US steel exports inch higher in March from low base

US steel exports increased 6% from February to March but remain historically low, according to recently released US Department of Commerce data. Exports have trended lower for over a year now.

The volume of steel shipped out of the country in March totaled 658,000 short tons (st), 6% less than the same month one year ago. Recall that last December, exports fell to a five-year low of 469,000 st. March trade was 5% above the average monthly export rate of 2025 (629,000 st), but 15% below the average rate of 2024 (770,000 st).

More than 90% of US exports are shipped to United States-Mexico-Canada Agreement (USMCA) trading partners. In March, Mexico received 63% of total US exports, and 32% were shipped to Canada. Other notable destinations (each accounting for less than 1% of trade) included Australia, India, Brazil, China, the United Kingdom, the Bahamas, South Korea, and Colombia. To explore detailed export data by specific product or country, visit the International Trade Administration’s Steel Mill Export Monitor.

Export volumes remain low

To smooth out month-to-month noise, exports can be analyzed on a three-month moving average (3MMA) basis (Figure 2, left). From this viewpoint, exports have trended lower for nearly two years. In January, the 3MMA fell to a five-year low of 552,000 st. It recovered through March to 634,000 st, 12% below where it was one year prior.

Annualizing exports on a 12-month moving average (12MMA) basis can eliminate seasonal variations (Figure 2, right). From this perspective, exports weakened following their early 2024 peak and are nearing the low levels seen in 2019-2021. The 12MMA further declined in March to a five-year low of 607,000 st.

Sheet and plate focus

Five of the six flat-rolled steel products we track saw increased exports from February to March, with many marginally recovering from the historical lows set in February. Products are mixed compared to year-ago levels, though most are above their respective 3MMA and 12MMA levels. Notable product shifts from February to March include:

Plate-cut-length exports increased 11%, previously at the second-lowest rate recorded since 2020.
Coiled plate exports declined 7%, easing from February’s two-and-a-half-year high.
Hot-rolled exports increased 11% to an eight-month high, recovering from one of the lower rates recorded in the past six years.
Cold-rolled exports jumped 19% to a five-month high.
Galvanized exports increased 7% to a five-month high, previously at one of the lower rates recorded since 2020.
Other-metallic coated (mostly Galvalume) exports rose 10%, recovering from a near five-year low.

SMU members can access historical trade figures on the Steel Exports page of our website.

Brett Linton

Brett Linton is a digital operations analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.