Steel Products Prices North America

Apparent Steel Supply Slips 4% in April to 9.1 Million Tons

June 14, 2022

US apparent steel supply eased from March to April, declining 4% to 9.09 million net tons, according to the latest US Department of Commerce and American Iron and Steel Institute (AISI) data. Recall that supply reached a six-year high last September at 9.92 million tons, declining each month through February. Supply rebounded 14% in March to 9.51 million tons. April’s supply level is the second lowest monthly figure seen in the past year.

Apparent steel supply, a proxy for demand, is determined by combining domestic steel mill shipments and finished US steel imports, then deducting total US steel exports.

April apparent supply is 314,000 tons higher than the same month one year ago, when supply was 8.77 million tons. This 4% improvement was primarily due to a 599,000-ton increase in finished steel imports, slightly reduced by a 215,000-ton decrease in domestic shipments and a 69,000-ton increase in total exports. The net trade balance between US steel imports and exports was at a surplus of 1.90 million tons imported in April, 1% higher than one year prior. Finished steel imports accounted for 25% of supply in April, up from 19% this time last year. The graphic below shows April trade statistics for each of the past three years.

Compared to last month when apparent supply was 9.51 million tons, April’s supply fell by 425,000 tons. This 4% decrease was primarily due to a 233,000-ton decrease in finished steel imports and a 206,000-ton decrease in domestic shipments, the sum of which was slightly reduced by a 14,000-ton decrease in total exports. The net trade balance between imports and exports in April fell 15% from March. The percentage of apparent steel supply composed of finished steel imports decreased 1%. The graphic below shows monthly statistics over the last three months.

The figure below shows year-to-date monthly averages for each statistic over the last five years. The average monthly apparent supply level for the first four months of 2022 has improved compared to the same periods in 2020 and 2021, and is now back in line with the monthly averages of most previous years shown.

Apparent supply for the entire year of 2021 totaled 110.3 million tons, up 22% from 90.3 million tons in 2020, and up 1% from 109.5 million tons in 2019. In Steel Market Update’s 13-year data history, 2014 holds the annual record at 119.5 million tons.

To see an interactive graphic of our Apparent Steel Supply history, 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.