Metal prices soar after Russia's invasion of Ukraine Read more ➡️
Prices for metals crucial to manufacturing — especially the auto industry — continued to soar.This is part of the inflationary shock of Russia's invasion of Ukraine, and the world's response to it, which could disrupt supplies.A key metal used in catalytic converters that automakers install to scrub engine emissions. It's up roughly 40% this year.A central ingredient in stainless steel and rechargeable batteries for electric vehicles. It's up about 30% in 2022.
United Company Rusal — formerly led by oligarch Oleg Deripaska before he was sanctioned in 2018 — is one of the world's largest producers.Another key ingredient of electric vehicle batteries, for which demand has surged in recent years. It's up more than 7%. Russia is the world's second-largest producer of cobalt, much of which is mined by Norilsk Nickel, a mining giant whose oligarch president Vladimir Potanin is close to Russian President Vladimir Putin, making it a potential target of sanctions.
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