Analysis
May 23, 2025
Written by Brett Linton
Oil and gas drilling activity declined in both the US and Canada this week, according to Baker Hughes.
US drilling activity fell by 10 rigs to 566, dropping below the previous three-year low count of 576 witnessed in January. This marks the lowest drilling rate recorded since November 2021. Compared to the same week last year, the US rig count is down by 34.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
The domestic plate market is showing few signs of relief for steel buyers. Lead times are stretching well beyond seasonal norms, spot availability has all but evaporated, and mills are drawing hard lines on contract volumes heading into 2027 negotiations.
SSAB Americas announced immediate changes to pricing extras on select products, according to a letter sent to customers Friday morning.
Kibar Americas said production has started at its aluminum plant in Fairmont, W.Va., where it will manufacture products for the HVAC, packaging, automotive and industrial sectors.