The latest Metals Activity Report (MAR) released by the Metals Service Center Institute (MSCI) shows that both shipments and inventories of steel from metals service centers in the United States and Canada continued to decline in February, from year ago levels.
February shipments of steel products from US metals service centers totaled about 2.4 million net tons (nt), representing a 43.3 percent decrease from February 2008. Combined with January steel shipments, the total shipment volume of approximately 5 million nt is also 43 percent less than the same period last year.
However, the 8.3 million nt of steel inventory at the end of February is 16 percent lower than inventory at the end of February 2008, resulting in an approximate 3.4-month supply at current shipping rates.
Meanwhile, Canadian metals service centers shipped 385,100 nt of steel in February, a 42.1 decline from February 2008. Combined Canadian service center steel shipments in January and February totaled about 792,000 nt, which was a 40.2 decrease from the same period last year.
Canadian steel inventories were estimated at about 1.2 million nt at the end of February, down 29.8 percent year on year, resulting in a 3.1-month supply at current shipping rates.