Economy
June 11, 2021
Steel Product Shipments and Inventories Through April
Written by David Schollaert
U.S. steel product shipments fell by 2.4% in April following an increase of 15.6% in the month prior. The decline, although disappointing, is not surprising because steel product shipments have been irregular from month to month since bottoming out in May 2020. The lack of consistency has been attributed to seasonal factors at times but points primarily to a recovering marketplace still finding its footing after the COVID-19 pandemic. Shipments of manufactured durable goods saw a similar blip. April steel shipments posted a 5.6% decrease when compared to the month prior but remain above pre-pandemic levels, according to Census Bureau data on inventories, shipments and new orders for total U.S. manufacturing and steel products.
Total shipments and inventories are reported in millions of dollars, seasonally adjusted. Year over year through April, total manufactured product shipments rose by 28.3%. However, year-ago comparisons may be misleading due to the impact COVID-19 on the marketplace. When compared to the same pre-pandemic period in 2019, total manufactured product shipments were up 1.5% in April, a good indication of a recovering market.
