April steel exports fall to lowest level since 2020

Steel exports fell 123,000 st from March to April, the largest month-over-month decline witnessed since April 2020 (Figure 1). April exports were also 25% below the 2024 monthly average of 770,000 st and 31% below the same month last year.

The majority of US exports (>90%) go to U.S.-Mexico-Canada Agreement (USMCA) trading partners: 62% of April exports were sent to Mexico and 31% to Canada. Other notable destinations included Brazil, the United Kingdom, China, Colombia, Germany, and the Bahamas, each accounting for 1% or less of April exports. Visit the International Trade Administration’s Steel Mill Export Monitor for detailed export data on specific products or countries.

Monthly averages

Analyzing steel exports on a three-month moving average (3MMA) basis helps smooth monthly fluctuations and highlight underlying trends (Figure 2, left). On this basis, exports peaked at a five-year high in July 2023 (887,000 st) and have trended lower since. The April 3MMA has fallen to a four-year low of 652,000 st.

Exports can be annualized on a 12-month moving average (12MMA) basis to eliminate seasonal variation (Figure 2, right). From this perspective, annualized exports have also weakened since 2023 but remain above 2019-2022 levels. The 12MMA fell for the third-straight month in April to 728,000 st, the lowest rate seen since November 2021. For comparison, the 12MMA reached a five-and-a-half-year high of 805,000 st in February 2024.

Exports by product

All six of the flat-rolled steel products we monitor saw reduced exports from March to April. Some were down as much as 47% from levels seen one year ago, and all were beneath their respective 3MMA and 12MMA rates. Significant movements from March to April include:

• Plate-cut-length exports fell 16% m/m to a near five-year low.
• Coiled plate exports declined 13% to a two-year low.
• Hot-rolled sheet exports slipped 32% to a two-year low.  
• Cold-rolled exports fell 14%, the third-lowest monthly rate seen over the last year.
• Galvanized sheet exports fell 18%, one of the lowest levels of the past three years.
• Other-metallic coated exports dropped 21%, the lowest since May 2020.

SMU members can view historical steel trade data on the Steel Exports page of our website.