Market Update





The Gerdau Market Update tracks and analyzes over 100 data streams that affect long steel consumption, attempting to provide the latest on market trends. Below, you will find the most recent information about Macroeconomics, Steel Econometrics, Construction and Manufacturing as it becomes available.

View Block
ISM Non-Manufacturing Index: The Institute for Supply Management’s non-manufacturing index decreased by 1.2 points month on month (-2.3% m/m) to 51.4 in March 2024.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending March 29th was 75 oil and 76 gas (totaling 151). In percentage terms, on a month on month (m/m) basis, oil rigs were down 47.9% and gas down 12.6%. On a year on year (y/y) comparison, rigs were up 29.3% for oil and down 6.2% for gas. The combined figure for y/y was +8.6% or +12 rigs.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending March 29th was 506 oil and 112 gas (totaling 618). In percentage terms, on a month on month (m/m) basis, oil rigs were flat and gas down 5.9%. On a year on year (y/y) comparison, rigs were down 14.5% for oil and down 30.0% for gas. The combined figure for y/y was -17.7%, or -134 rigs.
Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in February 2024, especially in the private sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that February’s three month total (3MT) construction expenditures grew by 12.3% year on year (y/y) to 296.4 billion. On a 12MT basis, private expenditures increased by 3.4% y/y.
ISM Manufacturing Index: The Institute for Supply Management’s manufacturing index moved up +2.5% (m/m) to 50.3 for March 2024; this value is stronger than the forecast of 50. The new orders sub-index scored at 51.4. This marked the first expansion in the manufacturing sector after 16 months of contraction.
U.S. Steel Capacity Utilization: The total tonnage for the week ending March 30th was 1.722 million net tons, at a capacity utilization rate of 77.5%. The year-to-date tonnage output is 22.217 million net tons, at an average capacity utilization rate of 76.9%. In 2023, the same output total was 19.806 million net tons, at an average capacity utilization of 73.8%.
a

Subscribe

To subscribe to the Market Update emails, please fill the form below.