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February MSCI shipments declined 2.0%, only nominally worse than the typical sideways sequential move we see, while inventory tons rose 1.9%, leading to months’ supply (MOS) rising nominally from 2.3 to 2.4.

The third consecutive monthly increase in inventories lifted tonnage to another post-recession high, while February shipments were still the second highest since September 2008 despite the modest sequential decrease.  Average daily shipments were 9.2% higher year-over-year, with all steel products posting gains.

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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