The American Iron and Steel Institute released its report today, indicating that U.S. steel mills shipped 7,431,201 net tons in May 2024. This marks a 3.8 percent decline from the 7,721,633 net tons shipped in May 2023. However, shipments showed a slight increase of 1.0 percent from April 2024, which recorded 7,356,130 net tons.
For the first five months of 2024, total shipments amounted to 36,607,546 net tons, representing a 3.3 percent decrease compared to 37,860,154 net tons shipped over the same period in 2023. This trend highlights a slight downturn in the steel industry year-over-year.
The data indicates fluctuations in specific steel product shipments:
- Cold Rolled Sheet: Shipments increased by 4 percent year-to-date in 2024 compared to the first five months of 2023.
- Corrosion Resistant Steel: Shipments decreased by 2 percent over the same period.
- Hot Rolled Steel: Shipments also saw a 2 percent decline.
The slight monthly increase in May 2024 shipments from April 2024 suggests a modest recovery or stabilization in the industry, despite the overall yearly decline. These figures provide valuable insights into the current state of the U.S. steel market and its various segments.
AISI's report underscores the importance of monitoring shipment trends to understand market dynamics and make informed decisions. The specific changes in cold rolled, corrosion resistant, and hot rolled steel shipments reflect varying demand and market conditions across different steel products.
