The energy crisis has put five major commodity industries in the global economy under severe pressure, according to Bloomberg.
Manufacturers of industrial and green metals, as well as steel, fertilizers and sugar, are forced to reduce production costs. In addition, manufacturers of materials for electric vehicle batteries and solar energy production are experiencing difficulties, the publication noted.
According to the agency, the energy crisis has affected zinc smelting. Moreover, Europe lost about half of its capacities in this industry in a year. Steel production also declined. For example, a drought-related power outage in China's Sichuan province caused more than 70% of steel mills to shut down or severely reduce production.
Bloomberg noted that fertilizer producers in Europe have lost up to a quarter of their capacity. Moreover, in 2023, according to forecasts, the decline will reach the indicators of the 2008 crisis. Analysts also considered that food prices in the world will rise due to the increase in the cost of sugar.