Market Data
Apparent steel supply surpasses 8.5 million tons in January
Written by Brett Linton
March 12, 2024
The apparent supply of steel in the US increased in January, rising to a five-month high, according to data compiled from the US Department of Commerce and the American Iron and Steel Institute (AISI). Supply is now up to 8.55 million short tons (st) in January, 5% greater than December levels and 7% higher than November’s nine-month low.
Apparent steel supply is calculated by combining domestic steel mill shipments and finished US steel imports, then deducting total US steel exports.
Viewing supply levels on a three-month moving average (3MMA) basis can smooth out the month-to-month variability. The 3MMA through January was relatively unchanged from December at 8.21 million st. The 3MMA has been trending downward overall since peaking in late 2021.
Apparent supply in January was 3% lower than the same month one year ago when the supply was 8.84 million st. Attribute this to a decline in both domestic mill shipments and finished imports from levels one year prior. Figure 3 shows a year-over-year (y/y) comparison for the month of January across the last four years.
Looking at the last four months, apparent supply had eased to a nine-month low in November but has since increased each month since (Figure 4). This recovery is primarily due to an uptick in finished imports after November, as well as a jump in domestic shipments from December to January.
To see an interactive graphic of our apparent steel supply history, click here. If you need any assistance logging into or navigating the website, contact us at info@steelmarketupdate.com.
Brett Linton
Read more from Brett LintonLatest in Market Data
SMU Mill Order Index fell in September
SMU’s Mill Order Index declined in September after repeated gains from June through August. The shift came as service center shipping rates and inventories fell.
North American auto assemblies slipped in September
North American auto assemblies declined in September, down 5.1% vs. August. And assemblies were also down 1% year on year.
HARDI: Galv demand improves in October, higher prices expected in new year
Participants on this month’s Heating Air-Conditioning & Refrigeration Distributors International (HARDI) Sheet Metal/Air Handling Council call expect galvanized steel base prices to firm up in the first quarter of 2026.
AISI: Raw steel mill output stabilizes
Domestic mill production inched higher last week, according to the latest figures released by the American Iron and Steel Institute (AISI). Prior to the start of this month, raw output had remained historically strong since June.
Steel market chatter this week
What's on steel buyers' minds this week? We asked about market prices, demand, inventories, tariffs, imports, and other evolving market trends. Read on for buyers' comments in their own words...