Agrifood Commodity News

European plastics prices rise on higher production costs and shipping disruptions

Since peaking in summer 2022, plastics prices have been in a visible downtrend as production costs and supply/demand began to stabilize. However, the German PET price (a strong representation of European prices) [Mintec Code: 2O52] reached an average monthly price of €1,154/MT in January, a 2.2% m-o-m increase, representing a 13.9% y-o-y decrease. Market sources believe it is only a matter of time before HDPE and LDPE prices follow a similar trend. Read more

Key Agrifood Market Updates

Here is a selection of market updates for key agrifood markets. Click here to watch any or all video updates.

Steel and raw material price indices 2023 and Outlook H1 2024

Comparison of steel and raw material price indices

The steel price index for 2023 declined by 21% year-on-year (y-o-y), showing the most dynamic decline among other raw materials considered. Thus, the past year was a significant blow to the profitability of steelmakers. Read more

Key insights

? Steel prices fell most dynamically relative to raw materials

? Global steel demand was weak in 2023, however it is likely that the low has already been passed

? Steel producers have adapted to weak demand and the market will be more balanced in 2024

? China and India are increasing steel production. Asian market players are confident of further growth in steel production in India and moderately optimistic on China

? China and India are becoming increasingly influential players in the raw materials market and with demand for iron ore and coking coal rising, a moderate rise in raw material prices is likely

? Macroeconomics is driving weak consumer demand and complicating the business environment. Improvements will only come with a time lag once US and EU central bank interest rates start to decline

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Rising Trade Tensions: European Farmers Rally Against Ukrainian Imports

Over the past few weeks, farmers across Europe have initiated protests, using their tractors to block streets and disrupt ports and borders. Farmers have expressed frustration with what they perceive as, stringent trade regulations and bureaucracy enforced by the European Union, along with sharp increases in fertiliser and energy costs stemming from the conflict in Ukraine. Additionally, they lament the excessive influx of imported grain and oilseed products from Ukraine, a non-EU nation, saturating local markets. They argue that these imports drive down grain and oilseed prices, creating unfair competition for local producers. Read more

Concerns over limited orange juice availability amid declining inventories

Brazil accounts for three-quarters of global orange juice exports, therefore orange juice availability in the country remains a key price driver across global markets. Read more

Top Commodity Price Movements

Here are a selection of the top agrifood commodity price movements from Mintec. View data