The latest figures from the American Iron and Steel Institute reveal a notable contraction in steel shipments for June 2024. U.S. steel mills dispatched 7,152,135 net tons during the month, marking a significant 6.6% reduction compared to the 7,655,692 net tons shipped in June 2023. This decline follows a 3.8% decrease from the 7,431,201 net tons recorded in May 2024. The year-to-date statistics for 2024 also reflect a downturn, with total shipments amounting to 43,759,681 net tons, down 3.9% from the 45,515,846 net tons shipped during the same period in 2023.
The analysis of shipment data for the first half of 2024 reveals varied performance across different steel categories. Cold rolled sheet shipments have experienced a modest increase of 4%, indicating a positive trend in this segment. Conversely, corrosion-resistant steel shipments have declined by 2%, reflecting a slight contraction in demand. Hot rolled steel, a significant category in steel production, has seen a decrease of 4%, pointing to reduced consumption or market adjustments.
The decline in shipments is indicative of broader trends affecting the steel industry, possibly influenced by shifts in market demand, economic conditions, or changes in industrial activity. The reduction in hot rolled steel shipments, for instance, may be attributed to adjustments in manufacturing processes or fluctuations in the construction and automotive sectors, which are major consumers of this steel type.
