Canada
February 6, 2026
US steel exports down to 5-year low in November
Written by Brett Linton
The volume of steel exported from the US in November tumbled 15% from the month prior to 563,000 short tons (st), according to recently released data from the US Department of Commerce. This marks the lowest monthly export rate since July 2020.
This decline comes just one month after exports rebounded to a seven-month high of 662,000 st. November trade was 12% below the average export rate for the previous year (641,000 st per month) and 15% lower than the same month in 2024.
Over 90% of US exports are shipped to United-States-Mexico-Canada Agreement (USMCA) trading partners. In November, Mexico received 59% of total US exports, and another 33% went to Canada. Other notable destinations (each accounting for 1% or less of trade) included Sweden, the United Kingdom, India, Trinidad and Tobago, the Bahamas, Israel, Brazil, Australia, China, and Thailand. To explore more detailed export data on specific products or countries, visit the International Trade Administration’s Steel Mill Export Monitor.
Exports have been trending lower for years
Month-to-month fluctuations can be dampened by analyzing exports on a three-month moving average (3MMA) basis (Figure 2, left). From this view, exports have trended lower following the July 2023 five-year high of 887,000 st. The November 3MMA is now at a five-year low of 606,000 st, 116,000 st lower than the same period in 2024.
Exports can be annualized using a 12-month moving average (12MMA) to remove seasonal variation (Figure 2, right). From this angle, exports have weakened since peaking in early 2024 but remain above 2019-2021 levels. The 12MMA declined for the tenth consecutive month in November to 641,000 st, the lowest rate recorded since April 2021.
Most products near multi-year lows
Four of the six flat-rolled steel products we follow saw month-on-month (m/m) declines in November. Many products were at or nearing historical lows, and all but one were significantly lower than year-ago levels. Notable product shifts from October to November include:
- Plate-cut-length exports declined 21% and are now at the lowest rate recorded in our 15-year data history.
- Coiled plate exports rebounded 9%, further recovering from the three-year low set in September.
- Hot-rolled exports declined 5% to a seven-month low, marking the second-lowest rate seen in the past three years.
- Cold-rolled exports fell 17% from a nine-month high in October.
- Galvanized exports decreased 15% to one of the lower rates of the year.
- Other-metallic coated (mostly Galvalume) exports increased 3% but remain just 1,600 st above the five-year low set two months earlier.
SMU members can view historical steel trade data on the Steel Exports page of our website.
