The Metals Service Center Institute (MSCI) reported Friday that steel shipments from service centers in the US and Canada rose sharply in May on a year-on-year basis.
In the US, steel service center shipments totaled 3.5 million net tons--20.1 percent more than shipments in May of last year. Shipments for the first five months of 2011 totaled 17.28 million net tons, an increase of 20.3 percent over last year. Service center inventories stood at nearly 8.3 million net tons at the end of May, up 19 percent over last year, and at current shipping rates, equal to a 2.4-month supply.
Steel service center shipments in Canada soared as well, rising 14.1 percent year-on-year to 528,300 net tons in May. Shipments over the first five months of 2011 were 2.7 million net tons, 14.4 percent higher than the same period last year. Inventories were 1.54 million net tons--10.4 percent larger than at the end of May 2010, and equal to a 2.9-month supply at current shipping rates.