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 the U.S. for the week ending February 26th was 309 oil and 92 gas (totaling 401). In percentage terms, on a month on month (m/m) basis, oil rigs were up 4.7% and gas up 4.5% On a year over year (y/y) comparison, rigs were down 54.4% for oil and down 16.4% for gas. The combined figure for y/y was -49.1% or -388 rigs.
Oil and Gas Rotary Rig Counts:  The total number of operating rigs in Canada for the week ending February 26th was 92 oil and 71 gas (totaling 163). In percentage terms, on a month on month (m/m) basis, oil rigs were down 6.1% and gas down 6.6%. On a year on year (y/y) comparison, rigs were down 43.6% for oil and down 7.8% for gas. The combined figure for y/y was -32.1% or -77 rigs.
­­U.S. Steel Capacity Utilization: The total tonnage for the week ending February 27th was 1,749 million net tons, at a capacity utilization rate of 77.2%. The year-to-date tonnage output is 15,481 million net tons, at an average capacity utilization rate of 76.1%. In 2020, the same output total was 17,212 million net tons, at an average capacity utilization of 82.1%.
­­­Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in January 2021, especially in the Private sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that January’s three month total (3MT) construction expenditures grew by 8.4% year on year (y/y), to $347.4 billion (B). On a 3MT basis, private expenditures advanced 9.5% y/y, State & Local advanced by 5.3% y/y, and Federal expenditures grew 4.1% y/y.
Advanced Durable Goods Orders: The U.S. Census Bureau reported that new orders for durable goods increased by 3.4% month-on-month (m/m) in January 2021, totaling $256.5M. This represents a 4.1% increase y/y.
Architectural Billings Index: January 2021’s national overall ABI score of 44.9 was down 2.6 points from December’s 42.3, which is under the expansionary zone, (>50). U.S. architecture firms specializing in commercial and industrial facilities likewise reported a decrease in design activity in January, coming on the heels of a significant downturn in December. Firms concentrating in the multifamily declined in January.
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