SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! Contact david@steelmarketupdate.com to […]
Rig counts dropped this week in the US and Canada, according to the latest data from oilfield services company Baker Hughes. The total US rig count was 751 for the week ended April 6, down four rigs from the week prior. The number of active oil rigs in the US dropped by two from the prior week’s 592. The […]
Directors of Canadian miner Teck Resources have unanimously turned down what it described as an “opportunistic acquisition proposal” from Glencore. The offer values the Canadian miner at around US$23 billion (€21 bn). Glencore made the move soon after Teck announced first copper production from the QB2 expansion at Quebrada Blanca, Chile. Teck’s CEO Jonathan Price […]
Rig counts are down in the US and Canada this week, according to the latest data from oilfield services company Baker Hughes. The total US rig count was 755 for the week ended March 31, down three rigs from the week prior. The number of active oil rigs in the US dropped by one from the prior week’s 593. The […]
We haven’t had a price increase since March 13, the Monday after Silicon Valley Bank collapsed. It’s entirely possible we’ll get another round of price hikes should mills decide the market will support it or should they want to reverse any bearish sentiment before it gains traction. It’s also possible that we won’t see another […]
Rig counts dropped in Canada but increased again in the US this week, according to data from oilfield services company Baker Hughes. The total US rig count was 758 for the week ended March 24, up four rigs from the week prior. The number of active oil rigs in the US increased to 593 from the prior week’s […]
The failure of Silicon Valley Bank (SVB) and acquisition of Credit Suisse are unlikely to cause severe financial disturbance on the scale of the global financial crisis (GFC). However, these events further amplify the probability of recession in the US and Europe, and they have certainly got the market talking about whether a new GFC […]
Rig counts dropped in Canada and rose in the US this week, according to data from oilfield services company Baker Hughes. The total US rig count was 754 for the week ended March 17, up eight rigs from the week prior. The number of active oil rigs in the US fell by one to 589 from the […]
Canada will no longer accept imports of Russian aluminum and steel, Chrystia Freeland, Deputy Prime Minister and Minister of Finance of Canada, announced on March 10. “Through regulatory amendments under the Special Economic Measures (Russia) Regulations, the importation of all Russian aluminum products, such as unwrought aluminum, aluminum sheets, and finished products including containers and other […]
Rig counts dropped in Canada and the US this week, according to data from oilfield services company Baker Hughes. The total US rig count was 746 for the week ended March 10, down three rigs from the week prior. The number of active oil rigs in the US fell to 590, down two from the prior […]
Ryerson has acquired metals processor and distributor BLP Holdings LLC (BLP). BLP consists of three Houston-based companies: Absolute Metal Products, Metal Cutting Specialists, and Houston Water Jet. Terms of the deal were not disclosed. “BLP and its divisions offer advanced processing solutions aligned with our commitment to growing our high-margin, value-added business,” said Alan Singleton, president […]
The international rig count was up by 14 in February, helping to offset recent declines in the US, according to data from oilfield services company Baker Hughes. The total US rig count was 749 for the week ended March 3, down four rigs from the week prior. The number of active oil rigs in the US […]
The US and Canadian rig counts decreased again last week, but they remain elevated compared to a year ago, according to data from oilfield services company Baker Hughes. The total US rig count was 753 last week, down seven rigs from the week prior. The number of active oil rigs in the US fell to 600 […]
The US and Canadian rig counts decreased slightly last week, but they remain sharply up compared to a year ago, according to data from oilfield services company Baker Hughes. The total US rig count was 760 last week, down one from the week prior. The number of active oil rigs in the US slipped to 607 […]
Tenaris SA will redirect funds initially slated for the acquisition of Benteler Steel & Tube Manufacturing Corp. in Shreveport, La., to its existing operations in the US. “We will reorient our investment plan in the United States to achieve, through organic growth, the objective of strengthening our local industrial and logistics system,” Tenaris chairman and CEO Paolo […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email info@steelmarketupdate.com. The Energy Information Administration’s (EIA) January Short-Term Energy Outlook (STEO) was released earlier this month, forecasting spot prices, production, and inventories for crude oil and natural gas. It […]
The Canadian rig count increased again, and US rig count was unchanged, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country tubular goods (OCTG), a key end-market for steel […]
Steel Dynamic Inc.’s new sheet mill in Sinton, Texas, should become profitable in 2023 after costing the Fort Wayne, Ind.-based steelmaker more than $400 million in 2022, company executives said. The shift should come thanks to increased shipments, lower raw material costs, and a lack of import competition from Mexico stemming from production issues at […]
Nucor Corp.’s fourth-quarter net earnings slid 44% from a year ago, but the company still reported the most profitable year in its history. The Charlotte, N.C.-based steelmaker posted net earnings of $1.26 billion in the quarter ended Dec. 31 vs. $2.25 billion in the same quarter of 2021 on net sales that dropped 16% to […]
Canadian drilling rig numbers rose again this past week, while the number of working rigs in the US edged down slightly, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country […]
By CRU Principal Economist Alex Tuckett, from CRU’s Global Economic Outlook In December we conducted our annual macroeconomic survey, asking our clients to look into the future of the global economy. As we look back on a year full of challenges for the global economy and head into 2023 full of uncertainty, we explore the […]
Canadian drilling rig numbers continue to climb, and the number of working rigs in the US is back up, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country tubular goods […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Canadian drilling rig numbers have made a post-holiday rebound, while working rigs in the US declined, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country tubular goods (OCTG), a key […]
The number of active Canadian drilling rigs dropped for the second week in a row, while rigs in the US stayed the same, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for […]
The number of active Canadian drilling rigs dropped significantly this week, while rigs in the US increased slightly, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country tubular goods (OCTG), […]
The number of active drilling rigs dipped this week in the US and in Canada, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country tubular goods (OCTG), a key […]
US Steel said sourcing pig iron from its Gary Works in Indiana in the first half of 2023, and working through the remainder of the high-priced raw materials, are expected to improve its mini mill segment’s financial results. However, in guidance released Thursday, Dec. 15, the Pittsburgh-based steelmaker said the mini mill segment’s adjusted earnings […]
In this Global Economic Outlook, we look ahead to 2023 and outline our top ten calls for the global economy. These include predictions on inflation, the war in Ukraine, electric vehicles and Covid-19 in China. No. 1: Global Growth Will Slow From 2022 We expect both the US and Europe to experience recessions over the […]