The MSCI released September service center data showing shipments of 2.12 million tons, which was down 2.8% MoM and 9.7% YoY. Inventories gained 147k tons up 2.55% MoM and 5.5% YoY. Daily shipments fell almost 3% or 3k tons/day to 100.92t/d. This was down 2.84% MoM and 9.7% YoY. This resulted in months-on-hand at 2.8, up 5.5% MoM and 16.7% YoY. This is the highest M.O.H. for September since 2006. The increase in inventory heading into the year-end combined with decreased shipments and stubbornly high import data is painting a grim picture for Q4.