By Paul Ploumis (ScrapMonster Author)
December 17, 2015 07:45:03 AM
ALBANY (Scrap Monster): The latest statistics released by the US Metals Service Center Institute (MSCI) suggests further drop in steel inventories during the month of November this year. The inventories had declined during October as well.
According to MSCI data, the steel inventory totaled 8.519 million short tons in the end of Nov ’15. The inventory levels have fallen by 4.5% over the previous month. It must be noted that MSCI steel inventory levels had totaled 8.918 million short tons as at end-October this year. When compared with the levels a year before, the steel inventories in November were down by 7%. The year ago MSCI steel inventory levels had totaled 9.160 million short tons.
The US MSCI steel products shipments during the month of November totaled 2.858 million short tons. The shipments witnessed sharp decline of 15% when compared with the previous month. Also, when compared with Nov ’14 shipment, the shipment during November this year was sharply down by 8.1%. The steel product shipment during the same month last year had totaled 3.110 million short tons. The cumulative steel shipments during the first eleven months of the year have declined 8.1% year-on-year to 36.73 million short tons.
The Metals Service Center Institute (MSCI) is a trade association that supports and represents the most elements of the metals value chain, including metals producers, distributors, and processors and, to a lesser extent, the interests of metals users. MSCI has more than 400 members operating from about 1,200 locations in the U.S., Canada, Mexico, and elsewhere around the world. Together, MSCI members constitute the largest single group of metals purchasers in North America.