U.S. Rig Count Climbs to Four-Month High, Canadian Rig Count to Nine-Month High

December 16, 2013 Posted by Steel Market Intelligence

The number of active oil and natural gas rigs in the United States increased for the third consecutive week, up 0.4% from 1,775 to 1,782 for the week ending December 13, 2013 and reaching the highest count since August 16, 2013.  The count is a mere 0.9% below the year-ago level of 1,799.

The highest weekly rig count in the United States since 1940 was recorded on December 28, 1981, at 4,530; the lowest was recorded on April 23, 1999, at 488.

The number of rigs in Canada jumped 6.0% from 402 to 426 this week, climbing for the third consecutive week and reaching the highest count since March 15, 2013.  The count is now 1.9% above the year-ago level of 418.

The highest rig count for Canada was 727 on February 3, 2006; the lowest was 29, recorded on April 24, 1992.

Source: Baker Hughes Inc.

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Domestic Raw Steel Production, Capacity Utilization Up Slightly from Eight-Month Lows

December 10, 2013 Posted by Steel Market Intelligence

Weekly domestic raw steel production rose 0.9% from 1.812 million tons (mt) last week, the lowest amount since March 23, 2013, to 1.829 mt for the week ending December 7, 2013.  Production is now some 1.5% above the year-ago level of 1.802 mt.

Capacity utilization also rose from 75.6% last week, also an eight-month low, to 76.3% this week, but is above the year-ago level of 72.9%.

The lowest production since the recession began was 800,000 tons for the week of December 27, 2008, while the highest was 2.005 mt for the week of May 12, 2012. The lowest capacity utilization rate since the recession began was 33.5% for the week of December 27, 2008; the highest was 81.1% on May 12, 2012.

We would caution readers that only half of the AISI reporting companies release their weekly production in “real time” so the other half of this data is estimated using the last month’s reported production & operating rate. What this means is that when production is changing, the weekly data is actually understating the change.

Source: AISI and Steel Market Intelligence

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U.S. Rig Count Reaches Three-Month High, Canadian Rig Count at One-Month High

December 9, 2013 Posted by Steel Market Intelligence

The number of active oil and natural gas rigs in the United States increased 0.7% from 1,763 to 1,775 for the week ending December 6, 2013, climbing to the highest count since August 30, 2013.  Despite the increase, the count is some 1.4% below the year-ago level of 1,800.

The highest weekly rig count in the United States since 1940 was recorded on December 28, 1981, at 4,530; the lowest was recorded on April 23, 1999, at 488.

The number of rigs in Canada climbed over 4.4% for the second consecutive week, up from 385 to 402 this week, reaching a one-month high.  Despite the climb, the count is slightly under the year-ago level of 406.

The highest rig count for Canada was 727 on February 3, 2006; the lowest was 29, recorded on April 24, 1992.

Source: Baker Hughes Inc.

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Domestic Raw Steel Production, Capacity Utilization Fall to Eight-Month Lows

December 3, 2013 Posted by Steel Market Intelligence

Weekly domestic raw steel production fell 2.1% from 1.850 million tons (mt) last week to 1.812 mt for the week ending November 30, 2013, taking the largest drop since July 6, 2013 and falling to the lowest rate since March 23, 2013.  Production is now some 0.3% below the year-ago level of 1.818 mt.

Capacity utilization also fell from 77.2% last week to 75.6% this week, also the lowest since March 23, 2013, but is above the year-ago level of 73.6%.

The lowest production since the recession began was 800,000 tons for the week of December 27, 2008, while the highest was 2.005 mt for the week of May 12, 2012. The lowest capacity utilization rate since the recession began was 33.5% for the week of December 27, 2008; the highest was 81.1% on May 12, 2012.

We would caution readers that only half of the AISI reporting companies release their weekly production in “real time” so the other half of this data is estimated using the last month’s reported production & operating rate. What this means is that when production is changing, the weekly data is actually understating the change.

Source: AISI and Steel Market Intelligence

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U.S., Canadian Rig Counts Climb

December 2, 2013 Posted by Steel Market Intelligence

The number of active oil and natural gas rigs in the United States increased 0.1% from 1,761 to 1,763 for the week ending November 27, 2013, climbing to the highest count since September 13, 2013.  Despite the increase, the count is some 2.7% below the year-ago level of 1,811.

The highest weekly rig count in the United States since 1940 was recorded on December 28, 1981, at 4,530; the lowest was recorded on April 23, 1999, at 488.

