Primary metals market continues to arc upwards

Adam Dras   

News beverages coal ippt metals oil petroleum steel

According to a press release from the CPCA, sales of primary metal products rose 5.8 per cent to a record $5.8 billion in November, primarily driven by higher sales of non-ferrous metals and iron and steel mills and ferroalloy products.
Resumption of production in a major non-ferrous plant following a maintenance shutdown in October, along with higher demand and prices for non-ferrous metals, contributed to the gains. The price of aluminum and aluminum alloys fell 8.5 per cent from October to November, resulting in sales of the alumina and aluminum production and processing industry cooling after reaching their highest level on record in October.
On a year-over-year basis, sales in the primary metal industry rose 47.7 per cent in November, while primary metal volume sales increased 7.6 per cent since October.
Sales in the petroleum and coal industry rose 3.7 per cent to a record $7.2 billion in November, the sixth consecutive monthly gain. Sales in volume terms were up 2.3 per cent, indicating that both prices and volumes contributed to the increase.
Excluding May 2021, sales in this industry have been rising since May 2020 on growing demand for petroleum products due to easing of pandemic related restrictions.
On a year-over-year basis, sales in the petroleum and coal industry rose 73.3 per cent in November. Exports of refined petroleum energy products increased 61.2 per cent in November.
Sales of the non-metallic mineral products industry rose 10.4 per cent to $1.5 billion in November, the second consecutive monthly increase. Sales in constant dollars increased 10.4 per cent, indicating the gain was entirely due to an increase of sales in the other non-metallic products, glass and glass product, and concrete product industries.
Total sales of non-metallic mineral products in current dollars increased 15 per cent year over year in November.
Motor vehicle production ramped up in November, despite the ongoing global semiconductor supply disruption. Sales of motor vehicles increased 2.6 per cent to $3.2 billion, while motor vehicle part sales rose 5.1 per cent to $2.4 billion.
Indications suggest semiconductors chips are expected to be in short supply for the foreseeable future, as concerns regarding the Omicron variant may further impact semiconductor manufacturing in Asia. Sales also increased in the food (+1.3 per cent) and chemical (+2.5 per cent) product industries in November.
Sales of beverages and tobacco decreased 4.4 per cent to $1.4 billion in November, following four consecutive monthly gains. Despite the decline, sales were up 5.1 per cent year over year, while sales in constant dollar terms fell 5.2 per cent in November, following four consecutive monthly gains.

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