 6.61 million tons, June supply rose 316,000 tons or 4.8 percent. This change was primarily due to a 562,000 ton increase in domestic shipments, which was somewhat countered by a 176,000 ton decrease in finished imports and a 69,000 ton increase in total exports.
The figure below shows year-to-date averages for each statistic over the last five years. 2020 apparent supply remains down compared to the first six months of all previous years shown.
To see an interactive graphic of our Apparent Steel Supply history (example shown below), visit the Apparent Steel Supply page in the Analysis section of the SMU website. If you need any assistance logging into 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 […]