OCTG

US rig count slips, Canada ticks higher

Written by David Schollaert

October 10, 2025

The US rig count continues to hover just above historic lows. The Canadian rig count remains comparatively healthy.

The total US rig count was down two rigs week over week (w/w) to 547. This is just 11 rigs higher than the nearly four-year low reached in late August. It is also 39 rigs below the same week last year.

The Canadian rig count advanced to 193, up 3 rigs w/w. That’s the highest weekly reading since March. But despite recent increases, Canadian activity is down 26 rigs compared to this time last year.

The monthly international rig count was updated this week through September. It increased by eight rigs to 1,084. But that’s still 72 fewer figs than year-ago levels.

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

David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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