Steel Declines in U.S. as Canada Shows Signs of Stabilization – MSCI Metals Activity for September 2025 reveals a continued but uneven pattern across North American service centers. U.S. steel shipments fell 3.2% compared to September 2024, marking another month of year-over-year decline, while aluminum shipments posted a modest gain of 1.4%. In contrast, Canadian steel shipments rose slightly by 0.4%, bucking recent trends, even as aluminum shipments contracted by 5.3%. These mixed figures suggest the steel market could be stabilizing in Canada, while aluminum trends reversed across borders. U.S. Service Center Activity – U.S. service center steel shipments in September 2025 were -3.2% (seasonally adjusted) from September 2024. Shipments of aluminum products were +1.4% (seasonally adjusted) from the same month in 2024. Canadian Service Center Activity – Canadian service center steel shipments in September 2025 were +0.4% (seasonally adjusted) from September 2024. Shipments of aluminum products were -5.3% (seasonally adjusted) from the same month in 2024.
Metals Service Center Institute – Steel Shipments (10-17-25)
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