Features

Drilling activity down further in US, climbs in Canada
Written by David Schollaert
July 3, 2025
The rig count declined for the 10th consecutive week in the US, while the Canadian count rose for the fifth straight week, according to Baker Hughes.
The US rig count fell by eight this week to 539, the lowest rate since October 2021. Compared to the same week last year, 46 fewer rigs are in operation today.
Canadian activity improved by 11 rigs this week, now up to a 13-week high of 151 rigs. The Canadian count is down by 24 from this time last year. Activity typically slows down each spring as thawing ground conditions limit access to drilling sites, then picks back up in June and July.

The international rig count is reported monthly at the beginning of each month. The June count was 913 rigs, up 27 from May but 44 fewer than one year ago.

The Baker Hughes rig count is significant for the steel industry because it is a leading indicator of oil country tubular good (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 Features

Final Thoughts
If I could change something, it’d be this: Political news would get more boring. And news about steel prices and steel demand would get a little more exciting.

US and Canada expect positive outcomes from tariff negotiations
Canadian Prime Minister Mark Carney and US President Donald Trump told reporters at the White House on Tuesday that they’ll be formulating a trade deal that works for both nations.

Final Thoughts: Survey says edition
SMU’s latest survey results indicate that steel market participants think sheet prices are at or near a bottom. But most also think there is limited upside once they inflect higher.

SMU Scrap Survey: Current and Future Sentiment tick down
SMU’s Current Sentiment Index for scrap decreased this month, a move mirrored by our Future Sentiment Index, according to the latest data from our ferrous scrap survey.

Leibowitz: When the shutdown should end
There is no doubt that the current government shutdown reflects the vast divisions between the extremes of American politics, society, and even geography. Almost all Americans agree that government is necessary, but voters disagree...