Canada
March 8, 2024
Written by Brett Linton
US and Canadian rig counts both eased this week, according to the latest release from Baker Hughes on March 8. Recall that US rigs had reached a 5-month high last week. The decline seen in Canadian activity follows the seasonal trends typically experienced in March.
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.
The phrase “Fortress North America” seems to resurface anytime US, Canada, and Mexico trade negotiations roll around. The idea of an economic Fortress North America burst onto the scene in the late 1980s and early 1990s in the lead up to NAFTA. In theory...
United Steelworkers (USW) International President Roxanne Brown urged US and Canadian trade representatives to reach an agreement that puts working families first. Her words come as trade talks between the two nations remain at an impasse, and escalating tensions have led to new tariffs on both sides. “This conflict is hurting jobs. It’s hurting facilities. It’s hurting communities. And it’s creating uncertainty for workers and families in both countries,” Brown said at a press event on Tuesday.
Service centers and manufacturers on the Sept. 15 HARDI Sheet Metal and Air Handling Council call described a tight, seller-driven market. Lead times are long, deliveries are late, inventories are thin, imports are down, and demand is strong, causing a shortage of galvanized material. SMU regularly joins the council’s meetings to discuss the galvanized sheet market. Participants — members of Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) — are wholesalers, service centers, distributors, and manufacturers who buy or sell galvanized steel.