Steel Market 2024–2025: What Is Happening in the Steel Market Right Now?

The steel market felt a mix of forces in 2024: domestic shipments softened, imports shifted, and price signals were uneven as producers reacted to changing demand and trade policy. This concise, evidence-first blog explains the main movements in 2024, why they matter for buyers and sellers, and what to do next.

What happened to U.S. steel shipments in 2024?

U.S. steel mill shipments for the full year 2024 were reported at 86,130,780 net tons, which is down 3.6% versus 2023. This decline reflects weaker demand in some downstream sectors and inventory adjustments across the supply chain.

A later AISI revision put the full-year 2024 shipments at about 86,698,917 net tons, a 3.0% decline versus 2023, underscoring how seasonal revisions can change final tallies.

Conclusion: Domestic shipments were lower in 2024, and readers should treat month-to-month releases as the best way to spot turning points (AISI).

Why did imports and domestic shipments move differently in 2024?

Full-year 2024 total steel imports were 28,858,000 net tons, up 2.5% versus 2023, and finished steel imports were 22,500,000 net tons, up 3.7% versus 2023. Those import gains occurred even as domestic shipments fell, which indicates substitution in some product lines and shifts in trade flows.

Industry reporting also highlights product-mix effects and producer pricing actions that altered sourcing decisions in 2024. In short, imports can climb while domestic shipments fall when buyers find attractive delivered costs or when domestic demand softens for specific grades.

Conclusion: Diverging import and shipment trends point to substitution effects and changing product mixes; monitoring finished-import share and product-level flows is essential.

How did prices and producer actions behave in 2024?

Producers implemented a series of price moves through late 2024 and into 2025. Trade reporting tracked both increases and later adjustments by major producers as they attempted to support margins amid uneven demand.

FocusEconomics provides contemporaneous price series and month-to-month readings for Steel (USA), showing variability in Hot Rolled Coil and other series during 2024 and beyond. Those monthly readings are useful to confirm short-term price direction.

Conclusion: Producers attempted to firm prices, but broader market strength was inconsistent; follow monthly price series and producer bulletins for the clearest near-term signals.

Which demand sectors influenced the market most in 2024?

Construction and automotive historically drive large shares of steel consumption, and they remained the primary demand levers in 2024. When construction activity slows or vehicle production dips, steel shipments can decline rapidly; conversely, targeted infrastructure spending or fleet ramps can create localized strength in particular grades. AISI reporting and industry analysis both stress this sensitivity.

Conclusion: Watch construction starts, vehicle production, and major infrastructure programs for early signals of steel demand change.

Quick reference table — Selected 2024 datapoints