Energy crisis spotlight
What the energy crisis means for commodity markets across the globe
The current energy crisis in Europe as a result of Russia’s invasion of Ukraine earlier in 2022 means that the prices of fuel oil, gas and electricity have soared. Russia has turned off the taps on natural gas to Europe, leaving countries scrambling to diversify their energy sources. Across the continent, producers of key raw materials including aluminium and steel are facing a weaponization of the energy they need for production. This has sent the cost of power soaring.
Keep up-to-date with not only how this is impacting commodity markets across Europe, but also what this means for Europe’s plans to achieve net-zero greenhouse gas emissions by 2050. Will we see a boost in the production of the critical minerals needed to produce batteries for electric vehicles? Or, will the energy requirements to run these gigafactories be too much?
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Aluminium premiums in Europe and Japan continued to move lower in the week to Tuesday November 8, under pressure from weak consumer demand, while premiums in the United States bucked the downtrend for a second week despite uncertainty over the midterm elections there
Both unbleached and bleached sack kraft paper in Europe have seen price stabilize in the third quarter of 2022
How the Russian invasion is reducing Ukraine’s sunflower crushing capacity
While the country encourages a high level of biofuel consumption, there’s concern that too many credits may be awarded
Trade body European Aluminium and the European steel association, Eurofer, have teamed up with other sectors facing a proposed carbon levy on imports, to call for a gradual implementation of the new regulations supporting the EU’s transition to climate neutrality by 2030
Imports of Russian steel into the United States have dropped precipitously this year, negating the need for a formal ban similar to the one reportedly being considered for aluminium
An ongoing European energy crisis and growing fears of a looming economic recession have US steel producers considering what role they may play in an unstable steel demand outlook
The energy crisis roiling Europe as a result of Russia’s invasion of Ukraine is expected to last longer than the coming winter, although efforts to secure alternative supplies are expected to eventually prove fruitful
Aluminium premium offers reported to Fastmarkets in the United States rose in some instances and fell in others in a contradictory, initial reaction to news of a possible US ban on aluminium imports from Russia that broke last week
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