The Metals Service Center Institute (MSCI) reported Thursday that steel shipments from US service centers continued to decline in March, as did inventories.
Data from MSCI's Metals Activity Report (MAR) show that US steel service center shipments fell for the seventh consecutive month in March, to approximately 4.8 million tons. Year-to-date shipments of 13.7 million tons are down 7.5 percent from the corresponding period last year. On a brighter note, US steel inventories fell to 14.8 million tons by the end of March, down from 15.8 million tons in February, though still 9.9 percent above inventory levels at the end of March 2006. At current shipping rates, steel on hand represented a 3.1-month supply, down from 3.7 months in February.
Shipments from Canadian steel service centers were 7.5 percent lower than shipments in March 2006, and year-to-date shipments were 985,600 tons, down 5.8 percent from the same period of last year. Meanwhile, inventories were at 1.24 million tons at the end of March, representing a 3.6-month supply at current shipping rates, the lowest level since June 2006.
MSCI has more than 420 members operating from about 1,200 locations in the US, Canada, Mexico, and elsewhere in the world. Together, MSCI members constitute the largest single group of metals purchasers in North America, with annual purchases amounting to more than 65 million tons of steel, aluminum, and other metals, and with about 300,000 manufacturers and fabricators as customers.