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 significantly in April from the same period last year, they were comparable to March shipments.
April shipments of steel products from US metals service centers totaled about 2.5 million net tons (nt), representing a 47.2 percent decline from April 2008 volume; however, it was only slightly down from the estimated 2.6 million nt of steel shipments recorded in March. Total steel shipments over the first four months of the year total nearly 10.1 million nt, down 43.2 percent from the same period in 2008.
Furthermore, the 7.1 million nt of steel inventory held at US steel service centers at the end of April represented a 30.9 percent decrease from April 2008, and at current shipping rates, reflects a 2.9-month supply. March inventory was at over 7.8 million nt; however, shipping rates at the time resulted in a 2.6-month supply.
Meanwhile, Canadian metals service center steel shipments totaled 451,100 nt in April, about 31 percent less than a year ago, but slightly higher than the 445,600 nt recorded in March. Year-to-date steel shipments total about 1.7 million nt, resulting in a 35 percent decline from the same period last year.
Canadian service center inventories were estimated at about 1.2 million nt at the end of March, equivalent to a 2.6 month supply at current shipment levels, which is comparable to March inventory and supply levels, and is about a 28 percent decrease from April 2008 inventory levels.