Analysis
December 6, 2024
Written by David Schollaert
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.
US rig activity has remained around a multi-year low territory since June despite the recent boost. Drilling in Canada has edged lower across the last few weeks but remains historically strong.
US sheet buyers have grappled with supply scarcity in both the spot and contract markets throughout 2026. Now the supply squeeze is spilling over into 2027, according to market participants.
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 US Commerce Department has raised the anti-dumping duties (AD) on imports of oil country tubular goods (OCTG) from South Korea.
The import market for pig iron may have bottomed out, according to sources in Brazil.
Recycler forward expectations swung toward oversupply in September as inventory drawdowns eased and export demand lost August’s improving responses.