Industrial Insight

Commodities | October 2, 2015

ECONOMICS

Why Commodities Are Back in the 1990s

14 OCT 1, 2015 11:31 AM EDTBy Barry Ritholtz

According to data assembled by visual capitalist, China consumes 54 percent of the world’s aluminum production, 48 percent of all copper, 50 percent of nickel, 45 percent of steel and 60 percent of concrete. It has “consumed more concrete in the last three years than the United States did in all of the 20th century.”

In terms of energy, China uses 49 percent of the world’s coal, 13 percent of the uranium and 12 percent of oil. It’s the same with food: 30 percent of the world’s rice, 22 percent of its corn and 17 percent of wheat.

China was one of the big reasons for the commodity surge in the 2000s. The country’s growth has now been cut in half, and that’s why prices are now back to the levels of the 1990s.

Raymond W. Monroe Executive Vice President Steel Founders' Society of America 780 McArdle Dr. Unit G Crystal Lake, IL 60014 USA Tel: 815-263-8240 Fax: 815-455-5312
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About author

I'm the executive vice president for a steel casting trade association, the Steel Founders' Society of America. I've got a crazy wife, five crazy children, three crazy people that married into the family, and two crazy fun little grandsons.

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