Analysis
October 25, 2024
Written by Brett Linton
The number of operating drilling rigs in the US held steady last week, while Canadian counts eased by one, according to the latest figures released by Baker Hughes.
US rig activity remains near multi-year lows, hovering within a narrow range over the last five months. Canadian counts have stabilized in recent weeks but remain near some of the highest levels recorded in the past seven months.
Sheet and plate prices continued to tick mostly higher this week amid a supply squeeze that shows no signs of loosening its grip on the US market.
This October, SMU is introducing a new way to keep you informed on the latest steel market news and insights: the Daily Digest. Beginning in mid-October, our new Daily Digest will replace the three newsletters currently delivered each week.
The scrap market for October is looking for direction as some participants on both sides of the furnace are indicating scrap prices are poised for an increase.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.