Analysis
January 17, 2024
Written by Laura Miller
US steel exports were flat from October to November, but November took the prize for the fewest monthly exports year to date in 2023.
The US exported 725,880 net tons of steel products in November, according to the latest data available from the US Department of Commerce. While flat from 728,232 tons in the prior month, November’s shipments out of the country were 4% higher than November 2022.
The scrap market for October is looking for direction as some participants on both sides of the furnace are indicating scrap prices are poised for an increase.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
The domestic plate market is showing few signs of relief for steel buyers. Lead times are stretching well beyond seasonal norms, spot availability has all but evaporated, and mills are drawing hard lines on contract volumes heading into 2027 negotiations.
SSAB Americas announced immediate changes to pricing extras on select products, according to a letter sent to customers Friday morning.