Steel Products Prices North America

November Apparent Steel Supply at 7.32 Million Tons, Steadily Increasing

January 19, 2021

U.S. apparent steel supply continued its upwards crawl in November, up 0.4 percent to 7.32 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. While supply levels have improved each month since May, recall that April and May were the two lowest levels seen 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 mill shipments and finished U.S. steel imports, then deducting total U.S. steel exports.

November apparent supply was down 1.04 million tons (12.5 percent) compared to the same month one year ago when supply was 8.37 million tons. This change was primarily due to a 912,000-ton decline in domestic shipments, combined with a 92,000-ton decrease in finished imports and a 41,000-ton increase in total exports.

The net trade balance between U.S. steel imports and exports was a surplus of 704,000 tons imported in November, down 10.1 percent from the previous month, and down 23.3 percent from one year prior. Finished steel imports accounted for 16.9 percent of apparent steel supply in November, down from 17.5 percent in October, but up from 15.9 percent one year ago.

Compared to the prior month when apparent steel supply was 7.29 million tons, November supply rose 31,000 tons or 0.4 percent. This change was due to a 61,000-ton decrease in exports, partially negated by a 36,000-ton decrease in finished imports. Domestic shipments were flat month-to-month, up less than 6,000 tons.

The figure below shows year-to-date averages for each statistic over the last five years. As has been the case for the last few months, 2020 apparent supply remains significantly lower compared to the first 11 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.

By Brett Linton, brett@steelmarketupdate.com

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.