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Steel exports gain momentum through February
Written by Brett Linton
April 9, 2024
Following their 25% jump from December to January, US steel exports rose another 9% in February. The latest US Department of Commerce data shows 840,000 short tons (st) of steel left the country in February. This is the highest monthly export rate since August 2023.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/04/exports-f1-4-8-24-1024x633.png)
Monthly averages
Looking at exports on a 3-month moving average (3MMA) basis can smooth out the monthly fluctuations. Shipments had trended downward throughout the second half of 2023, falling to an 11-month low in December. The 3MMA changed course as it entered the new year, now up 5% month-on-month (m/m) to a three-month high of 742,000 st through February.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/04/exports-f2-4-8-24-1024x633.png)
Exports can be annualized on a 12-month moving average (12MMA) basis to further dampen month-to-month variations and highlight historical trends. From this perspective, steel exports have steadily trended upwards since bottoming out in mid-2020. The 12MMA figure surpassed 800,000 st in January, now at 805,000 st through February figures and up to the highest 12MMA level since October 2018.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/04/exports-f3-4-8-24-1024x633.png)
Exports by product
Exports of all major flat-rolled steel products showed significant increases from December to January, except for hot-rolled sheet, which declined 3%. Movement was mixed in February, with plate and hot-rolled products increasing, cold rolled flat and coated products declining. The most impressive mover in February was in hot rolled products, surging 43% m/m. Coiled plate saw a 15% increase in that span, while galvanized exports shrunk 10%.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/04/exports-f4-4-8-24-1024x633.png)
Notable year-on-year (y/y) increases were seen in exports of cold-rolled sheet (+37%), hot-rolled sheet (+22%) and other-metallic-coated products (+13%).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/04/exports-t1-4-8-24-1024x444.png)
On a 3MMA basis, each of the steel product exports we track saw increases from January to February. The largest m/m movers were hot-rolled sheet (+18%) and coiled plate (+15%).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/04/exports-f5-4-8-24-1024x633.png)
Note that most steel exported from the US is destined for USMCA trading partners Canada and Mexico.
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Brett Linton
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