The latest Metals Activity Report (MAR) released by the Metals Service Center Institute (MSCI) demonstrates that November steel shipments of metals service centers slightly decreased both in the United States and Canada from October levels, while month-ending US inventory levels slightly decreased and Canadian inventories slightly increased from October.
November 2009 shipments of steel products from US metals service centers totaled about 2.33 million net tons, declining from 2.62 million nt of shipments in October, and were down 14.1 percent from November 2008. Furthermore, total US steel service center shipments over the first 11 months of the year amounted to approximately 27.3 million nt, which is an estimated 38.5 percent decline from the same period of 2008.
Meanwhile, the 5.86 million nt of steel inventory held at US service centers at the end of November slightly decreased by 1.2 percent from October; however, it was still 35.9 percent lower than in November 2008. At current shipping rates, the November inventory levels reflect about a 2.5-month supply, up from an approximate 2.3-month supply at the end of October.
Canadian metals service center steel shipments totaled 429,200 nt in November compared to slightly higher shipments of 431,400 nt in October, which is only an approximate 4.4 percent decline in volume from November 2008. Year-to-date steel shipments total about 4.6 million nt, down 27.8 percent from the same period last year.
Furthermore, November Canadian service center inventories increased 2.3 percent from October, to 994,100, but declined 18.9 percent from November 2008. At current shipping rates, November inventory levels reflect about a 2.3-month supply, equal to that measured at the end of October.