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Metals service center shipments of steel and aluminum rose sharply in November, according to the latest Metals Activity Report, and the Metals Service Center Institute said this may signal of the beginning of a sturdier recovery for the metals industry.
Year-over-year steel shipments from U.S. service centers rose 28.4% in November 2010; Canadian shipments were 19.5% higher than November 2009.
U.S. aluminum shipments were 38.8% higher than November 2009; Canadian shipments were up 18.3%.
In each case, MSCI said, the sequential rise in shipments from October volume was pronounced.
U.S. service centers steel shipments in November 2010 were 2.99 million tons. Shipments for the first 11 months of the year were 32.8 million tons, up 20.2% from the same period in 2009.
U.S. service center steel inventories totaled 7.28 million tons at the end of November, 24.2% larger than year-earlier inventories and, at current shipping rates, equal to a 2.4-month supply.
Canadian metals service centers shipped 512,800 tons of steel products in November 2010 and, for the first 11 months of the year, shipped about 5.29 million tons, up 15.1% from the same period in 2009.
Canadian steel inventories at the end of November totaled nearly 1.3 million tons, or 30.4% more than a year ago. At current shipping rates, that is a 2.5-month supply.
Aluminum shipments in November from U.S. metals service centers were 110,300 tons. Shipments for the first 11 months of 2010 were 1.21 million tons, up 25.7% from the same period in 2009.
U.S. aluminum inventories at the end of November totaled 347,800 tons, or 35.9% more than at the end of November 2009. At current shipping rates, that equals a 3.2-month supply.
In Canada, November aluminum shipments were 12,600 tons, up 18.3% than during in November 2009. Year-to-date total shipments at the end of November were 126,200 tons, up 7.1% from the same period in 2009.
Canadian aluminum inventories were 31,000 tons at the end of November 2010, or 16.5% larger than in November 2009 and a 2.5-month supply at current shipping rates.
The Metals Activity Report (MAR) is based on data from metals service centers in the U.S. and Canada and is produced by MSCI along with third-party econometrics and strategy firm McCoy, Scott & Co.
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