Steel Market Update

1 week ago | steelmarketupdate.com | Ethan Bernard

The annealing line utilizes a 100% hydrogen atmosphere instead of conventional acid-based processing. It also includes a hydrogen recovery unit to recycle hydrogen and uses a 50/50 mix of new and used hydrogen. The Cleveland-based steelmaker said a ribbon cutting ceremony will be held on Wed., July 2, at Coshocton Works.

1 week ago | steelmarketupdate.com | Brett Linton

The Canadian rig count increased by one rig this week to 139, 27 fewer than the same week of 2024. Canadian activity slows each spring as thawing ground conditions limit access to drilling sites. It then recovers across June and July. The international rig count is reported monthly at the beginning of each month. The May count was 886 rigs, down five from April and 67 fewer than one year ago.

1 week ago | steelmarketupdate.com | Brett Linton

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, contact Luis Corona at [email protected]. Prices for four of the seven steelmaking raw materials we track declined from May to June, according to our latest analysis. Collectively, these materials declined 3% month over month (m/m) and are down 9% compared to three months ago.

1 week ago | steelmarketupdate.com | Ethan Bernard

The Canadian Steel Producers Association (CSPA) and the United Steelworkers (USW) union in Canada have said they were disappointed by the country’s Prime Minister Mark Carney’s remarks regarding steel and aluminum tariffs on Thursday. “Our initial reaction to the Government of Canada’s plan … is that it falls short of what our industry needs at this most challenging time,” the two groups said in a joint statement.

1 week ago | steelmarketupdate.com | Brett Linton

Single‐family housing starts in May were nearly flat from April at 924,000 units, but 7% lower than levels one year prior. Multi-family starts were the main contributor to May’s steep decline, falling 30% month over month (m/m) to 316,000 units. However, multi-family starts were 5% higher this year compared to May 2024 (Figure 1, left).