The Metals Service Center Institute (MSCI) reported Monday that February service center shipments of steel were up sharply from the same month in 2011 in both the US and Canada. Inventory position remained mostly constant in the US and deteriorated in Canada.
US steel service centers shipped 3.6 million tons in February, a 14.3 percent increase from February 2011. For the first two months of 2012, steel shipments totaled 7.34 million tons, reflecting an 11.6 percent increase from the same period in 2011. At the end of February, steel product inventories were 8.9 million tons--12.5 percent higher than in February 2011 and an increase of 1.8 percent from last month. At the current shipping rate, this represents a 2.4 months' supply in inventory, a decrease of 1.6 percent from a year ago.
Canadian service centers shipped 541,500 tons of steel products in February 2012, representing an increase of 8.2 percent from February 2011. For 2012 year-to-date, steel shipments were 1.1 million tons, up 5.4 percent from the same period in 2011. Steel inventories in Canada were 1.7 million tons at the end of February 2012, 13.5 percent higher than in February a year ago and up 3 percent from January. At the current shipping rate, this represents 3.2 months' supply in inventory, an increase of 4.9 percent from a year ago.