
Oil and gas drilling pulls back considerably in Canada, steady in US
US rig counts remain slightly above multi-year lows, while Canadian activity is tapering off following a seasonal peak.
US rig counts remain slightly above multi-year lows, while Canadian activity is tapering off following a seasonal peak.
From the Smoot-Hawley Tariff Act of 1930 to George W. Bush's temporary 30% tariff, SMU takes a look at steel tariffs past.
After a multi-week increase, buyers responding to our market survey this week reported that lead times are stabilizing or marginally declining for each of the sheet and plate products we track.
The majority of the steel buyers responding to our latest market survey continue to report that domestic mills remain firm on pricing, showing little willingness to talk price on new spot orders this week.
In this Premium analysis we explore North American oil and natural gas prices, drilling activity, and crude oil stock levels.
Steel prices were stable to higher this week for the second consecutive week across the sheet and plate products tracked by SMU. Three of our price indices increased from the previous week, while two held firm.
After a modest recovery in February, business activity in New York state’s manufacturing sector declined sharply in March, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
Raw steel mill production remains at one of the higher rates recorded so far this year.
Prices for five of the seven steelmaking raw materials tracked by SMU increased from February to March, according to our latest analysis.
US rig counts continue to hover slightly above multi-year lows, while Canadian activity is entering a seasonal decline after recently reaching a seven-year high.
Following December’s 11-month low, total heating and cooling equipment shipments rebounded 8% in January, according to the Air-Conditioning, Heating, and Refrigeration Institute.
The volume of finished steel entering the US market in January climbed to the highest level recorded in two and a half years.
What are steel buyers saying this week about prices, demand, the import market, the evolving tariff situation, and more?
After over a month of increases, steel prices paused this week for some of the products tracked by SMU. Three of our price indices continued to climb, while two held steady from the prior week.
US steel exports recovered to a five-month high in January after having fallen to a two-year low in December. This growth follows four consecutive months of declining exports.
Raw steel mill output rebounded last week after falling to one of the lowest levels of the year, according to the American Iron and Steel Institute (AISI). Production is now at the second-highest weekly rate recorded so far in 2025.
Steel imports ended 2024 on a low note, with November trade falling to a one-year low and December seeing a modest 3% recovery. Then as the new year began, import volumes spiked.
US rig counts remain slightly above multi-year lows, while Canadian activity is experiencing a seasonal decline from a recent seven-year high.
SMU’s Buyers’ Sentiment Indices both declined this week but remain strong. This indicates buyers are still optimistic about their companies' ability for success.
Buyers responding to our latest market survey reported longer lead times this week on all of the sheet and plate products SMU tracks.
The majority of the steel buyers responding to our latest market survey reported that domestic mills are not open to negotiating prices on new orders this week.
In the final week of February, SMU polled steel and scrap executives to gather their insights on the current state of the scrap market as well as future projections.
Steel prices climbed across the board this week, with every steel product tracked by SMU rising to multi-month highs.
SMU’s Monthly Review provides a summary of key SMU steel market metrics for the previous month, with the latest data updated through February 28th.
Raw steel mill production declined last week to one of the lowest levels seen this year, according to recent figures released by the American Iron and Steel Institute (AISI).
US rig counts remain just above multi-year lows, while Canadian activity is within earshot of a seven-year high.
The Chicago Business Barometer rose to an eight-month high in February. Despite the recovery, the measure continues to indicate deteriorating business conditions, as it has for over a year.
Global crude steel output rose 5% from December to January but still lagged last year.
Prices for six of the seven steelmaking raw materials SMU tracks are increased from January to February, according to our latest analysis.
On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, inventories, imports and evolving market events.