In November 2016, metal price surgedPrices of oil and raw material imports - November 2016

In November 2016, the price in euros of crude oil slipped back (−4.6% after +9.6%) to stand at €43.1 on average per barrel. Nevertheless. the price of Brent remained higher than a year before (+4.0%). The prices in euros of the other imported commodities accelerated sharply (+6.4% after +1.8% in October) driven by the strong hikein industrial raw materials (+10.0% after +3%). The prices of raw food materials recovered slightly (+0.5% after −0.1%).

In November 2016, the price in euros of crude oil slipped back (−4.6% after +9.6%) to stand at €43.1 on average per barrel. Nevertheless. the price of Brent remained higher than a year before (+4.0%). The prices in euros of the other imported commodities accelerated sharply (+6.4% after +1.8% in October) driven by the strong hikein industrial raw materials (+10.0% after +3%). The prices of raw food materials recovered slightly (+0.5% after −0.1%).

Oil price slipped back

In November, the price in euros of crude oil from the North Sea (Brent) fell back (−4.6% after +9.6%). Expressed in dollars, the decline in oil price is higher (−6.6% after +7.7%) because the euro depreciated a little during the month.

Graph1 – Oil (Brent)

  • Source: INSEE

Table1 – Oil and petroleum products

in euros
Oil and petroleum products
Prices Change (%)
of last month over the last month over the last 3 months over the last 12 months
Brent in $ per barrel 46.4 –6.6 0.7 4.5
Brent in € per barrel 43.1 –4.6 4.6 4.0
Gasoline €/L 0.359 –1.8 10.3 15.8
Gas Oil 396.2 –5.7 8.9 –2.5
Heavy fuel 264.4 –0.1 7.5 20.4
Naphtha 386.0 –3.2 19.7 –1.7
  • Prices are in euros per tonne unless otherwise specified
  • Source: INSEE

Industrial commodity prices surged

The prices in euros of industrial raw materials sped up strongly in November (+10.0% after +3.0%). Minerals prices gathered pace considerably (+12.2% after +3.0%). The price of iron ore took off (+27.3% after +4.2%), so did the price of copper (+21.5% after +1.7%), driven by the announcements of major construction works by the next American president. Therefore the prices of non-ferrous metals grew sharply (+9.6% after +3.4%). In addition, the prices of precious metals bounced back (+1.3% after −4.7%). The prices of agricultural raw materials remained dynamic (+1.9% after +3.0%), due especially to a further rise in natural rubber (+10.4% after +9.1%). Only the prices of sawn softwood decreased (−1.8% after +3.4%).

Raw food material prices recovered slightly

Expressed in euros, the prices of raw food materials recovered slightly (+0.5%), after four months of decline (−1.7% on average). Cereal prices climbed again a little (+0.5% after +1.8%). The price of beef meat edged up (+2.1% after −1.0%). The price of oil seeds and vegetable oils bounced back too (+3.3% after −2.6%), after 4 months of decline. The prices of tropical foodstuffs shrank though (−2.0% after +0.7%): the prices of Robusta, Arabica and tea kept rising but did not offset a further fall in cacao price (−7.3% in November) due to surplus supply. The price of sugar slipped back (−6.9% after +9.2%) after 6 months of rise.

Table2 – Imported raw materials (excluding energy) in euros

base 100 in 2000
Imported raw materials (excluding energy) in euros
Index Changes (%)
of last month over the last month over the last 3 months over the last 12 months
Food total 211.1 0.5 –0.6 –1.4
Tropical foodstuffs 207.6 –2.0 –1.6 –9.0
Oil seeds, vegetable oils 236.3 3.3 0.6 3.8
Cereals 146.8 0.5 –1.6 –2.8
Sugar 216.8 –6.9 8.4 39.4
Beef meat 135.6 2.1 –5.3 –11.8
Industrial raw materials 173.9 10.0 11.9 23.2
Agricultural raw materials 119.8 1.9 3.7 8.3
Natural Fibres 139.9 2.5 2.5 13.0
Natural rubber 167.6 10.4 23.2 39.3
Hides 82.3 4.8 9.1 11.5
Wood pulp 101.8 2.2 3.6 –2.1
Tropical wood 96.1 2.9 –1.4 –18.7
Sawn softwood 102.4 –1.8 –2.4 17.2
Minerals 202.2 12.2 14.1 27.9
Iron ore 496.3 27.3 24.2 55.7
Non-ferrous metals 162.5 9.6 13.4 21.9
Precious metals 249.1 1.3 –4.3 15.0
All commodities 182.0 6.4 7.0 12.5
  • Source: INSEE

Graph3 – Food

  • Source: INSEE

Graph2 – Imported raw materials (excluding energy)

  • Source: INSEE

Graph4 – Industrial raw materials

  • Source: INSEE