The world’s top container shipper MSC Mediterranean Shipping has suspended new bookings to and from Russia’s Novorossiysk port with immediate effect after one of its vessels was attacked by a drone

Martina McIsaac, an executive at MSC Industrial Supply, a major U.S. distributor of industrial tools, warned that a tungsten supply shock is affecting the company’s supply chain and continuing to drive up the cost of industrial cutting tools. At the Jefferies Industrial Conference held on the same day, McIsaac stated that the cost of raw materials used to produce tungsten carbide cutting tools has increased by nearly 500%, and suppliers continue to pass these rising costs on to downstream manufacturing enterprises. Cutting tools account for approximately 15% of MSC’s revenue, meaning that rising tungsten prices have become a significant source of pricing pressure for the company. It is reported that MSC is one of the largest distributors of industrial tools and supplies in North America, with its products widely used in factories and machining enterprises. McIsaac pointed out: “Tungsten is currently the biggest driver of cost increases. While it does not represent our entire business, it accounts for a substantial share, and this supply shock has not yet passed.” When asked about the impact of the tungsten supply shock, McIsaac responded: “Tungsten prices have indeed stabilized, but the ripple effects on the supply chain are not over. For instance, some suppliers source tungsten powder from different origins and hold varying inventory levels, leading to differing paces of price adjustments. While each supplier’s situation varies, there remains room for further price increases. As we previously indicated, we expect another round of price hikes by the end of the fourth quarter or the beginning of the first quarter of next year.”

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