
US rig count rises, Canada count falls
The US drill rig count increased by seven this week, while the Canadian count dropped by 11, according to the latest data from Baker Hughes.
The US drill rig count increased by seven this week, while the Canadian count dropped by 11, according to the latest data from Baker Hughes.
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 […]
Domestic steel shipments were down month over month and on-year in October.
SMU's price indices saw minor fluctuations on sheet products this week, while our plate and Galvalume indices held steady.
US plate prices are at their lowest level in nearly four years and mills continue to do what they can to limit the bleeding. Domestic prices are now just a fraction of their all-time high of $1,940 per short ton (st) reached in May 2022, and trending lower.
Steel Market Update’s Steel Demand Index recovered by nearly 10 points last week, though it still remains in contraction territory.
Nucor is holding its hot-rolled (HR) coil base price flat at $750/st for the third week in a row.
The price spread between US-produced cold-rolled (CR) coil and offshore products on a landed basis widened slightly in the week ended Nov. 22.
US rig activity has remained in multi-year low territory since June. Drilling in Canada has edged lower across the last few weeks but remains historically strong.
US hot-rolled (HR) coil prices slipped this week, while tags in offshore markets were also largely down. Thus, the price premium between stateside hot band and imports on a landed basis was relatively unchanged.
The investment is aimed at growing Kloeckner’s automotive and industrial segment in the US and Mexico.
Following a strong August, total heating and cooling equipment shipments eased in September to a five-month low, according to the latest data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
Slowing growth in data center planning and nonresidential projects caused the Dodge Momentum Index (DMI) to pull back in October.
Domestic steel shipments decreased both on-year and month over month in September.
Northwest Pipe’s third-quarter earnings jumped over 76% on-year as the company expects a strong finish to 2024.
SMU is pleased to share this Insight piece from CRU economists. You can visit the CRU website to learn about its global commodities research and analysis services. The US presidential election will take place this Tuesday, Nov. 5, with opinion polls indicating a tight race between the two main contenders, Democrat Kamala Harris and Republican Donald Trump, […]
The theme of “unprecedented stability” in pricing predominated among galvanized steel buyers this month.
A roundup of this week's CRU aluminum news.
Despite a higher settle today on CME hot-rolled coil (HRC) futures, the pattern over the past four weeks has seen nearby steel futures prices drift lower, while the back of the 2025 curve has remained supported.
Insteel Wire Products Co., a subsidiary of Insteel Industries, has acquired Liberty Steel’s Engineered Wire Products (EWP) for $70 million with cash on hand.
Zekelman Industries has filed a lawsuit in Washington against the Republic of Mexico for allegedly violating trade agreements and dumping steel in the US.
The Canadian government announced a remission process for businesses for recently announced tariffs on Chinese steel and aluminum products and electric vehicles .
US drill rig activity saw a slight increase from last week but continues to hover near multi-year lows. In Canada, rig counts dipped last week but near one of the highest levels recorded in the past seven months.
Nucor said it would keep plate prices unchanged in a letter to customers on Wednesday. The Charlotte, N.C.-based steelmaker in addition said it was opening its November order book for plate. The company did not specify what its plate price was. It has officially kept prices flat since cutting them by $125 per short ton (st) on July 1.
Worthington Enterprises has named Joseph Hayek as the company’s next president and CEO, effective Nov. 1. He will replace Andy Rose, who is retiring.
Domestic steel shipments increased month over month but slipped on year in August.
CRU Senior Steel Analyst Alexandra Anderson shares insight into the current market for long steel products.
All eyes are on the coastwide longshoremen's strike, with many scrambling to assess the situation and understand its implications for their businesses and the economy.
Bull Moose Tube Co. (BMT) will expand its steel pipe and structure operations with a $25 million plant in Gerald, Mo., according to The Economic Times.
In this Premium analysis we cover oil and natural gas prices, drilling rig activity, and crude oil stock levels in North America. Energy prices and rig counts are advance indicators of demand for oil country tubular goods (OCTG), line pipe, and other steel products.