November Apparent Steel Supply at 7.32 Million Tons, Steadily Increasing

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