April Apparent Steel Supply Remains Strong at 8.77 Million Tons

April apparent supply rose by 34.4% compared to the same month one year ago when supply was 6.53 million tons. This increase was primarily due to an increase in domestic shipments of 2.22 million tons, followed by a 356,000-ton increase in finished imports, slightly negated by a 335,000-ton increase in exports. The net trade balance between U.S. steel imports and exports rose to a surplus of 1.88 million tons imported in April, down 20.1% from one year prior. Finished steel imports accounted for 19.2% of apparent steel supply in April, down from 20.4% one year ago.

Compared to March when apparent supply was 8.96 million tons, April supply declined by 189,000 tons or 2.1%. This decrease was primarily due to a 113,000-ton decline in finished imports and a 105,000-ton decrease in domestic shipments, partially negated by a 30,000-ton decrease in exports. The net trade balance between imports and exports rose 23.8% from March, while the percentage of apparent steel supply composed of finished steel imports declined 0.9% compared to March.

The figure below shows year-to-date averages for each statistic over the last five years. The 2021 apparent supply average has now risen to be in line with 2020, but remains significantly lower compared to the monthly averages of all previous years shown.

To see an interactive graphic of our Apparent Steel Supply history (example shown below), visit the Apparent Steel Supply page in the Analysis section of the SMU website. If you need any assistance logging into or navigating the website, contact us at info@SteelMarketUpdate.com.

By Brett Linton, Brett@SteelMarketUpdate.com