This Morning in Metals: Producer Price Index for final demand up 1.0% in July

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This morning in metals news: the Producer Price Index (PPI) for final demand rose by 1.0% in July; ThyssenKrupp released its latest quarterly results; and, lastly, the Energy Information Administration released its latest Short-Term Energy Outlook earlier this week.

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PPI up 1% in July

Producer Price Index (PPI)

SecondSide/Adobe Stock

The Producer Price Index (PPI) for final demand rose by 1.0% in July, the Bureau of Labor Statistics reported.

The PPI index rose by 1.0% in June and by 0.8% in May.

The BLS said nearly three-fourths of July increase “can be traced to a 1.1-percent in prices for final demand services.” Meanwhile, the index for final demand goods increased by 0.6%.

ThyssenKrupp releases quarterly results

German steelmaker ThyssenKrupp reported order intake of €8.8 billion in the most recent quarter, more than double its total from the same quarter in 2020.

Meanwhile, its adjusted EBIT reached €266 million, up from a loss of €220 million the previous quarter.

“We are on track with our transformation of thyssenkrupp,” ThyssenKrupp CEO Martina Merz said. “The environment remains very challenging but we are delivering on those aspects that are in our control.”

By individual segments, ThyssenKrupp’s European steel segment also saw improved results in the quarter.

“Order intake increased by €1.6 billion to €2.5 billion and sales grew by €1 billion to €2.4 billion,” the steelmaker reported. “With significantly higher selling prices, business grew strongly, especially in the automotive and component supply industries. However, orders from industrial customers and steel service centers also rose significantly.”

EIA releases Short-Term Energy Outlook

The EIA, in its latest Short-Term Energy Outlook, reported Brent crude oil spot prices averaged $75 per barrel in July. The average price increased by $2 per barrel from June and by $25 per barrel from the end of 2020.

For motorists at the pump, average retail gas prices reached their highest levels since October 2014. The average gas price in July reached $3.14 per gallon.

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