The latest Metals Activity Report (MAR) released by the Metals Service Center Institute (MSCI) shows that while shipments of steel from metals service centers in the United States and Canada declined in March from year-ago levels, they registered an improvement from February's rate of decline.
March shipments of steel products from US metals service centers totaled 2.59 million net tons (nt), representing a 39.2 percent decrease from March 2008; however, February shipments marked a 43.3 percent year-over-year decline. First quarter 2009 shipments totaled 7.6 million nt, a 41.8 percent decline from first quarter 2008.
Furthermore, the 7.84 million nt of steel inventory held by US steel service centers at the end of March represents about a 2.6-month supply at current shipping rates, and reflects a 5.6 percent decline from the 8.31 million nt of steel inventory in February, which, based on shipment levels at the time, equated to a 3.4-month supply.
Meanwhile, Canadian metals service center steel shipments totaled 445,600 nt in March, representing a 25.5 percent decline from March 2008 shipments, compared to a 42.1 percent February year-over-year shipment decline.
Canadian service center steel shipments in January and February combined totaled about 792,000 nt, which was a 40.2 decrease from the same period of last year. First quarter 2009 shipment volume totaled 1.23 million nt, representing a 35.6 percent decrease from first quarter 2008.
Canadian service center inventories were estimated at about 1.17 million nt at the end of March, equivalent to a 2.6 month supply at current shipment levels. This represents about a 30.5 percent decrease from year-ago inventories, but an improvement from the 3.1-month supply at the end of February.