Ford drives hike in car production in Romania
1 day ago
International ratings agency Fitch Ratings has raised its metals and mining price assumptions on the back of soaring commodity prices related to the war in Ukraine.
Fitch said the upgrade in its price outlook is “reflecting increased post-pandemic demand, tight markets and short-term supply disruptions, particularly due to the Russia-Ukraine conflict.”
Some commodities also benefit from increased longer-term demand due to their role in global decarbonisation, the agency said.
Fears of wider sanctions on the export of Russian commodities have sent several commodity prices to all-time highs. Trading in nickel was suspended on the London Metals Exchange (LME) last week after prices per tonne briefly topped $100,000. The exchange suspended trading and cancelled all deals from the previous few days until calm was restored on the market. Nickel was trading at $42,150 as of March 19, double the level since the start of this year.
Iron, aluminium, gold, silver and copper are all up between 5% and 17% year to date as of March 19. Oil and gas prices have also spiked, with oil trading over $100 per barrel and gas prices on the Dutch hub having touched on prices that are twenty times higher than pre-war levels.
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Ford drives hike in car production in Romania
Romania’s automobile production increased by 7% y/y to more than 150,000 units in Q1.
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Benefits of Turkey’s so-called economic normalisation policy clearly observed in external debt rollovers.
Ukraine's birth rate plummets to 300-year low as country’s population collapses
Ukraine’s population collapsed to 29mn souls last year, according to Ukraine Business News, with just 187,000 births recorded (including in Russian-occupied territories). This is the lowest annual figure in recorded history over the last 300 years.
Russia’s $13.4bn current account surplus in March second highest since 2007
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