The UAW strike impacts the Automotive MMI, leading to mass layoffs, reduced steel demand, and other sectors like Mack Trucks joining the protest.
Via Metal Miner The United Auto Workers strike finally began to take its toll on the Automotive MMI Monthly Metals Index as well as month-over-month steel prices. Regarding price drops, hot-dipped galvanized managed to suffer the most. And with the strike continuing to escalate, negotiations stagnating, and more and more layoffs occurring nationwide, the index faces massive bearish pressure in the immediate future. Overall, the Automotive MMI dropped by 4.
The cost of the UAW strike reflects the 16 days that production was halted at one assembly facility in Wentzville, Missouri, which produces mid-size pickups. Because of the strike, Ford has had to let go of around 930 employees. Meanwhile, Stellantis released at least 370 employees in Ohio and Indiana. That said, it’s possible that the strike may eventually reduce steel availability and raise steel prices, though only time will tell.
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