Steel shipments jump on strength in autos

Jul 16, 2014 | 06:32 PM | Michael Cowden

Tags  Metals Service Center Institute, MSCI, shipments, inventories, Morgan Stanley, St. Lawrence Seaway, Stephen Brooks, Chamber of Marine Commerce automotive

CHICAGO — The summer doldrums may be less dull than usual this year as service center shipments ramp up due to customer restocking and improved demand from the automotive sector.

Service center shipments shot up in June compared with the same month last year in a trend some industry sources interpreted as underpinning a flat-rolled steel market on solid footing.

The stronger year-over-year numbers come as inventories remain lean and customers are looking to restock, especially with prices likely to hold their ground or even tick upward slightly in coming weeks, market sources said.

"I think it’s stabilizing. Certainly we’re not hearing the doom and gloom that people were prophesying in early June," one service center source said.....

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