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Driven by weakening flat-rolled volume (down 1.7% versus a normal seasonal increase of 2.7%), March MSCI shipments declined 0.5%, bucking the normal seasonal trend of a 2.3% uptick.

While total inventories in tons declined a modest 0.4%, flat-rolled inventories rose 0.7% while all other products showed declines of 1.2-4.7%.

Overall months’ supply (MOS) declined to 2.3 in March from 2.4 in February due to one extra shipping day, but would have been flat at 2.4 if the number of business days in the month were adjusted.

Our full report is available to subscribers and provides further thoughts on March distributor shipments and inventories by product as well as implications for steel equities.

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