Steel inventories at US service centers declined in February from the previous month, and were down 23.3 percent from year-ago levels, the Metals Service Center Institute (MSCI) reported this week.
US service centers' steel product inventories at the end of February totaled 12.09 million net tons (nt), down from 12.20 million nt in January, according to MSCI. At current shipping rates, steel inventories at the end of February were at a 2.8-month supply.
US steel service center shipments remained flat in February from the previous year, at 4.26 million nt. Year-to-date shipments were at 8.8 million nt, down 1.4 percent from the year-ago period.
MSCI also reported the data from Canadian steel service centers: Canadian inventories also fell in February 2008 when compared to February 2007, while shipments rose from the year-ago month. Canadian steel inventories fell 7.6 percent, to 1.14 million nt, equal to a 3.5-month supply at current shipping rates. Shipments rose 7.1 percent from February 2007, to 328,400 nt.