Steel Markets
US steel exports rise to 12-month high in August
Written by Brett Linton
October 15, 2024
US steel exports were at a one-year high in August, according to recently released data from the US Department of Commerce. The amount of steel exiting the country rose 3% month on month (m/m) to 843,000 short tons (st), the highest monthly rate recorded since August 2023.
August exports were 4% greater than the year-to-date monthly average of 808,000 st but 5% below the YTD average of 888,000 st in August 2023.
Monthly averages
Looking at exports on a three-month moving average (3MMA) basis can smooth out month-to-month fluctuations. After peaking in August of last year, export volumes trended downward for the remainder of 2023 but changed course entering 2024. The 3MMA peaked at 825,000 st in April, then declined through July. It ticked back up in August and, although 2% below April’s high, remained relatively strong at 811,000 st.
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 overall trended upward since 2020. The 12MMA reached a five-and-a-half-year high of 805,000 st in February. It has since eased but remained healthy at 776,000 st in August. That is the lowest 12MMA rate recorded in the past 14 months.
Exports by product
Of the major flat-rolled steel products we track, exports of all but cut-to-length plate increased from July to August. The biggest monthly movers were plate in coils (+30%), hot-rolled sheet (+20%), and other-metallic coated sheet (+13%). Three worth mentioning from August figures are: Cold-rolled sheet exports climbed to a seven-year high, other-metallic coated exports were at a two-year high, and exports of plate in coils reached a 14-month high. Check out the International Trade Administration’s Steel Mill Export Monitor to dive deeper into exports by product or country.
Compared to a year ago, August exports by product were mixed, with four products higher this year and two lower. Significant year-over-year (y/y) changes can be seen in exports of other-metallic coated sheet (+23%), plate in coils (+20%), and plate cut lengths (-18%).
Figure 4 shows a history of exports by product on a 3MMA basis.
Note that most steel exported from the US is destined for USMCA trading partners Canada and Mexico. Over half (56%) of August exports went to Mexico, followed by 38% to Canada. The next largest recipients were the Dominican Republic, Colombia, China, and the Bahamas, at less than 1% each.
SMU members can view historical steel trade data on the Steel Exports page on our website.
Brett Linton
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