Steel Declines in U.S. as Canada Shows Signs of Stabilization

ROLLING MEADOWS, Ill

MSCI Metals Activity for September 2025 reveals a continued but uneven pattern across North American service centers. U.S. steel shipments fell 3.2% compared to September 2024, marking another month of year-over-year decline, while aluminum shipments posted a modest gain of 1.4%. In contrast, Canadian steel shipments rose slightly by 0.4%, bucking recent trends, even as aluminum shipments contracted by 5.3%. These mixed figures suggest the steel market could be stabilizing in Canada, while aluminum trends reversed across borders.

U.S. Service Center Activity

U.S. service center steel shipments in September 2025 were -3.2% (seasonally adjusted) from September 2024. Shipments of aluminum products were +1.4% (seasonally adjusted) from the same month in 2024.

Canadian Service Center Activity

Canadian service center steel shipments in September 2025 were +0.4% (seasonally adjusted) from September 2024. Shipments of aluminum products were -5.3% (seasonally adjusted) from the same month in 2024.

Contact:

Justin A. Scott, PhD, Vice President, Innovation & Analytics (847) 485-3009 [email protected]