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    Home»HWWI»Falling trend in raw material prices continues
    HWWI

    Falling trend in raw material prices continues

    By Kloepfel4. August 2023Updated:4. August 20233 Mins Read
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    HWWI commodity price index falls in June

    • Sub-index for energy commodities declines by 4.0 % (US dollar basis)
    • Sub-index for industrial raw materials falls by 0.9
    • Sub-index for food, beverages and tobacco down 0.9

    (Hamburg, July 12, 2023) In June, the downward trend in the HWWI commodity price index since the beginning of the year continued (-3.4%). The index was thus 44% lower than in June 2022. All three sub-indices (energy commodities, industrial commodities, food and beverages) were down. As in the previous month, the subindex for energy raw materials declined most significantly, falling by 4.0%. As in previous months, the subindex for energy raw materials was again the main factor behind the development of the overall index.

    Subindex for energy commodities: Crude oil, coal and natural gas significantly cheaper than a year earlier

    The subindex for natural gas fell by 5.7% in June. At -61.3%, it was still well below the value for June 2022. The subindex for coal also fell quite sharply in June, as it had in May (-18.3%), and was thus very significantly (-67.3%) below the value for the same month a year earlier. The reasons for the falling price were lower demand during the summer months in the northern hemisphere and continuing weak demand from China.

    Crude oil prices fell only slightly in June (-1.2%), but continued the downward trend since the beginning of the year. The subindex for crude oil in June was 36.2% lower than in the same month a year earlier.

    Overall, the energy commodities subindex fell by 4.0% (euro basis: -3.8%) in June to 181.3 points (euro basis: 191.4 points).

    Slight decline in prices for industrial raw materials

    The subindex for industrial raw materials decreased by 0.9% in June and was thus 19.9% lower than a year earlier.

    The subindex for iron ore and steel scrap was the only subindex in the overall index to rise slightly, by 2.4%. However, at -28.5% it was still well below the prior-year level.

    The sub-index for non-ferrous metals fell by 1.9% in June and was thus 14.8% below the June 2022 value.

    The sub-index for agricultural commodities fell 1.7% in June and was 22.1% lower than the same month last year.

    The index for industrial raw materials reached 114.2 points in June (euro basis 120.5). It fell by 0.9% on average for the month (euro basis -0.6%) and was thus 19.9% (euro basis: -22.0%) lower than a year earlier. Index for food, beverages and tobacco also declines.

    Index for food, beverages and tobacco also declines

    The subindex for food, beverages and tobacco fell by 0.9% in June compared with the previous month. It was thus 15.5% lower than in the same month a year earlier. Within the subindex, prices for cereals fell by 0.4% and prices for oilseeds and oils by 1.9%. A striking feature of this subindex is the 12.9% increase in the price of soybean oil, which bucked the trend and was attributable to consistently high demand from China, which is now causing an expansion of cultivation areas in many producer countries. Prices for luxury foodstuffs fell by an average of 0.6% in June.

    Overall, the index for food, beverages and tobacco fell by an average of 0.9% for the month (euro basis: -0.5%) and stood at 149.1 points (euro basis: 157.2 points).

    Source: www.hwwi.org

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