Canada
July 17, 2026
US steel exports stabilized in May at low levels
Written by Brett Linton
After reaching a 13-month high in April, US steel exports eased 1% in May, according to recently released US Department of Commerce figures.
The bigger picture: export volumes have been historically weak for over a year.
The amount of steel shipped outside of the country totaled 665,000 short tons (st) in May, up 5% compared to the same month one year ago. And May exports were 8% higher than the average export rate seen across the last year.
However, the steel export trade last May was 15% lower than May 2024 and 27% lower than May 2023. And last December, trade fell to a five-year low of 469,000 st.
Over 90% of US exports are shipped to United States-Mexico-Canada Agreement (USMCA) trading partners. In May, Mexico received 64% of total US exports and 30% were shipped to Canada. Other notable destinations (each accounting for less than 1% of trade) included China, Brazil, Australia, the United Kingdom, the Bahamas, India, Turkey, and Nigeria. To further explore export data by specific country or product, visit the International Trade Administration’s Steel Mill Export Monitor.
Exports can be analyzed on a three-month moving average (3MMA) basis to smooth short-term fluctuations (Figure 2, left). From this perspective, exports began trending lower in late 2024 and fell to a five-year low of 552,000 st in January of this year. Trade has recovered each month since, standing at a 14-month high of 664,000 st through May.
To eliminate seasonal variations, exports can be annualized on a 12-month moving average (12MMA) basis (Figure 2, right). From this vantage point, exports weakened following their early 2024 peak and have recently neared the lows seen in 2020-2021. The 12MMA recently declined to a five-year low in March (607,000 st). It has marginally recovered each of the last two months, rising to 617,000 st through May.
Mixed movement across sheet and plate products
Of the six flat-rolled steel products we track, three declined from April to May, two increased, and one held steady. Most products have significantly recovered from the historical lows seen late last year. Most are higher than year-ago levels aside from hot rolled and other metallic coated (mostly Galvalume). Notable highlights include:
- Plate-cut-length exports rose 4% month over month (m/m) to an eight-month high and have recovered 41% from the low seen last November. May volumes were 5% higher than the average export rate seen across the last year.
- Coiled plate exports fell 2% m/m, marginally lower than the two-and-a-half-year high recorded in February. Exports have nearly doubled from last September’s low. May figures were 21% above the average levels seen over the past year.
- Hot-rolled exports slipped 8% m/m to the lowest monthly rate of the year. Although down, exports have recovered 30% from the historical low seen last December. May volumes were 5% below the average export rate of the past year.
- Cold-rolled exports were flat m/m, holding at one of the higher monthly rates seen in the past 16 months. Trade has recovered 73% from the historical low seen last December. May volumes were 9% higher than the average monthly rate of the last year.
- Galvanized exports rebounded 11% m/m to the third-highest rate seen in the past 14 months. Trade has recovered 48% from the low seen last December. May volumes were 6% above the average rate recorded over the last year.
- Other-metallic coated exports slipped 6% in May but are 32% above the low set last December. May figures were 3% higher than the average export rate seen across the last year.
SMU members can access historical trade figures on the Steel Exports page of our website.
