According to the latest Metals Activity Report from the Metals Service Center Institute (MSCI), US and Canadian steel shipments and inventories increased significant from year ago levels.
US service centers shipped nearly 3.2 million net tons (nt) during August 2010, a 25.5 percent year-over-year increase from August 2009. Total steel shipments for the first seven months of the year total about 23.7 million nt, representing a 19.3 increase over the same period last year. US steel inventories of 7.4 million nt at the close of August were 32.4 percent greater than stockpiles of August 2009 and, at current shipping rates, represent a 2.3-month supply.
Canadian service center shipments totaled 489,600 nt in August 2010, a 17.8 percent year-over-year increase. Shipments for the first seven months of 2010 of nearly 3.8 million nt are a 15.5 percent increase from last year. Canadian steel inventories totaled about 1.3 million nt at the end of August, a 33.8 percent year-over-year increase and is equivalent to a 2.6-month supply at current shipping rates.