March imports remained strong and April licenses are not far behind. The industry continued to build inventory in both months, assuming April volumes are close to the license tallies. In very early results for May licenses, it looks like we are beginning to see a slowdown in import arrivals. This was expected, although the timing was difficult to pin down, as news in the market has been that orders for import product had slowed dramatically in the February/March timeframe. It will become evident in the upcoming weeks if imports are trending downward. Domestic shipments in April look to be flat with January and February after a 10+ end of the quarter bump in March.
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