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February MSCI shipments declined 2.0%, only nominally worse than the typical sideways move we see from January to February, while inventory tons rose 1.9% and months’ supply rose from 2.3 to 2.4 on the back of declining shipments and rising inventories.

In February, we saw weaker-than-seasonally normal shipments for flat-rolled and plate, partially offset by stronger-than-usual shipments of beams and bar.  Inventories for all steel products rose in February.

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

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