Canada
November 13, 2026
Written by David Schollaert
The latest tally of active drilling rigs moved down in the US, while activity jumped in Canada this week, according to oil and gas rig count data published by Baker Hughes.
The US rig count eased to 601 rigs this week, off slightly from an 18-month high a week ago. Compared with this time last year, 52 more rigs are in operation today.
Stelco will restart finishing operations at its mill in Hamilton, Ontario, on Dec. 1. The company cited improved demand. The Canadian flat-rolled steelmaker will also recall 175 workers who had been laid off. The workers will be "made whole" retroactively for wages lost while they were laid off, Stelco said on Friday. Stelco initially proceeded with layoffs despite threats of legal action from the Canadian government.
In this week's Market Chatter, steel buyers point to tight supply and steady demand as reasons sheet prices could keep rising, with many expecting HRC to reach $1,400-1,449 per short ton in two months. Views on when the rally will peak are mixed, with some anticipating further increases while others mention softening demand and political uncertainty. Respondents also disagree on tariffs' impact. They say reshoring is generating activity but has yet to translate consistently into demand.
US steel exports eased 3% from August to September, marking the third consecutive monthly decline following June’s 17-month high, according to recently released US Department of Commerce figures. Exports have been historically low since early 2025 and remain weak compared to volumes seen in prior years. In September, 615,000 short tons (st) of steel were shipped outside of the country, 2% below the average monthly export rate of the past twelve months. September trade was 3% higher than the same month of 2025, 19% lower than September 2024, 21% lower than September 2023, and 15% lower than September 2022. For context, exports fell to a five-year low of 469,000 st in December and reached a near-five-year high of 914,000 st in May 2023.
Nova Steel, a steel pipe fabricator based in Montreal, has announced layoffs it claims are related to an alleged surge of low-priced imports. The Canadian company announced the temporary layoff of 36 employees at its Saint-Patrick facility, effective Friday, Nov. 13. Nova said unfairly traded steel pipe imports have affected it for years. The company noted that it has brought trade cases to the Canadian government to address the problem.