Global steel prices cooling off as production declines

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Steel prices continue to cool heading towards the year’s end, while global crude steel production continued to decline in November.

The US steel prices remain elevated compared with historical levels, MetalMiner Insights data indicate as reported by oilprice.com. However, steel prices have begun to cool over the last couple of months in 2021.

The US cold-rolled coil closed last week at $2,053 per short tonne, or down 2.6% month over month. However, the price remains well above the December 2019 price of just over $1,018 per short tonne.

Meanwhile, the US hot rolled coil is down 5.7% month over month to $1,690 per short ton.—TLTP

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