• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Global Steel Prices Are Cooling Off As Production Declines

Steel prices continue to cool heading toward the year’s end, MetalMiner Insights data indicate; meanwhile, global crude steel production continued to decline in November; and, finally, the U.S. exported more petroleum and crude oil products than it imported in the first half of 2021.

Steel prices cool to close the year

U.S. steel prices remain elevated compared with historical levels.

However, steel prices have begun to cool over the last couple of months in 2021, MetalMiner Insights data indicate.

U.S. cold-rolled coil closed last week at $2,053 per short ton, or down 2.6% month over month. However, the price remains well above the December 2019 price of just over $1,018 per short ton.

Meanwhile, U.S. hot rolled coil is down 5.7% month over month to $1,690 per short ton. The price is up from the December 2019 price of around $910 per short ton.

Global crude steel production declines

Global crude steel production fell by 9.9% year over year in November, the World Steel Association reported.

Global production reached 143.3 million metric tons during the month.

Related: Brazil Rushes Ahead With Key Oil Projects As Prices Remain Elevated

Top steel producer China has seen declining output since March 2021. China’s November production dropped 22% year over year to 69.3 million metric tons.

U.S. petroleum, crude oil product exports edge imports

The U.S. exported more petroleum and crude oil products than it imported in the first half of this year, the Energy Information Administration reported.

Exports exceeded imports by about 120,000 barrels per day during the period.

ADVERTISEMENT

“The United States was a net importer of crude oil and petroleum products (imported more than it exported) in the first of half of each year until the first half of 2020, when the United States became a net exporter (exported more than it imported) by 432,000 b/d of crude oil and petroleum products,” the EIA reported. “This year marks only the second time the United States has been a net total petroleum exporter in the first half of the year. The United States has been a net exporter of petroleum products alone since 2011.”

By AG Metal Miner

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • George Doolittle on January 02 2022 said:
    US steel demand has only just begun to soar as Detroit moves on from the semi conductor shortage *BIG TIME.*

    Plus off shore oil drilling and us military demands look set to surge for 2022 plus demands for a US housing boom (steel roofing, using steel as a replacement for wood, steel reinforced concrete foundations, etc)

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News