The Metals Activity Report from the Metals Service Center Institute shows that US and Canadian metals service center shipments of steel products rose in May 2010 at double digit rates from depressed year ago levels. Inventories were flat or rose during the month.
In the US, shipments of steel products from metals service centers totaled 2.92 million tons in May 2010, up by 29.4% YoY. Shipments for YTD of about 14.4 million tons were 16.7% YoY above those during the first 5 months of 2009. Steel inventories at the end of May totaled about 7 million tons, 7.8% YoY higher than a year ago and, at current shipping rates, equal to a 2.4 month supply.
In Canada, May 2010 shipments of steel products totaled 463,000 tonnes in May 2010, up by 23.3% YoY. YTD shipments total 2.36 million tonnes, up by 14.4% YoY. Month end steel product inventories totaled 1.39 million tonnes, up by 23.9% YoY. At current shipping rates, inventories were equal to a 3 month supply.
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.
