Both shipments and inventories of steel products from US service centers rose in October from September levels, resulting in an unchanged months-on-hand inventory volume in October from September, the Metals Service Center Institute (MSCI) reported Tuesday.
Canadian service centers' steel inventories also increased in October, though shipments declined, resulting in a slight increase in months-on-hand inventory.
MSCI's latest Metals Activity Report (MAR) shows that October steel shipments from US service centers totaled nearly 2.62 million net tons, a 2.3 percent rise from September shipments but 28 percent below year-ago volume. Year-to-date shipments totaled 25.0 million nt, down 40.1 percent from the same period last year. Steel inventories at US service centers at the end of October totaled 5.93 million nt, also a 2.3 percent rise from September but 40.9 percent lower than a year ago. At current shipping rates, that represented a 2.3-month supply, equal to that measured at the end of September.
In Canada, October steel shipments of 431,400 nt were 5.3 percent lower than September shipments and 21.4 percent below those of October 2008. Steel shipments for the first 10 months of the year totaled 4.16 million nt and were 29.5 percent lower than those for the same period last year. Month-end inventories totaled 971,700 nt, or 1.5 percent more than at the end of September, but 28.4 percent below those of a year ago. At current shipping rates, those inventories represented a 2.3-month supply, up from a 2.1-month supply in September.
The Metals Activity Report (MAR), based on data from metals service centers in the United States and Canada, is produced by MSCI and a third-party econometrics and strategy firm, McCoy, Scott & Co.