Service center shipments returned to double-digit increases in the U.S. in October, while Canadian shipments grew at a slightly slower rate than last month, according to the latest Metals Activity Report from the Metals Service Center Institute.
The report also shows that steel shipments from U.S. service centers totaled 3,378.1 thousand tons in October 2011, representing an increase of 11.5% from October 2010. Year-to-date steel shipments were 34,452.7 thousand tons, an increase of 15.4% from the same period in 2010.
By the end of October, steel product inventories were 8,377.7 thousand tons, an increase of 12.9% over October a year ago and a decrease of 1.5% from last month. At the current shipping rate, this represents 2.5 months supply in inventory, an increase of 1.3% from a year ago.
October shipments of aluminum products by U.S. service centers totaled 128.0 thousand tons, an increase of 10.3% from the same month in 2010. Year-to-date aluminum shipments were 1,271.2 thousand tons, an increase of 16.1% from the same period in 2010.
Inventories of aluminum products were 358.2 thousand tons at the end of October 2011, an increase of 6.3% over October a year ago and an increase of 1.3% from last month. At the current shipping rate, this represents 2.8 months supply in inventory, a decrease of 3.6% from a year ago.
Canadian service centers shipped 529.4 thousand tons of steel products in October 2011, an increase of 9.9% from October 2010. Year-to-date steel shipments were 5,334.9 thousand tons, an increase of 11.7% from the same period in 2010.
Steel product inventories were 1,485.9 thousand tons at the end of October 2011, an increase of 11.4% from October a year ago and a decrease of 5.0% from last month. At the current shipping rate, this represents 2.8 months supply in inventory, an increase of 1.4% from a year ago.
October shipments of aluminum products by Canadian service centers totaled 12.3 thousand tons, an increase of 5.7% from the same month in 2010. Year-to-date aluminum shipments were 123.6 thousand tons, an increase of 8.7% from the same period in 2010.
Inventories of aluminum products were 36.4 thousand tons at the end of October 2011, an increase of 13.9% from October a year ago and an increase of 4.2% from last month. This represents a 2.9-month supply in inventory at the current shipping rate, an increase of 7.8% from a year ago.
Founded in 1909, the Metals Service Center Institute has more than 370 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.