This morning in metals news: U.S. steel prices have continued to decline; OPEC will continue its output increase schedule in February 2022; and, lastly, Alcoa at the end of last year announced plans to curtail production at its San Ciprián aluminum smelter in Spain.
Although U.S. steel prices remain elevated, prices have cooled over the last few months, according to MetalMiner Insights data.
U.S. hot rolled coil, for example, closed last week at $1,587 per short ton, or down 8.3% month over month. Cold rolled coil, meanwhile, fell 3.2% to $2,019 per short ton.
Hot dipped galvanized is down 2.6% to $2,050 per short ton.
However, steel plate, critical for the energy sector, has bucked the general trend, particularly amid rising oil prices in Q4 2021. U.S. steel plate is up 1.6% month over month to $1,856 per short ton.