February steel shipments from U.S. metals service centers rose 10.4% above shipments for February 2009, according to the latest Metals Activity Report from the Metals Service Center Institute. This is the first time since April 2008 that year-over-year shipments have been higher.
In Canada, February steel shipments rose 15.8% from year-ago volume, marking a second consecutive month of gain.
U.S. service centers shipped 2.66 million tons of steel products in February, 10.4% higher than a year ago. Year-to-date steel shipments (for the first two months) were 5.24 million tons, up 4.5% from last year. Although higher than January, steel inventories by the end of February totaled 6.48 million tons, 22% below stockpiles at the same time last year; at current shipping rates, this stockpile is sufficient for 2.4 months.
Canadian metals service centers shipped 445,700 tons of steel products in February, 15.8% more than in February 2009, while year-to-date shipments of 890,100 tons were up 12.4% from last year. Month-end steel inventories totaled 1.27 million tons, 5.8% higher than last year, enough for 2.8 months at current shipping rates.
February aluminum shipments from U.S. metals service centers at 90,000 tons were 8.1% more than in February 2009, marking the second consecutive month of year-over-year increases. Year-to-date total shipments were 183,500 tons, 5.3% more than the comparable year-ago period. By the end of February, aluminum inventories totaled 260,800 tons, 25% below year-ago levels, equal to a 2.9-month supply at current shipping rates.
In Canada, where the bottom for aluminum products has not been reached, aluminum shipments fell some 2.7% from February 2009 levels to 10,300 tons in February, while year-to-date shipments of 20,900 tons were down 4.2% from the 2009 period. Canadian aluminum inventories totaled 30,500 tons at the end of February, 6.9% below year-ago inventories, sufficient for 3.0 months at current shipping rates.
The Metals Activity Report (MAR), 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 375 members operating from about 1200 locations in the U.S., 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 55 million tons of steel, aluminum, and other metals, with about 300,000 manufacturers and fabricators as customers. MSCI’s membership also includes most ferrous and non-ferrous industrial metals producers in North America. Metals service centers inventory and distribute metals and provide first-stage fabrication services.