Welcome to this month’s Goudsmit UK Market Update, where we bring you the latest on key economic indicators and operational shifts impacting our industry. From currency fluctuations to port and airport operations, and a roundup of commodity market trends, we cover the essentials to keep you informed and prepared.
Here’s what you need to know:
Exchange Rate
Lowest GBP to USD exchange rate in November 2024: 1.2528
Highest GBP to USD exchange rate in November 2024: 1.3042
Average GBP to USD exchange rate in November 2024: 1.2749
Port Operations
Ningbo port is currently operating normally, with good equipment availability and a vessel waiting time of approximately 2-4 days. There are no weather disruptions or capacity issues.
The re-election of Donald Trump has brought renewed attention to tariffs and their impact on supply chains. As businesses anticipate new tariffs in 2025, many are likely to frontload shipments in an effort to avoid higher costs. This surge in demand for freight services could temporarily drive-up ocean freight rates over the coming months.
Airport Operations
The air freight market out of China remains highly active, with capacity fully utilized across all routes. Export volumes for e-commerce cargo continue to rise, driving a steady increase in air freight rates, and this trend is expected to continue until the end of the year.
Operations at Shanghai Airport are running smoothly, with only a few cancellations reported. Hauliers are working as usual, and weather conditions are normal. However, with space at a premium, air cargo rates are continuing to climb, and capacity remains very tight.
Commodity Market
In November the commodity market demonstrated general stability, with most materials showing minimal price fluctuations. Aluminium, Copper, and Neodymium maintained steady levels. Zinc increased to $3.14/kgs, reaching its highest level of 2024.
Neodymium witnessed a slight decrease, falling to $70/ kgs, while Al Alloy maintained a steady level at $2.25/kgs. The overall steadiness highlights a period of relative equilibrium in the market, with no dramatic shifts impacting key industrial materials.
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.
