The Automotive MMI (Monthly Metals Index) moved sideways month-over-month, rising in price by just 2.31%. Save for hot-dipped galvanized steel, most parts of the index also traded sideways, mainly due to a lack of strong bullish or bearish pressure. Hot-dipped galvanized proved the only outlier due to steel corporations hiking prices. However, the main headline in US steel news remains the potential end of the UAW strike.
After a seven week strike, United Auto Workers (UAW) union and the Big Three automakers recently reached agreements. All three automakers— General Motors, Ford, and Stellantis — achieved tentative agreements with the UAW on October 30, 2023. With record-breaking pay and benefit increases, this essentially puts an end to the first strike against Detroit’s “Big Three.”
