This Morning in Metals: U.S. average retail gas price dropped to lowest since 2016 last year

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This morning in metals news: U.S. average gas prices fell to their lowest level since 2016 last year; the U.S. Treasury announced sanctions against Iran’s steel industry; and Ford Motor Co. released its Q4 2020 U.S. sales results.

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U.S. average gas price drops in 2020

As MetalMiner readers know, we keep tabs on commodities like oil insofar as they can be price drivers for metals. In short, oil price increases are often supportive of metals prices. (Readers can learn more about our analysis in the most recent update to our Annual Outlook.)

Unsurprisingly, given the slowdown in travel last year stemming from the onset of the COVID-19 pandemic in the U.S., the average gas price fell to its lowest level since 2016, the Energy Information Administration (EIA) reported.

Per the EIA, the average gas price dropped to $2.17 per gallon.

Meanwhile, in mid-March 2020, before the declaration of a national emergency, the average stood at $2.38 per gallon.

U.S. levies sanctions on ‘key actors’ in Iran’s steel sector

The U.S. Treasury on Tuesday announced sanctions on several firms in the Iranian steel sector, in addition to a Chinese supplier of graphite electrodes.

The Treasury announced sanctions on China’s Kaifeng Pingmei New Carbon Materials Technology Co., Ltd. (KFCC), which sold graphite electrodes to Pasargad Steel Complex, the Treasury said.

The Treasury’s Office of Foreign Assets Control also announced sanctions on 12 Iranian steel manufacturers or holding companies.

Ford announces Q4 sales results

Ford Motor Co. announced its total U.S. sales fell 9.8% in Q4 2020 on a year-over-year basis.

Furthermore, truck sales fell 12.5% and car sales fell 41.1%. However, SUV sales ticked up by 4.0%.

In addition, Ford’s full-year 2020 sales fell by 15.6% compared with the previous year.

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