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This morning in the metals news: the European Commission this week announced anti-dumping duties on cold-rolled stainless steel flat products from India and Indonesia; Energy Information Administration predicts that crude oil prices will decline in 2022; and, finally, housing starts in the United States fell in October.
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European Commission imposes anti-dumping duties on stainless steel from India and Indonesia
Andrey Kuzmin / Adobe Stack
Thursday, the European Commission announced that it is imposing anti-dumping duties on cold-rolled stainless steel flat products from India and Indonesia.
The duties vary from 13.9 to 35.3% for Indian exporting producers. Meanwhile, tariffs range from 10.2% to 20.2% for Indonesian exporting producers.
“This sector is of crucial importance to the EU as it is a high added value product, with EU consumption amounting to almost € 7 billion,” the EU said on Thursday. European Commission.
The duties will protect 13,500 direct EU jobs in the cold-rolled stainless steel plate sector, the European Commission said.
EIA: crude oil prices will drop in 2022
Bringing some relief, the Energy Information Administration predicted crude oil prices will soften in 2022.
“Since the third quarter of 2020, global consumption of crude oil and petroleum products has grown faster than production, leading to lower inventory levels and higher crude oil prices,†the EIA said. . “In our November Short-term energy outlook (STEO), we predict that increased production from OPEC + countries and the United States will lead to higher global liquid fuel inventories and lower crude oil prices in 2022. “
In addition, the EIA predicts that demand for crude oil will exceed supply until the end of the year, keeping the price above $ 80 per barrel. However, the EIA also forecast an increase in global inventories driven by OPEC + and the United States, coupled with slowing demand.
Thus, the EIA forecasts an average price of $ 72 per barrel for 2022.
Housing starts drop in October
In the residential construction sector, housing starts in the United States reaches a seasonally adjusted annual rate from 1.52 million in October, the Census Bureau reported. October’s rate was 0.7% lower from the previous month. However, the October rate rose 0.4% year on year.
In addition, single-detached home starts fell 3.9% month over month to a rate of 1.04 million in October.
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