Insight

Russia-Ukraine conflict: are metals and mined commodity price spikes justified?

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18 March 2022

Russia-Ukraine conflict: are metals and mined commodity price spikes justified?

Report summary

The Russia-Ukraine conflict has plunged M&M markets into a state of peak uncertainty. Despite a lack of broad government-led sanctions on specific commodities, prices for some products have skyrocketed to levels most observers would have considered unimaginable only weeks ago. Others have barely moved at all. In this insight we briefly look at price movements to date, ask whether they are justified, and discuss what sort of legacy record prices - and volatility - might leave on metals and mined commodities.

Table of contents

  • Loss of Russian supply a potentially major blow to fragile supply chains
    • Bulk commodity prices facing the most extraordinary volatility
    • Nickel the odd one out for base metals
    • Battery and raw materials playing to a different tune
  • Are the price rises justified?
  • What legacy might the current price spikes leave?

Tables and charts

This report includes 3 images and tables including:

  • Russian share of global M&M production or trade
  • Price versus 90th centile cash cost
  • Price change since 24th February

What's included

This report contains:

  • Document

    Russia-Ukraine conflict: are metals and mined commodity price spikes justified?

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