The number of rigs in Canada climbed 4.6% from 368 to 385 this week, rebounding after an 8.2% decrease last week.  Despite the climb, the count is some 3.5% below the year-ago level of 399.

The highest rig count for Canada was 727 on February 3, 2006; the lowest was 29, recorded on April 24, 1992.

Source: Baker Hughes Inc.

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Domestic Raw Steel Production, Capacity Utilization Increase

November 19, 2013 Posted by Steel Market Intelligence

Weekly domestic raw steel production increased 1.5% from 1.829 million tons (mt) last week to 1.856 mt for the week ending November 16, 2013 and is some 3.6% above the year-ago level of 1.792 mt.

Capacity utilization also rose from 76.3% last week to 77.5% this week, and is also above the year-ago level of 72.5%.

The lowest production since the recession began was 800,000 tons for the week of December 27, 2008, while the highest was 2.005 mt for the week of May 12, 2012. The lowest capacity utilization rate since the recession began was 33.5% for the week of December 27, 2008; the highest was 81.1% on May 12, 2012.

We would caution readers that only half of the AISI reporting companies release their weekly production in “real time” so the other half of this data is estimated using the last month’s reported production & operating rate. What this means is that when production is changing, the weekly data is actually understating the change.

Source: AISI and Steel Market Intelligence

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Iron Ore Price Increases, Remains at Almost Three-Month High

November 18, 2013 Posted by Steel Market Intelligence

The spot reference price for 62% Fe iron ore cfr North China rose for the third consecutive week, up 0.7% from $135.90 last week to $136.80 for the week ending November 15, 2013, remaining at the highest price since August 30, 2013.

The spot price for iron ore averaged $120.57 in 4Q12, $148.16 in 1Q13, $125.76 in 2Q13, and $132.57 in 3Q13; the full-year 2012 average was $128.30.

The post-recession low was $59.10 on March 27, 2009, while the high was $191.90 on February 17, 2011.

Source: The Steel Index

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U.S. Rig Count Climbs for Third Week, Canadian Count Jumps

November 18, 2013 Posted by Steel Market Intelligence

The number of active oil and natural gas rigs in the United States rose for the third consecutive week, up 0.5% from 1,754 to 1,762 for the week ending November 15, 2013, reaching a two-month high.  Despite the increase, the count is some 2.6% below the year-ago level of 1,809.

The highest weekly rig count in the United States since 1940 was recorded on December 28, 1981, at 4,530; the lowest was recorded on April 23, 1999, at 488.

The number of rigs in Canada jumped 6.1% from 378 to 401 this week, just three less than the recent seven-month high on October 25.  The count is also 4.4% above the year-ago level of 384.

The highest rig count for Canada was 727 on February 3, 2006; the lowest was 29, recorded on April 24, 1992.

Source: Baker Hughes Inc.

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Domestic Raw Steel Production, Capacity Utilization Slide Downwards

November 12, 2013 Posted by Steel Market Intelligence

Weekly domestic raw steel production decreased 0.2% from 1.833 million tons (mt) last week to 1.829 mt for the week ending November 9, 2013, sliding back towards the recent seven-month low.  Production still remains some 4.8% above the year-ago level of 1.746 mt.

Capacity utilization also fell from 76.5% last week to 76.3% this week, but is above the year-ago level of 70.7%.

The lowest production since the recession began was 800,000 tons for the week of December 27, 2008, while the highest was 2.005 mt for the week of May 12, 2012. The lowest capacity utilization rate since the recession began was 33.5% for the week of December 27, 2008; the highest was 81.1% on May 12, 2012.

We would caution readers that only half of the AISI reporting companies release their weekly production in “real time” so the other half of this data is estimated using the last month’s reported production & operating rate. What this means is that when production is changing, the weekly data is actually understating the change.

Source: AISI and Steel Market Intelligence

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Iron Ore Price Remains at Two-Month High

November 11, 2013 Posted by Steel Market Intelligence

The spot reference price for 62% Fe iron ore cfr North China rose 0.4% from $135.30 last week to $135.90 for the week ending November 8, 2013, remaining at the highest price since August 30, 2013.

The spot price for iron ore averaged $120.57 in 4Q12, $148.16 in 1Q13, $125.76 in 2Q13, and $132.57 in 3Q13; the full-year 2012 average was $128.30.

The post-recession low was $59.10 on March 27, 2009, while the high was $191.90 on February 17, 2011.

Source: The Steel Index

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