Customer Logins

Obtain the data you need to make the most informed decisions by accessing our extensive portfolio of information, analytics, and expertise. Sign in to the product or service center of your choice.

Customer Logins

My Logins

All Customer Logins
S&P Global Market Intelligence

  • S&P Global
  • S&P Dow Jones Indices
  • S&P Global Engineering Solutions
  • S&P Global Market Intelligence
  • S&P Global Mobility
  • S&P Global Commodity Insights
  • S&P Global Ratings
  • S&P Global Sustainable1
Close
Discover more about S&P Global’s offerings
Investor Relations
  • Investor Relations Overview
  • Investor Presentations
  • Investor Fact Book
  • News Releases
  • Quarterly Earnings
  • SEC Filings & Reports
  • Executive Committee
  • Corporate Governance
  • Merger Information
  • Stock & Dividends
  • Shareholder Services
  • Contact Investor Relations
Languages
  • English
  • 中文
  • 日本語
  • 한국어
  • Português
  • Español
  • ไทย
About
  • About Us
  • Contact Us
  • Email Subscription Center
  • Media Center
  • Glossary
Product Login
S&P Global Market Intelligence
  • Who We Serve
  • Solutions
  • News & Insights
  • Events
  • Product Login
  • Request Follow Up
  •  
    • Academia
    • Commercial Banking
    • Corporations
     
    • Government & Regulatory Agencies
    • Insurance
    • Investment & Global Banking
     
    • Investment Management
    • Private Equity
    • Professional Services
  • WORKFLOW SOLUTIONS
    • Capital Formation
    • Credit and Risk Solutions
    • Data & Distribution
    • Economics & Country Risk
    • Sustainability
    • Financial Technology Solutions
     
    • Issuer & IR Solutions
    • Leveraged Loans
    • Post Trade Processing
    • Private Markets
    • Risk, Compliance, & Reporting
    • Supply Chain
    PRODUCTS
    • S&P Capital IQ Pro
    • S&P Global Marketplace
    • China Credit Analytics
    • Climate Credit Analytics
    • Credit Analytics
    • RatingsDirect ®
    • RatingsXpress ®
    • 451 Research
    See More S&P Global Solutions
     
    • Capital Access
    • Corporate Actions
    • KY3P ®
    • EDM
    • PMI™
    • BD Corporate
    • Bond Pricing
  • CONTENT
    • Latest Headlines
    • Blog
    • Research
    • Videos
    • Podcasts
    • Infographics
    • Newsletters
    • Client Case Studies
    SECTOR-SPECIFIC INSIGHTS
    • Differentiated Data
    • Banking & Insurance
    • Energy
    • Maritime, Trade, & Supply Chain
    • Metals & Mining
    • Technology, Media, & Telecoms
    • Investment Research
    • Sector Coverage
    • Expert Directory
    More ways we can help
    NEWS & RESEARCH TOPICS
    • 2023 Big Picture Outlook
    • Credit & Risk
    • Cryptocurrency
    • Economics & Country Risk
    • Financial Services
    • Maritime & Trade
    • M&A
    • Sustainability & Climate
    • Technology
    See More
    • All Events
    • Webinars
    • Webinar Replays
    Featured Events
    WebinarM&A In Focus: Tech Acquisitions and the ‘New Normal’ in 2023
    • 02/08/2023
    • Live, Online
    • 11:00 am - 12:00 pm EST
    Webinar ReplaysAssessing the impact of the U.S. Government Accountability Office recommendations’ on Export Control Compliance at universities
    • 01/18/2023
    • On-Demand
    • 60 minutes
    ConferenceTPMTech
    • 02/23/2023
    • Hilton Long Beach Convention Center
  • PLATFORMS
    • S&P Capital IQ Pro
    • S&P Capital IQ
    • S&P Global China Credit Analytics
    OTHER PRODUCTS
    • Credit Analytics
    • Panjiva
    • Money Market Directories
     
    • Research Online
    • 451 Research
    See All Product Logins

Weekly Pricing Pulse: Commodities nudge up on higher costs

15 June 2022 Michael Dall

Our Markit Materials Price Index (MPI) rose 0.3% last week, following on from a 1.4% increase the previous week. This is the first time the MPI has increased for two consecutive weeks since March. However, commodity markets are currently gripped with uncertainty; demonstrated by the fact that only four of the ten subcomponents in the MPI rose last week. The general direction of commodity prices has been down over the past three months with the index now 12% lower than its all-time high established in early March.

MPI commodity prices

Chemical and steel prices were the two largest upward movers last week. The chemical sub-index increased 5.2%, its biggest weekly rise since early March which was the immediate aftermath of the Russian invasion of Ukraine. The fallout from the Russia-Ukraine war, and the associated sanctions placed on crude oil products, were the major reason behind the rise in chemical prices last week. Benzene is a co-product of petroleum, so the recent rise in the Brent oil price above $120/bbl has sent global benzene prices to an all-time high. Asian benzene was up by $120/metric ton last week, the joint highest weekly increase ever recorded. Higher chemical costs have also driven up our fiber index in recent weeks. Polyester prices are at levels not seen since December 2018 as feedstock costs soar. In metals markets, the steel making raw materials sub-index increased 3% as the price of iron ore breached $140/tonne for the first time in over a month. Traders were reacting to continued easing of COVID-19 restrictions in mainland China with Beijing authorities announcing the resumption of public transport in most districts.

