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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.
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Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending January 31st was 186 oil and 72 gas (totaling 258). In percentage terms, on a month on month (m/m) basis, oil rigs were up 322.7% and gas up 44.0%. On a year on year (y/y) comparison, rigs were up 31.9% for oil and down 20.9 for gas. The combined figure for y/y was +11.2% or +26 rigs.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending January 31st was 479 oil and 98 gas (totaling 577). In percentage terms, on a month on month (m/m) basis, oil rigs were down 0.6% and gas down 4.9%. On a year on year (y/y) comparison, rigs were down 4.0% for oil and down 16.2% for gas. The combined figure for y/y was -6.0%, or -37 rigs.
Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in December 2024, especially in the private sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that December’s three month total (3MT) construction expenditures decreased by 2.3% year on year (y/y) to 465.1 billion. On a 12MT basis, private expenditures increased by 3.8% y/y.
U.S. Steel Capacity Utilization: The total tonnage for the week ending January 25th was 1.641 million net tons, at a capacity utilization rate of 73.7%. The year-to-date tonnage output is 6.579 million net tons, at an average capacity utilization rate of 73.9%. In 2024, the same output total was 6.768 million net tons, at an average capacity utilization of 76.2%.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in Canada for the week ending December 27th was 44 oil and 51 gas (totaling 95). In percentage terms, on a month on month (m/m) basis, oil rigs were down 67.2% and gas up 27.1%. On a year on year (y/y) comparison, rigs were up 63.0% for oil and down 13.6 for gas. The combined figure for y/y was +10.5% or +9 rigs.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending December 28th was 483 oil and 102 gas (totaling 585). In percentage terms, on a month on month (m/m) basis, oil rigs were up 1.3% and gas up 2.0%. On a year on year (y/y) comparison, rigs were down 5.5% for oil and down 13.8% for gas. The combined figure for y/y was -5.3%, or -33 rigs.