The Metals Service Center Institute (MSCI) reported Tuesday that US steel service centers shipped 3.1 million tons of steel products in July 2011, representing an increase of 8.9 percent from July 2010. Steel product inventories were 8.4 million tons at the end of July, a 12.8 percent gain over July 2010, and an increase of 6 percent from last month. At the current shipping rate, this represents 2.7 months-on-hand inventory, an increase of 3.6 percent from a year ago. For 2011 year-to-date, steel shipments are up 17.2 percent from 2010.
As for Canada, Canadian service centers shipped 468,600 tons of steel products in the month of July 2011, representing an increase of 11.1 percent from July 2010. Steel product inventories jumped 25 percent year-on-year to 1.6 million tons at the end of July, and were also up 3.9 percent from June. At the current shipping rate, this represents 3.5 months-on-hand supply in inventory, an increase of 12.5 percent from a year ago.For 2011 year-to-date, steel shipments were 3.7 million tons, an increase of 12.4 percent from the same period in 2010.