Analysis
April 24, 2022
Written by David Schollaert
General Motors will take a week-long downtime at its Bowling Green, Ky., assembly starting Monday, April 25, a company spokesperson told Steel Market Update (SMU).
“Only plant down next week is Bowling Green,” he said. “Last-minute issue popped up – a part shortage, not chip-related.”
Ferrous scrap prices appear to be up in October as trading gets underway, according to preliminary reports from market sources.
SMU’s latest Flat-Rolled Steel Survey points to largely stable demand, but foreign steel orders have softened since the previous survey, and service centers continue to report stronger activity than manufacturers.
Members of the Global Forum on Steel Excess Capacity (GFSEC) met in Wisconsin last week and unveiled an updated plan to combat market-distorting excess capacity. The Milwaukee Framework adds color to the 2017 “Berlin Principles.” It is also a positive step in the ongoing battle against global steel market distortions. However, the Framework is only a guidepost. It must be implemented correctly to make an impact as new problems loom.
This October, SMU is introducing a new way to keep you informed on the latest steel market news and insights: the Daily Digest. Beginning in mid-October, our new Daily Digest will replace the three newsletters currently delivered each week.
SMU’s Current Steel Buyers’ Sentiment Index fell this week, while Future Sentiment remained flat, according to our latest market survey.