Oil, iron ore and coal are now at the price level of the beginning of the financial crisis of 2008/2009, signalling not only about the overabundance of extraction of raw materials, but also the weakness of the global economy, analysts say.
Raw material is particularly sensitive to the well-being of the global economy. Oil and coal – are important sources of energy used for steel production and iron ore – the main raw material. The price of iron ore fell to $ 69 per ton due to lower demand growth in the biggest market, China.
Oil prices fell by almost half compared to June to just above 60 us $ per barrel, in the coal market futures contracts fell below $ 70 a tonne to levels comparable with the recession in 2007-2009.
First, analysts believe that this may be due to the increased production of raw materials and production energy efficiency and renewable energy. However, over time it became apparent that a significant cooling of demand in emerging economies, as well as the continued stagnation in developed countries, are a major cause, especially after the announcement of OPEC reluctance to cut oil production to maintain prices.
The demand for oil from the US, China or the European Union leads to price movement, but the European economy still can not recover from the credit crisis of 2008/2009, only economic growth in the United States and China helps to stabilize oil prices. But this year, China's economy showed signs of cooling. Iron ore is seen as a key gauge of the Chinese economy, which today is the largest steel producer in the world.