Steel to play an important role in the future of EV chargers

In May 2023, the Automotive Monthly Metals Index—a trading guide issued by market intelligence brand MetalMiner to help industry members understand specific metal markets—fell by 3.36%. Although all index components fell, steel suffered the biggest drop, down almost 10%. The general growth outlook for steel over the upcoming decade is uncertain. In April 2022, the World Steel Association downplayed expectations compared to its forecasts from late 2021. Its October 2022 demand forecasts for 2022 and 2023 saw respective downward revisions of 2.7% and 1.2%. Reasons given include the ongoing war in Ukraine, COVID-19, supply chain disruptions, and the global economic situation—predominantly continual high inflation and rising global interest rates.