Canada
October 23, 2023
Written by Laura Miller
ArcelorMittal and Stelco joined last week’s move by domestic mills to push sheet prices higher.
On Thursday, Oct. 19, Nucor led the pack, announcing it would seek a minimum of $800 per ton ($40 per cwt) for hot-rolled coil. Cleveland-Cliffs followed, announcing the same target base price for HRC. U.S. Steel said it would increase spot base prices by at least $100 per ton.
Stelco Holdings Inc. is indefinitely idling its finishing operations in Hamilton, Ontario. The Canadian steelmaker, a subsidiary of Cleveland-Cliffs, will concentrate steel production at its Lake Erie Works in Nanticoke, Ontario, a Cliffs spokesperson told SMU.
The latest tally of active drilling rigs increased in both the US and Canada this week, according to oil and gas rig count data published by Baker Hughes.
Global raw steel production slowed for the third month in a row in August, according to the latest figures from the World Steel Association (worldsteel).
Metalformers’ optimism softened in the Precision Metalforming Association (PMA) September Business Conditions Report.
Drilling activity increased in the US this week but declined in Canada, according to active oil and gas rig count figures recently released from Baker Hughes. The US rig count rose by four to 595 rigs this week, now at the highest level recorded in over two years. Canadian counts eased to a 10-week low of 197 this week, down 10 rigs from the prior week.