US service center shipments of steel reflect year-on-year increase
The latest Metals Activity Report (MAR) released by the Metals Service Center Institute (MSCI) demonstrates that February steel shipments from metals service centers increased both in the United States and Canada from January levels. Month-ending US inventories have remained neutral, while Canadian inventories have increased.
February 2010 shipments of steel from US metals service centers rose +10.4 percent above shipments for the same month in 2009, marking the first time since April 2008 that year-over-year shipments have been higher. In Canada, February steel shipments rose +15.8 percent from year-ago volume, marking a second consecutive month of gain.
Although February month-end service center steel inventories were higher than those of January in both countries, US inventories remained -22 percent lower than they were at the same time in 2009.
Shipments of steel from US service centers totaled 2.66 million tons in February, or +10.4 percent higher than a year ago, and steel shipments for the first two months of the year of 5.24 million tons were up +4.5 percent from last year. Month-end steel inventories totaled 6.48 million tons, -22 percent below stockpiles at the same time last year and, at current shipping rates, sufficient for 2.4 months, which reflects no change from inventory levels reported in January.
Steel shipments from Canadian metals service centers rose to 445,700 tons, or +15.8 percent more than in February 2009, bringing year-to-date shipments to 890,100 tons, up +12.4 percent from last year. Month-end steel inventories totaled 1.27 million tons, +5.8 percent higher than last year and, at current shipping rates, enough for 2.8 months, up from an approximate 2.7 month supply reported in January.
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