This morning in metals news: the global semiconductor shortage continues to impact automotive operations; the oil price tracked back over the past week; and Katherine Tai, the recently confirmed United States Trade Representative, addressed staff on her first day in office.
Don’t miss the MetalMiner analyst team on March 24 at 10 a.m. CDT for a 30-minute metals market forecast and strategies to deploy in falling markets: https://zoom.us/webinar/register/WN_6J8wAyYySfihVk3ZUH9yMA.
Semiconductor shortage hits Stellantis, Ford
As we’ve noted previously, the global semiconductor shortage has impacted the automotive sector in a significant way.
Now, according to Reuters, Stellantis — the recently formed merger of Groupe PSA and Fiat Chrysler — and Ford are also experiencing negative impacts.
Stellantis said it will build and hold trucks built at its Michigan and Mexico plants until semiconductors are available, Reuters reported. Meanwhile, Ford said it will idle its Ohio assembly plant, the report stated.
Oil price fall
The Energy Information Administration recently noted it expects oil prices to remain elevated through April.
However, prices dipped last week.
The WTI crude price closed Friday at $61.42 per barrel, down $4.19 from a week earlier.
Tai makes initial remarks as USTR
Last week, the Senate confirmed Katherine Tai as the next United States Trade Representative.
Tai addressed staff on her first day in office, touching on the variety of trade-related challenges ahead.
“As I stated in my confirmation hearing, from implementing and enforcing USMCA, to rebuilding our alliances, tackling climate change, ending the COVID-19 pandemic, advancing racial and gender equity, addressing the challenges posed by China – and more – we will have to walk, chew gum and play chess at the same time,” she said.
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