Steel Products
US Rig Count Down 122 and Canada Up 49 Compared to Last Year
Written by Brett Linton
August 26, 2013
According to Baker Hughes data from August 23rd, 2013, the U.S rig count for this week is 1,776 rigs exploring for or developing oil or natural gas. This number represents a decrease of 15 rigs compared to last week, with oil rigs down 15 to 1,382 rigs, gas rigs down 1 to 387 rigs, and miscellaneous rigs up 1 to 7 rigs. Compared to last year the 1,776 count is a decrease of 122 rigs, with oil rigs down by 26, gas rigs down by 99, and miscellaneous rigs up by 3.
The Canadian rig count increased by 25 to 383 rigs this week, with oil rigs up 15 to 246 rigs, and gas rigs up 10 to 137 rigs. Compared to last year the 383 count is an increase of 49 rigs, with oil rigs down by 1 and gas rigs up by 50. International rigs decreased by 28 to 1,305 rigs last month, an increase of 41 rigs from a year ago.
Brett Linton
Read more from Brett LintonLatest in Steel Products
Active rig count update through mid-May
Drilling activity ticked up in the US but declined in Canada during the week ended May 17, according to the latest release from Baker Hughes.
Mexico’s TYASA breaks ground on SBQ rolling mill
Mexican steelmaker Talleres y Aceros (TYASA) broke ground this month on the construction of a new special bar quality (SBQ) rolling mill in the state of Veracruz.
Biden hikes tariffs on Chinese goods, including steel and aluminum
The Biden administration announced a series of actions on Tuesday targeting China’s "unfair" trade policies. These actions will, among other things, make imports of steel and aluminum from the Asian nation even more prohibitive.
Nucor holds weekly HRC price steady after last week’s cut
Nucor chose to hold its consumer spot price (CSP) for hot-rolled (HR) coil steady this week after stunning the market last week with a significant price decline. The steelmaker said in a letter to customers on Monday morning that its $760-per-short-ton (st) CSP base price for HR coil is effective immediately. The price is unchanged from the CSP announced on May 6 but down $65/st from $825/st April 29.
US CR tags ease, premium over imports still high
Offshore cold-rolled (CR) coil prices remain much less expensive than domestic product, even as domestic prices have slipped to a six-month low, according to SMU’s latest check of the market.