Project

The development of global commodity prices has been characterized by strong momentum in recent years. In the wake of the recovery from the pandemic-induced slump in the global economy, there were significant price increases for a wide range of goods, and supply difficulties for intermediate products became a relevant factor inhibiting production for many companies. In connection with Russia's war of aggression against Ukraine, prices for energy commodities also rose sharply in the meantime. In addition, geopolitical tensions increased, such as in the conflict between China and Taiwan. These developments have also brought the security of supply of raw materials more into the political spotlight.

Against this backdrop, this brief report first presents and discusses the development of commodity prices in recent years. Relevant goods and groups of goods are also considered separately. These include goods whose prices were the focus of attention during the coronavirus pandemic and the subsequent problems with international supply chains. Another focus of the analysis is the prices of critical raw materials. The starting point for this analysis is the European Union (EU) Critical Raw Materials Act and the list of critical raw materials identified by the EU Commission. With regard to security of supply, the importance of individual countries as suppliers of raw materials in the markets for certain raw materials and possibilities for substitution are relevant.

Project start:
30. November 2023

Project end:
28. February 2024

Project management:
Prof. Dr. Torsten Schmidt

Project staff:
Dr. Florian Kirsch

Funding:
Ministerium für Wirtschaft, Industrie, Klimaschutz und Energie des Landes Nordrhein- Westfalen