Steel Products
US rig count up, Canada declines
Written by David Schollaert
April 25, 2025
Oil and gas drilling activity was mixed this week, according to Baker Hughes. US rig counts expanded for a second straight week, while Canadian activity continued its seasonal slowdown of eight consecutive weeks.
US drilling activity edged up by two to 587 rigs this week, after reaching its lowest weekly rate seen since January just two weeks ago. Drilling activity has remained at reduced levels for the past 10 months, recently slipping to a three-year low of 576 rigs in January.
Canadian drilling continues to decline seasonally following its winter peak. Total oil and gas rig counts fell by six this week to 128. Canadian activity typically surges in January and February, then declines through April as thawing ground conditions limit access to roads and drilling sites.
The international rig count is reported monthly at the start of each month. The March count was 899 rigs, down six from February and 72 fewer than one year prior.
The Baker Hughes rig count is significant for the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand, a key end market for steel sheet.
For a history of the US and Canadian rig counts, visit the rig count page on our website.
David Schollaert
Read more from David SchollaertLatest in Steel Products
Galv buyers less optimistic about short-term market
“It was a little more of a seller's market as contractors seemed to be protecting themselves against a potential run up in prices," one buyer said.
SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
US, offshore CRC prices continue to fall
US cold-rolled (CR) coil prices were down again this week, slipping six weeks in a row and seeing the sharpest drop-off since last July.
Asian HR remains much cheaper than US, EU product
Domestic hot-rolled (HR) coil prices fell this week, now down seven of the last eight weeks.
April service center shipments and inventories report
Flat rolled = 57.6 shipping days of supply Plate = 54.5 shipping days of supply Flat rolled US service centers’ flat-rolled steel supply edged up in April, as shipments slowed. At the end of April, US service centers carried 57.6 shipping days of supply, according to adjusted SMU data. This is up from 56.4 shipping […]