Canada
January 15, 2026
Steel exports grew to a 7-month high in October
Written by Brett Linton
The volume of steel shipped outside the country increased 11% from September to October 2025 to a seven-month high of 662,000 short tons (st), according to recently released data from the US Department of Commerce.
This modest recovery comes just one month after exports fell to one of the lowest rates seen in over five years (594,000 st). October trade was 2% above the average rate of the past year (649,000 st per month), but 11% less than the same month of 2024.
The vast majority of US exports (usually over 90%) are sent to US-Mexico-Canada Agreement (USMCA) trading partners. In October, Mexico received 54% of total US exports and Canada received 40%. Other notable destinations (each accounting for 1% or less of October exports) included Brazil, China, Belgium, the United Kingdom, the Bahamas, the United Arab Emirates, India, Italy, Germany, and Japan. To explore more detailed export data on specific products or countries, visit the International Trade Administration’s Steel Mill Export Monitor.
Monthly averages show downward trends
Viewing exports on a three-month moving average (3MMA) basis can dampen monthly fluctuations (Figure 2, left). On this basis, exports have trended lower over the past two years following the five-year high of 887,000 st set in July 2023. The October 3MMA increased to 634,000 st, just 23,000 st higher than the multi-year low seen four months prior. The October 3MMA is nearly 150,000 st lower than the same period of 2024.
Exports can be annualized on a 12-month moving average (12MMA) to eliminate seasonal variations typically seen around the end of the year (Figure 2, right). From this angle, exports have weakened since peaking in early 2024, but remain above 2019-21 levels. The 12MMA declined for the ninth consecutive month in October to 649,000 st, the lowest rate seen since April 2021.
Exports by product
Four of the six flat-rolled steel products we follow saw month-on-month (m/m) gains in October, but remained near historical lows. Half were above their respective 12MMA rates, but all remain significantly lower than year-ago levels.
Notable product shifts from September to October include:
- Plate-cut-length exports declined 22%, shifting from an eight-month high to a five-month low.
- Coiled plate exports rebounded 50%, previously at the lowest monthly rate seen in nearly three years.
- Hot-rolled exports declined 1% to one of the lowest volumes recorded since 2022.
- Cold-rolled exports recovered 50%, moving from a near multi-year low to a nine-month high.
- Galvanized exports increased 14% to a nine-month high.
- Other-metallic coated (mostly Galvalume) exports increased 11%, previously at the weakest rate seen in over five years.
SMU members can view historical steel trade data on the Steel Exports page of our website.
