November 2023 Volume 5

MAINTENANCE

MATERIALS

SAVE THE DATE!

Outlook for 2024 Charter continues to see strength in U.S. light vehicle sales, though high interest rates will likely continue to weigh on the industrial sector. While inflation has eased, it is expected to remain elevated, pushing up labor and material costs. Moving into 2024, construction-based indicators such as housing starts and private building show signs of recovery, the company reported. Notably, melting, rolling and processing operations for cold headed steel are in high demand, especially with fewer producers. Recently idled steelmaking operations and projected maintenance outages are expected to tighten capacity further in 2024. Reflecting that outlook, the general tone of FIA’s Nashville panel was a bullish one despite the market’s various uncertainties. “It’s sluggish right now, and the mills are trying to hang onto their backlogs and current SBQ contract and transactional pricing levels through a traditionally slower fourth quarter due to the holidays and end of calendar year metrics. Many SBQ producers are content during this time to perform required mill maintenance and capital investments they had planned during the busier months but could not afford the mill outage at the time. But our expectations are there could be a boomerang effect of demand and activity at some point in 2024,” Candy said.

North America’s Largest Forging Industry Trade Show will return to Cleveland, Ohio May 6-8, 2025

Tim Triplett has covered the metals markets for nearly 30 years as a former editor at Metal Center News and Steel Market Update. Tim will be a periodic contributor to FIA Magazine. He can be reached at timtriplett0608@gmail.com.

For more information on Forge Fair 2025 please contact Angela Gibian, FIA Deputy Chief Executive at angela@forging.org or call +1-216-781-6260 www.ForgeFair.com | www.forging.org

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