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Rising commodity prices on global markets are a major concern

19.01.2021
Rising commodity prices on global markets are a major concern

Economic department of DIMET group points out a significant increase in metal prices on global markets in the second half of 2020. If this trend continues in the first quarter of 2021, it can have a serious impact on the prices of commodities and components that are used in production of our goods, therefore, we will be forced to increase the prices.

 

For instance, in the first half of the last year the price for the rolled steel on the London Metal Exchange increased by 42,0%, reaching the point of $593,52 per ton by December 31st. In the beginning of this year there was another spike of 10,5%. Despite the fact that over the past few days there was a slight correction in the steel price on the world's leading stock market to $638,0 per ton (LME 15.01.2021), there is still a chance of return to rising prices for both ferrous and non-ferrous metals. For example, aluminium prices on the same stock market since the middle of last year to the middle of this January has risen by 25,5% reaching $2000,5 per ton (LME 15.01.2021).

 

Dollar index fall against other world currencies of 6,6% over the same period has somewhat corrected the rise of commodity prices described above. So as to minimize the price risks, we suggest our partners consider rescheduling of DIMET goods' orders planned ahead to the first quarter. For our part, we are ready to consider possible additional conditions which will help to minimize the impact of price shocks on our partnership.

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