Morning Bites (part 2)

🚘US light vehicle sales were up 10% YoY in October from the low base (the same as in September). However, they were 13% below the 2019 level. Seasonally adjusted sales volumes rose 15% YoY in September (11% below the 2019 level). According to Reuters, US car sales were supported by the easing of supply chain disruptions. Our outlook on US car sales remains negative due to inflationary pressures, which is negative for PGM demand

🔗Turkey’s steel production fell 19% YoY in September (vs. -21% YoY in August). Meanwhile, Turkey’s apparent steel consumption decreased 3% YoY (vs. -12% YoY in August). Steel exports dropped 31% YoY, while steel imports were up 1% YoY in September. According to TCUD, the decline in production and exports was caused by the increased electricity costs

#cars #steel