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Months’ supply (MOS) declined a seasonally normal 0.5 to a healthy 2.3 months in January, as MSCI shipments jumped 26.0% from December to the highest level since September 2008, more than offsetting a 5.1% uptick in total inventories which put tonnage at the highest since November 2008.

The pick-up in January shipments was slightly better than the normal seasonal increase of 23.8%, as continued strength in energy and automotive markets drove stronger-than-normal shipments for plate and flat-rolled.  Partially offsetting this strength was weaker-than-usual shipments for bar, beams and pipe.

Total inventories rose to 8.35 million tons (mt) in January, as tonnage increased for all products, especially beams, pipe and bar.

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

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