Agrifood Commodity News

UK container glass imports and exports declined on weak demand

UK imports of colourless glass fell 31.6% year-on-year (y-o-y) in November 2023 (latest available data), according to data from HM Revenue and Customs and Mintec calculations, while exports decreased by 20.9% over the same period. As can be seen from the chart below, UK imports and exports have been in a steady downtrend for over a year. Read more

US Inflation

Inflation in the US was 3.1% y-o-y in January, down from 3.4% y-o-y in December. The annualised figure was above market participants’ expectations of 2.9% y- o-y. The annualised food and shelter subindices slowed compared to December, registering 2.6% and 6.0% y-o- y, respectively. Transportation services also slowed, registering 9.5% y-o-y, down from 9.7% y-o-y in December. Read more

Eurozone Inflation

Inflation in the Eurozone slowed to 2.8% y-o-y in January, down from 2.9% y-o-y in December. The core inflation figure (excluding food and energy prices) fell to 3.3% y-o-y, the sixth consecutive month of slowing core price growth. Read more

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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

Mintec Commodity & Market Reports

Mintec publishes over 850 reports annually, covering key commodity categories such as Beverages, Dairy, Fish & Seafood, Fruit & Veg, Grains, Meat, Nuts, Oils & Oilseeds, Spices, Softs, Packaging and Textiles.

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Top Commodity Price Movements

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