This Morning in Metals: European Commission slaps duties on stainless steel products from India, Indonesia

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This morning in metals news: the European Commission this week announced anti-dumping duties for stainless steel cold-rolled flat products from India and Indonesia; the Energy Information Administration forecast crude oil prices will decline in 2022; and, lastly, U.S. housing starts declined in October.

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European Commission imposes AD duties on stainless from India, Indonesia

E.U. flag

Andrey Kuzmin/Adobe Stack

On Thursday, the European Commission announced it is imposing anti-dumping duties on stainless steel cold-rolled flat products from India and Indonesia.

The duties range from 13.9-35.3% for the exporting producers from India. Meanwhile, the duties range from 10.2-20.2% for the exporting producers from Indonesia.

“This sector is critically important to the EU because it is a high value added product, with EU consumption totalling almost €7 billion,” the European Commission said Thursday.

The duties will protect 13,500 direct E.U. jobs in the stainless steel cold-rolled flat sector, the European Commission claimed.

EIA: crude oil prices to come down in 2022

Providing some relief, the Energy Information Administration forecast crude oil prices will soften in 2022.

“Since the third quarter of 2020, global consumption of crude oil and petroleum products has increased faster than production, which has caused lower inventory levels and higher crude oil prices,” the EIA said. “In our November Short-Term Energy Outlook (STEO), we forecast that rising production from OPEC+ countries and the United States will lead to global liquid fuels inventories increasing and crude oil prices falling in 2022.”

Furthermore, the EIA forecast crude oil demand will exceed supply through the end of the year, keeping the price above $80 per barrel. However, the EIA also forecast a rise in global inventories driven by OPEC+ and the U.S., paired with slowing demand.

As such, the EIA forecasts an average price of $72 per barrel for 2022.

Housing starts drop in October

In the residential construction sector, U.S. housing starts reached a seasonally adjusted annual rate of 1.52 million in October, the Census Bureau reported. The October rate marked a decline of 0.7% from the previous month. However, the October rate increased by 0.4% year over year.

In addition, single-family starts fell 3.9% month over month to an October rate of 1.04 million.

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