SMU Data and Models
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/globe_arrows.png)
Apparent steel supply slips in February
Written by Brett Linton
April 9, 2024
The apparent supply of steel in the US fell 6% from January to February, according to data compiled from the US Department of Commerce and the American Iron and Steel Institute (AISI). Following the five-month high seen the month prior, apparent supply eased to 8.02 million short tons (st) in February, the third lowest monthly rate seen in the last three years.
Apparent steel supply is calculated by combining domestic steel mill shipments and finished US steel imports, then deducting total US steel exports.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/04/app-supply-4.9.24-f1-1024x633.png)
Three-month moving average
Calculating supply levels on a three-month moving average (3MMA) basis can smooth out the month-to-month variability. The 3MMA through February eased to 8.23 million st. The 3MMA has been trending downward overall since peaking in late 2021 at 9.87 million st.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/04/app-supply-4.9.24-f2-1024x633.png)
Comparisons
Apparent supply in February was 3% lower than the same month one year ago when the supply was 8.29 million st. This decline is primarily due to a decline in domestic mill shipments. Figure 3 shows a year-over-year (y/y) comparison for the month of February across the last four years.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/04/app-supply-4.9.24-f3-1024x599.png)
Looking across the last four months, apparent supply had eased to a nine-month low in November, increased in December and January, then slipped in February (Figure 4). The decline in February was mostly attributed to a decline in domestic shipments, followed by a reduction in finished imports.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/04/app-supply-4.9.24-f4-1024x599.png)
Figure 5 shows year-to-date (YTD) monthly averages for each statistic over the last four years. The average monthly supply level for the first two months of 2024 is up to 8.28 million st, 3% lower than the same period last year. 2020 holds the highest year-to-date (YTD) monthly average in our recent history at 8.97 million st.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/04/app-supply-4.9.24-f5-1024x599.png)
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.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/04/SMU_BL_headshot-V4-150x150.png)
Brett Linton
Read more from Brett LintonLatest in SMU Data and Models
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Premium1.png)
Steelmaking raw material prices ease in July
The majority of steelmaking raw material prices declined in June, following the same trend seen in May, according to SMU’s latest analysis.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/01/cropped-SMU_Mobile_final.png)
SMU price ranges: HR declines moderate. Are we near a bottom?
SMU’s sheet price ranges slid again this week. But the declines were more pronounced on tandem products whereas prices for hot-rolled coil held roughly steady.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Premium1.png)
Some SMU Key Market Indicators improve, others remain near historic lows
SMU’s Key Market Indicators include data on the economy, raw materials, manufacturing, construction, and steel sheet and long products. They offer a snapshot of current sentiment and the near-term expected trajectory of the economy. All told, nine key indicators point lower, 16 are neutral, and 13 point higher. One thing worth noting: The nine indicators pointing lower are all lagging indicators. Many of those pointing upward are leading indicators.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/01/cropped-SMU_Mobile_final.png)
SMU survey: Steel Buyers’ Sentiment Indices rebound
SMU’s Steel Buyers’ Sentiment Indices both saw improvement this week. Current sentiment ticked higher but remains near the four-year low seen earlier this month. Future Sentiment continues to indicate that buyers are optimistic for future business conditions.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/Premium1.png)
SMU market survey results now available
The latest SMU market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Historical survey results are also available under that selection. If you need help accessing the survey results, or if your […]