Steel Stabilizes in the U.S.; Aluminum Strength Persists Across North America – MSCI Metals Activity for November 2025 shows modest improvement in U.S. service center shipments, while Canadian results remained mixed. U.S. steel shipments increased 0.6% year-over-year on a seasonally adjusted basis, marking a return to growth, and aluminum shipments edged up 0.2%. In Canada, steel shipments declined 4.7% compared to November 2024, while aluminum shipments posted a stronger gain of 7.3%. The data suggest early stabilization in U.S. steel demand, contrasted by continued weakness in Canadian steel. U.S. Service Center Activity – U.S. service center steel shipments in November 2025 were +0.6% (seasonally adjusted) from November 2024. Shipments of aluminum products were +0.2% (seasonally adjusted) from the same month in 2024. Canadian Service Center Activity – Canadian service center steel shipments in November 2025 were -4.7% (seasonally adjusted) from November 2024. Shipments of aluminum products were +7.3% (seasonally adjusted) from the same month in 2024.
Metals Service Center Institute – Steel Shipments (12-17-25)
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