Canada
March 15, 2024
Written by Brett Linton
Rig counts in the US and Canada were mixed this week, according to the latest data from Baker Hughes. The number of active rigs in the US rebounded to early-March levels, again marking one of the highest rates seen since September. Canadian activity dropped, following the seasonal declines typically experienced every March.
The latest tally of active drilling rigs rebounded in the US and moved higher in Canada this week, according to oil and gas rig count data published by Baker Hughes. The US rig count rose by five to 603 rigs this week, reaching a 17-month high. Compared to this time last year, there are 56 more rigs in operation today.
Steel imports into the US crept higher in August and continued climbing in September, according to the Department of Commerce's latest import license data. August imports rose 3.4% from July to a 15-month high. September license data collected through Oct. 5 shows another 6.2% month-on-month increase. Imports continue to recover from some of the lowest levels since 2020, seen late last year through February this year.
Earlier this week, SMU polled steel buyers on topics ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. Below, we share a selection of the comments we received, in each buyer’s own words.
The Canadian government has reportedly given Cleveland-Cliffs Inc. five days to respond to a letter from Canadian Industry Minister Mélanie Joly about the Stelco layoffs or face legal action.
SMU’s latest Flat-Rolled Steel Survey points to largely stable demand, but foreign steel orders have softened since the previous survey, and service centers continue to report stronger activity than manufacturers.