Steel Products Prices North America

January Apparent Steel Supply Rises to 10-Month High

March 14, 2021

U.S. apparent steel supply rebounded to a 10-month high in January, up 2.9% to 8.01 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. This is the highest level seen since March 2020 when apparent supply was 8.63 million tons. Recall that April and May of 2020 were the two lowest levels seen in the last 10 years at 6.53 million tons and 6.60 million tons, respectively. January supply is down more than 1.5 million tons compared to the same month in 2020.

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.

January apparent supply declined 15.8% compared to the same month one year ago when supply was 9.52 million tons. This change was primarily due to a 1.11 million ton decline in domestic shipments, combined with a 398,000-ton decrease in finished imports. Total exports were down 10,000 tons from levels one year prior, slightly reducing the year-over-year decline in supply.

The net trade balance between U.S. steel imports and exports was a surplus of 1.75 million tons imported in January, up 99.2% from the previous month, but down 29.3% from one year prior. Finished steel imports accounted for 15.8% of apparent steel supply in January, down from 17.4% in December, and down from 17.5% one year ago.

Compared to December when apparent supply was 7.79 million tons, January supply increased by 227,000 tons or 2.9%. This change was due to a 371,000-ton increase in domestic shipments, partially reduced by a 89,000-ton decrease in finished imports and a 55,000-ton increase in exports.

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 senior 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.