The Metals Service Center Institute (MSCI) said Thursday that the slowdown in shipments from 2011 levels which began in August, eased significantly in October. Steel shipments were up slightly in the United States and essentially flat in Canada. US steel product inventories were 8.4 million tons at the end of October 2012, an increase of 0.8 percent over October a year ago and a decrease of 3.6 percent from last month. At the current shipping rate, this represents 2.4 months of supply in inventory, a decrease of 3 percent from a year ago.
US service centers shipped 3.5 million tons of steel products in October. This represents an increase of 3.9 percent from October 2011. For 2012 year-to-date, steel shipments were 35.6 million tons, an increase of 3.4 percent from the same period in 2011.
Canadian service centers shipped 523,400 tons of steel products in October 2012. This represents a decrease of 1.1 percent from October 2011. For 2012, year-to-date steel shipments were nearly 5.3 million tons, a decrease of 1 percent from the same period in 2011. Steel product inventories were nearly 1.7 million tons at the end of October 2012, an increase of 11.2 percent from October a year ago and an increase of 1.4 percent from last month. At the current shipping rate, this represents 3.2 months' supply in inventory, an increase of 12.5 percent from a year ago.