September MSCI Service Center data released Monday showing contraction in MoM and YoY shipments. The bulk of the drop in shipments was due to two less shipping days in Sept. vs. Aug., but still saw a contraction of 1.44% MoM when adjusted to a daily shipment rate of 98,590 tons per day. Inventory fell by 127k tons MoM, however months-on-hand rose 8% due to the fall in shipments. M.O.H. adjusted to daily shipments was down 1%. Inventory levels are down over 1m tons YoY and M.O.H. levels are right at the 10 year average.