MPI ferrous metals commodity prices

US equity markets suffered their worst week since January as the latest US inflation data showed elevated and more persistent consumer price pressure. The US equity market, as measured by the S&P 500 index, has now fallen in nine of the last ten weeks. US CPI inflation rose to another 40-year high in May. The 12-month change in the CPI increased 0.3 percentage point to 8.6% in May, the highest since December 1981. Inflation is unacceptably high, unemployment unsustainably low, and inflation expectations have crept above the Fed's long-run 2% objective. In addition, the European Central Bank meeting last week heralded an unprecedented signalling of successive policy rate hikes at its next two meetings, including increases potentially larger than 25 basis points at the latter, highlighting the central bank's heightened concerns over persistent, exceptionally high inflation and related risks. IHS Markit believes the data will soon show a peak in inflation, though its retreat over the next year may prove to be painfully slow. The looming threat, however, is in energy markets where growing physical tightness over the next six months may trigger record oil prices by year-end.

MPI commodity movements

Posted 15 June 2022 by Michael Dall, Associate Director, Pricing and Purchasing, S&P Global Market Intelligence


This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.

Previous Economics & Country Risk Post All Economics & Country Risk Next Economics & Country Risk Post

Related Posts

  • Where to find the fastest adoption rates for blockchain technology
  • Rising cost of living is likely to fuel protests in Europe in 2023
  • Weekly Pricing Pulse: Falling energy prices mark the start of a New Lunar Year for commodity markets
  • US Weekly Economic Commentary: Don’t be fooled by Q4 GDP
  • Bank of Canada pauses monetary policy
  • Weekly Pricing Pulse: Commodity prices rise on chemical market strength
  • The global economic outlook brightens as inflation eases
  • US Weekly Economic Commentary: Shrinking goods sector

Explore

RELATED INDUSTRIES & TOPICS
  • Economics & Country Risk
  • Commodities
  • Commodity Price Forecasts
  • Strategic Sourcing
  • Supply Chain Risk

Recommended for you

  • Global Economy
  • Country Risk
  • Pricing & Purchasing

A World Rebalancing

Five themes driving the economics and risk outlook in 2023
Request full report

From neighborhood to nation we have you covered

Regional Explorer: Economics, risk, and data analytics
Learn more
Get a 360 degree perspective

Subscribe to our blog newsletter

Sign up
Subscribe to RSS Feed

Follow Us

Feb 03
EconomicsRisk@EconomicsRisk

And here's another citation for our economists on US employment trends, this one in @USATODAY: https://t.co/NO3pIP3xRz

Feb 03
Feb 03
EconomicsRisk@EconomicsRisk

Wonderful to see @ChrisVarvares quoted in the @washingtonpost on the US #employment report! https://t.co/WFAjGKrSPx https://t.co/crhSqBuVtJ

Feb 03
Feb 03
EconomicsRisk@EconomicsRisk

Mark your calendars! https://t.co/2wiIxaWPHS

Feb 03
Feb 03
EconomicsRisk@EconomicsRisk

Where does one find the fastest adoption rates for #blockchain technology? The answer may surprise you: https://t.co/ZAifbJHgHm

Feb 03
{"items" : [ {"name":"share","enabled":true,"desc":"<strong>Share</strong>","mobdesc":"Share","options":[ {"name":"facebook","url":"https://www.facebook.com/sharer.php?u=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fweekly-pricing-pulse-commodities-nudge-up-on-higher-costs.html","enabled":true},{"name":"twitter","url":"https://twitter.com/intent/tweet?url=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fweekly-pricing-pulse-commodities-nudge-up-on-higher-costs.html&text=Weekly+Pricing+Pulse%3a+Commodities+nudge+up+on+higher+costs+%7c+S%26P+Global+","enabled":true},{"name":"linkedin","url":"https://www.linkedin.com/sharing/share-offsite/?url=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fweekly-pricing-pulse-commodities-nudge-up-on-higher-costs.html","enabled":true},{"name":"email","url":"?subject=Weekly Pricing Pulse: Commodities nudge up on higher costs | S&P Global &body=http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fweekly-pricing-pulse-commodities-nudge-up-on-higher-costs.html","enabled":true},{"name":"whatsapp","url":"https://api.whatsapp.com/send?text=Weekly+Pricing+Pulse%3a+Commodities+nudge+up+on+higher+costs+%7c+S%26P+Global+ http%3a%2f%2fwww.spglobal.com%2fmarketintelligence%2fen%2fmi%2fresearch-analysis%2fweekly-pricing-pulse-commodities-nudge-up-on-higher-costs.html","enabled":true}]}, {"name":"rtt","enabled":true,"mobdesc":"Top"} ]}
Filter Sort
  • About Us
  • Quality Program
  • Contact Us
  • Email Subscription Center
  • Press Releases
  • Careers
  • Corporate Responsibility
  • Our History
  • Investor Relations
  • Leadership
  • © 2023 S&P Global
  • Terms of Use
  • Cookie Notice
  • Privacy Policy
  • Disclosures
  • Do Not Sell My Personal Information