Welcome to the Goudsmit UK Market Update for October 2024! Last month brought notable fluctuations in the GBP to USD exchange rate, significant challenges in both port and airport operations, and rising costs in the sea freight sector.
With equipment shortages impacting logistics and the air freight market tightening as we enter into peak season, businesses face increasing pressure to optimise their supply chains.
Exchange Rate
Lowest GBP to USD exchange rate in September 2024: 1.3043
Highest GBP to USD exchange rate in September 2024: 1.342
Average GBP to USD exchange rate in September 2024: 1.3221
Port Operations
In Ningbo, overall port operations are currently running as normal, with a vessel waiting time of 2-4 days and no weather disruptions. Capacity is normal; however, some carriers are experiencing equipment shortages from time to time.
Airport Operations
Coming out of Golden Week, as expected, space on all routes is very tight, and air freight rates continue to increase, with demand expected to strengthen further ahead of Black Friday and Cyber Monday.
In Shanghai, airport operations & hauliers are currently working as normal, with no flight cancellations or weather disruptions.
Commodity Market
Neodymium continued its steady increase, reaching its highest level of 2024 at $2.63/kgs. Most commodities, including aluminium, copper, nickel, and zinc, experienced price increases this month.
In contrast, aluminium alloy and crude oil prices continued to decline. Crude oil dropped to its lowest price since May 2024, with a month end price of $72 per barrel.
Download the full commodity rates here.
Thanks for reading the Goudsmit UK Market Update. At Goudsmit UK, we specialise in providing high-quality magnets and engineered components tailored to meet your specific needs.
Our team of experts is dedicated to helping you find the perfect magnetic solutions for your projects. For more information about our products and services, contact us at info@goudsmit.co.uk or call +44 (0) 2890 271 001.
