This morning in metals news: The Consumer Price Index (CPI) rose by 0.4% in September; meanwhile, U.S. steel capacity utilization fell to 84.2%; and, lastly, the Energy Information Administration forecasts U.S. households will spend more on energy this winter.
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Consumer Price Index gains again
The Consumer Price Index for All Urban Consumers rose by 0.4% in September, the Bureau of Labor Statistics reported.
The jump follows an increase of 0.3% in August.
Meanwhile, the index increased by 5.4% over the last 12 months (up from 5.3% for the 12-month period ending in August).
U.S. steel capacity utilization falls to 84.2%
U.S. steel capacity utilization fell to 84.2% for the week ending Oct. 9, down from 84.8% the previous week, the American Iron and Steel Institute reported.
Production last week reached 1.86 million net tons, down 0.7% from the previous week. However, output increased by 19.9% on a year-over-year basis.
Output for the year to date reached 73.3 million net tons, up 20.2% year over year.
EIA: U.S. households to spend more on energy this winter
Lastly, we have written about rising energy costs in China, India and Europe. Rising costs for oil, natural gas and even coal threaten to derail pandemic economic recoveries around the world.
Meanwhile, in the U.S., the Energy Information Administration reported U.S. households will likely pay more for energy this winter, particularly those that primarily use propane or heating oil.
“Forecast expenditures are based on our expectations of high retail energy prices—many are already at multiyear highs—and of slightly more energy consumption per household than in the previous winter,” the EIA reported. “Notably, many energy prices reached multiyear lows last year as a result of the COVID-19 pandemic.”
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