Manufacturers/End Users
November 22, 2024
Written by Ethan Bernard
Domestic galvanized prices remain relatively rangebound despite the conclusion of the US presidential election.
“I think it’s been kind of interesting to see so much volatility in politics and steel prices pretty much flat,” SMU Managing Editor Michael Cowden said during this month’s virtual discussion about the galvanized market on Tuesday, Nov. 19.
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 results of the latest SMU flat-rolled market survey are now available on our website to all premium members.
Service centers and manufacturers report a tight, seller-driven market for galvanized sheet. Lead times are long, deliveries are late, inventories are thin, imports are down, and demand is strong, causing a shortage of galvanized material.
Manufacturing activity in New York state continued to expand in September, but at a slower pace than in August, according to the Federal Reserve Bank of New York’s latest Empire State Manufacturing Survey.
Total shipments of heating and cooling equipment slowed 11% from June to July, according to the latest figures from AHRI.