US and Canadian steel service centers shipped slightly more tons in September compared to August, while inventories also inched upwards, the Metals Service Center Institute (MSCI) reported Friday.
According to MSCI's Monthly Metals Activity Report (MAR), September shipments of steel products from US metals service centers totaled about 2.56 million net tons, down 34.1 percent from a year ago but slightly higher than August shipments of 2.55 million nt. Year-to-date, steel shipments of nearly 22.4 million nt are down 41.2 percent from the same period of last year, said MSCI.
Monthly steel inventories among US service centers, which peaked at 11 million nt in August 2008, rose for the first month since then, totaling 5.79 million nt at the end of September, or three percent higher than at the end of August. Compared to the same month of last year, inventories were 45.7 percent lower in September. At current shipping rates, that represents a 2.3-month supply.
Meanwhile, Canadian steel service center shipments totaled 455,100 nt in September, 14.8 percent lower than a year ago but 9.5 percent higher than in August. YTD shipments totaled 3.7 million nt, or 30.4 percent less than last year. Canadian steel inventories inched higher to 957,300 nt, or 33.9 percent below last year, but 0.17 percent higher than in August. At current shipping rates, end-September inventories represent a 2.1-month supply, which MSCI referred to as "unusually low."