According to the latest Metals Activity Report from US based Metals Service Center Institute, shipments of steel and aluminum products from US and Canadian metals service centers continued to decline in October 2008.
September shipments of steel products from US metals service centers totaled nearly 3.6 million tons, down by 22.8% YoY from October 2007. US shipments for January to October 2008 period totaled about 41.7 million tons, down by 7.3% YoY. At the end of October 2008, steel inventories totaled 10 million tons, down by 4.3%YoY and the current sales rate that represents a 2.8 month supply.
In Canada, steel shipments from metals service center in October 2008 totaled 549,100 tons, down by 17.9% YoY while, shipments for January to October 2008 period totaled about 5.9 million tons, down by 7.6% YoY. Canadian steel inventories at the end of October 2008 totaled about 1.4 million tons, down by 17.9% YoY and, at current shipping rates, sufficient for 2.5 months.
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.