Steel, Aluminum Shipment Decline Accelerates in U.S., Canada
February 17, 2009
Steel, Aluminum Shipment Decline Accelerates in U.S., Canada
ROLLING MEADOWS, Illinois, February 17, 2009 – Shipments of steel and aluminum products from U.S. and Canadian metals service centers, down sharply the last two months, fell at unprecedented rates in January, the Metals Activity Report from the Metals Service Center Institute shows.
U.S. steel shipments fell by 42.7% from those of January 2008, while Canadian shipments of steel were down 38.3% on a year-over-year basis. January shipments of aluminum products from U.S. metals service centers were down 43.4% from last January, while in Canada, aluminum volume was off 22.1%.
Despite lower shipments, metals service centers were able to reduce inventories of both metals in terms of months of supply.
Steel Product Activity
January shipments of steel from U.S metals service centers totaled 2.6 million tons, compared with more than 4.5 million tons during the same month in 2008. Month-end inventories of 8.48 million tons of steel were 14.9% below the levels of January 2008 and, at current shipping rates, represent a 3.3-month supply.
In Canada, January steel shipments totaled 406,900 tons compared with year-earlier shipments of 659,600 tons. Canadian steel inventories at the end of the month totaled nearly 1.2 million tons, 35.1% below the January 2008 level and, at current shipping rates, equal to a 2.9-month supply.
Aluminum Product Activity
Shipments of aluminum products from U.S. metals service centers totaled 91,000 tons compared with 160,800 tons in January 2008. Inventories at the end of January totaled 356,400 tons, 19.8% below a year ago and, at current shipping rates, equal to a 3.9-month supply.
January shipments of aluminum from Canadian metals service centers totaled 11,200 tons, compared with 14,400 tons a year ago. Inventories totaled 33,400 tons at the end of January, 22.3% lower than a year ago and, at current shipping rates, equal to a 3.0-month supply.
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 400 members operating from about 1,200 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 almost all ferrous and non-ferrous industrial metals producers in North America. Metals service centers inventory and distribute metals and provide first-stage fabrication services.
Contacts:
Chris Marti, vice president, research (847) 485-3009
Steve Weiner (503) 646-9108