February MSCI data showed an increase of 83k tons shipped vs. January, however, daily shipments dropped to 102.6 from 103.6 due to an extra shipping day in February. Service centers shed 87k tons bringing inventory levels down to 5.15m tons. Months on hand shrank to 2.39 while M.O.H. adjusted for daily shipments was close to unchanged at 2.28.The March Empire State Manufacturing survey and the Philadelphia Fed Outlook both moved into positive territory for the first time since August and September 2015, respectively. The Empire report printed 0.62, up from -16.64 and way above consensus expectations of -11.25. The Philadelphia Fed rallied sharply to 12.4 from -2.8 in Feb. and crushed expectations of -1.4. These two reports could be indicating a return above 50 when the ISM PMI is released on April 1st.