The Steel & Tube Procurement Update provides recent insights into the drivers of steel pricing in the current environment.
These are turbulent times. The Russia invasion of Ukraine has dealt a major shock to commodity markets, altering global patterns of trade, production and consumption which is likely to increase price volatility, keeping prices historically high through to 2024.
All eyes are on China and how quickly it will recover from its COVID-induced slump,and on how long the Russia/Ukraine conflict will continue and what ramifications it will have on the global economy.
Meanwhile, domestically watchful eyes are monitoring escalating inflation, interest rates and the declining New Zealand dollar with increasing concern, due to the flow on effect to confidence levels, incomes and subsequent growth rates or decline.