The COVID-19 pandemic has disrupted nearly every aspect of life, including the global economy. Companies worldwide are waiting for relief from higher metal prices and longer lead times, two significant challenges due to pandemic-related factors.
The supply and demand of metals are significant factors that influence their prices. With the pandemic leading to a surge in demand, prices have increased as businesses try to recover and ramp up production. Simultaneously, the pandemic has created supply chain disruptions, caused delivery delays, and further rising prices. The global economic climate, political instability, and natural disasters are other factors that significantly affect metal prices. For instance, geopolitical tensions may result in investors seeking safe havens for their money, leading to increased demand for metals and higher prices.Continue reading