GENERAL NEWS
The Munro Series-M .
Update to global short-range steel outlook by worldsteel
On 17 October 2023 , the World Steel Association ( worldsteel ) released an update of its Short-Range Outlook ( SRO ) for 2023 and 2024 . It forecasts that steel demand will grow by 1.8 % in 2023 and reach 1,814.5 Mt , after contracting by 3.3 % in 2022 . In 2024 , steel demand will see a further increase of 1.9 % to 1,849.1 Mt .
Commenting on the outlook , Máximo Vedoya , Chairman , worldsteel Economics Committee , commented : “ Steel demand has been feeling the impact of the high inflation and interest rate environment . Since the second half of 2022 , the activities of steelusing sectors have been cooling sharply both for most sectors and regions as investment and consumption weakened . The situation continued into 2023 , particularly affecting the EU and the U . S . Considering the delayed effect of the tightening monetary policy , we expect steel demand recovery in 2024 to be slow in the advanced economies . Emerging economies are expected to grow faster than developed economies but the performance of emerging economies continues to diverge , with emerging Asia maintaining resilience .”
Worldsteel also expects the situation in China ’ s property market to stabilise in the latter part of the year and China ’ s steel demand , it said , will record slight positive growth thanks to government measures . The 2024 outlook for China remains uncertain depending upon the policy directions to tackle the current economic difficulties .
“ We note that the Chinese economy is in a structural transition phase that may add volatility and uncertainty . Other uncertainty is linked to regional conflicts and unrest such as in Russia and Ukraine , Israel and Palestine , and elsewhere . This could contribute to rising oil prices and further geo-economic fragmentation , both of which are downside risks ,” confirmed worldsteel .
Cold rolled stainless steel ( image : POSCO ).
“ It is worth noting that , despite the weakening of construction activities due to high-interest rates , infrastructure investment is showing positive momentum in many regions , even in the advanced economies , reflecting the effect of decarbonisation efforts ,” it continued .
It cautioned that the war against inflation is not over and continues to be threatened by multiple factors : persistent core inflation and a tight job market as well as rising oil prices . It also highlighted that the construction sector has been negatively affected by high interest rates and the high-cost environment , especially the residential sector . However , infrastructure investment remained positive and is cushioning the impact to some extent .
“ Despite the easing of supply-chain bottlenecks , the manufacturing sector continues to slow under weakening demand . The consumer durables sector has been particularly affected . However , the recovery in auto production will continue in 2023 , helped by the order backlogs and easing of supply chain bottlenecks , allowing high growth in many regions . However , the sector is expected to decelerate in 2024 ,” added worldsteel .
“ Steel demand in developed economies is expected to contract by 1.8 % in 2023 after falling by 6.4 % in 2022 , with Europe suffering particularly heavily from monetary tightening and high energy costs . In 2024 , a technical rebound will enable growth of 2.8 % in steel demand . Steel demand dynamics in emerging and developing economies continue to diverge , with developing Asia excluding China remaining resilient to global headwinds . After falling by 0.6 % in 2022 , steel demand in emerging and developing economies , excluding China , will show growth of 4.1 % in 2023 and 4.8 % in 2024 ,” it concluded . n
First all-electric Munro Series-M 4x4 leaves production line
Munro Vehicles ( Munro ), a manufacturer of all-electric 4x4s in Scotland , recently announced the completion of its first preproduction model . The white Series-M Utility , an electric , hard top , five-seater 4x4 , leaves the factory in East Kilbride just ten months after Munro unveiled the MK _ 1 prototype model in Edinburgh in December 2022 .
“ The start of our manufacturing denotes a significant moment in British automotive history as we initiate the return of light vehicle mass production to Scotland for the first time since the closure of the Linwood car plant in 1981 . The roll-out of the Series-M Utility is the next phase of our strategic vision to expand our production facilities and grow the workforce , as well as bring 300 new jobs to the region by 2027 . Achieving scale-up will allow us to increase production from 50 vehicles , over the next twelve months , to 200 units per annum and 2500 by 2027 ,” said Munro .
The company , which has been named as a finalist in the ‘ Fully Charged ’ awards for ‘ Best Innovative EV Manufacturer ’, supports customers operating in demanding sectors ( such as agriculture , construction , defence , disaster relief and forestry ).
“ With a healthy , two-year customer pipeline worth £ 68 million for the innovative and sustainability-focused Munro Series-M Utility hard top and Series-M Truck open-bed , we can look forward with confidence ,” commented Marcus Mackle , Head of Vehicle Sales , Munro . More than 250 pre-orders for both the Utility and Truck models have been received
The transition to body panelling ensures that components can be more easily replaced . This bolsters Munro ’ s philosophy of engineering out obsolescence to create all-electric 4x4s capable of fifty years of environmentally friendly , zero tailpipe-emission service . Waste heat , scavenged from the drivetrain , can now be used to heat the cabin . n
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6 | ismr . net | ISMR November 2023