A year ago, as the COVID-19 pandemic ravaged country after country and economies jolted, consumers were the ones panic-buying. Today, while on the rebound, companies struggle to keep up and get access to necessary commodities, from plastic and foam to steel and lumber.
An unusually long and growing list of mishaps in the last six months has disrupted the world’s supply chains, which has created a ripple effect of commodity shortages and price increases that has impacted a wide variety of industries.
A blockage in the Suez Canal backed up global shipping in March, a deep freeze and mass blackout wiped out energy and petrochemicals operations across the central U.S. in February and a cyber-attack brought down the largest fuel pipeline in the U.S. in May.
Jeff Monroe, Director of Supply Chain at KPS Global®, will be providing a commodity update in a three-part series.
Today’s featured commodity is steel.
Stay tuned for more updates!