December 03, 2008

US and Canadian steel inventories decline in February 2008

According to the latest Metals Activity Report from US based Metals Service Center Institute, steel inventories at metals service centers in the United States and Canada declined in February, the Metals Activity Report from the Metals Service Center Institute shows. US steel shipments were flat with year ago volume, while Canadian steel shipments rose 7.1% compared with those of February 2007.

Steel shipments from US metals service centers were flat, at 4.26 million tons, compared with year earlier volume and month end inventories declined to 12.09 million tons from nearly 12.20 million tons in January. Shipments of nearly 8.8 million tons for the year to date were down 1.4% YoY. US steel inventories at the end of February were 23.3% below year earlier totals and represented, at current shipping rates, a 2.8 month supply.

Canadian steel shipments rose by 7.1% YoY from February 2007 to 328,400 tons. Canadian steel inventories fell by 7.6% YoY to 1.14 million tons, equal to a 3.5 month supply at current shipping rates.

The Metals Activity Report, based on data from metals service centers in the United States and Canada, is produced by the Metals Service Center Institute and a third party econometrics and strategy firm, McCoy, Scott & Co.

Founded in 1909, the Metals Service Center Institute has more than 420 members operating from about 1,200 locations in the US, Canada, Mexico, and elsewhere in the world. Together, MSCI members constitute the largest single group of metals purchasers in North America, amounting each year to more than 65 million tons of steel, aluminum, and other metals, with about 300,000 manufacturers and fabricators as customers