The latest Metals Activity Report from the Metals Service Center Institute shows that shipments of steel and aluminum products from US and Canadian metals service centers declined sharply from 2008 volume in April and inventory reductions continued. US steel supplies and aluminum inventories fell in both countries, while a slight steel inventory increase in Canada was attributable to weak shipments.
Shipments of steel products from US metals service centers totaled about 2.5 million tons in April, a 47.2% decline from April 2008 volume. Shipments for the first four months of the year total nearly 10.1 million tons, down 43.2% from a year ago. Inventories of steel products at U.S. metals service centers totaled 7.1 million tons at the end of April, 30.9% lower than a year ago and, at current shipping rates, equal to a 2.9 month supply.
In Canada, metals service centers shipped 451,100 tons of steel products in April or 31.1% less than year-ago volume. Canadian steel shipments for the year to date total about 1.7 million tons, a 34.5% reduction from the 2008 period. Steel inventories at the end of April totaled nearly 1.2 million tons, 27.5% lower than at the same time last year and, at current shipping rates, equal to a 2.6 month supply.
Founded in 1909, the Metals Service Center Institute has more than 400 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 55 million tons of steel, aluminum, and other metals, with about 300,000 manufacturers and fabricators as customers.