Karachi, September 27, 2022 (PPI-OT): Pakistan Commodities: Surging dollar sends commodities lower
Overall, WTI and Brent have fallen from their respective multi-year highs, down 38% and 37% respectively, still long-run fundamentals suggest that recent crude sell-off may be relatively short-lived.
Global prices of diesel and petrol continue to fall sharply, down 43% and 34% respectively from peaks in June’22, majorly due to rising concerns of a global recession emanating from Western/European front, to stand at $US84/115 per bbl. for Gasoline/Gasoil respectively.
Richards Bay coal prices have remained lower in Sep’22, currently hovering around US$293/ton compared to FYTD/CYTD avg. of US$326/292/ton. Moreover, Tanzania and Bostwana are also getting a lot of interest from European buyers as coal-based supplies are gaining traction amidst higher natural gas prices.
International scrap prices have declined 8%MoM in Sep’22 and are currently hover around US$360/ton compared to FYTD/CYTD avg. of US$383/480/ton. However, the decline in scrap prices has been largely offset by rising energy costs for Electric Arc Furnace producers across the globe.