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What determines the price of raw materials, and who suffers the consequences if the price plunges?
Time:
hours
Introduction:
Raw materials are materials found directly in the nature or produced up to a<br /> crude state and are used in the industry for further processing to produce<br /> goods and materials that are then sold in the market. Traditionally you would<br /> assume that the price would depend on the cost of extracting the materials<br /> from the nature or growing the crop (ex cotton). If you look at coal as an<br /> example of a raw material you would have to pay the miners and machinery to<br /> get the coal out of the ground, and with a little profit on top you would have<br /> the price.<br /> Since we are now having a world market, and the economy is not only working<br /> in closed national markets, we are now having world market prices, and f.ex<br /> the price of British coal can not compete with the coal from Chile and South<br /> Africa, and is therefore staying in the ground.<br /> So the price of a raw material is also determined by the competition between<br /> the producers worldwide<br /> Price fluctuations occur according to supply and demand<br /> When suddenly a lot of the corn in the USA is being utilized to produce alcohol<br /> as fuel for the cars, and not being available to be sold on the market as food<br /> and feedstuff the price is going up. This also pushes up the prices of other types<br /> of grain that can compete with corn in the field and on the shelves.<br /> If on the other hand we could imagine that we suddenly started to grow many<br /> thousand hectares extra with corn in for instance Ukraine where there is plenty<br /> of good soil, the supply on the world market would increase drastically and the<br /> prices would tend to fall.<br /> A third factor in the determination of the prices is speculation in the<br /> 3<br /> “Commodity Trading”. Oftentimes it is not supply and demand that determines<br /> the prices of commodities, but the traders’ speculations of the supply and<br /> demand in the future. If for instance the weather forecast predicts a very cold<br /> coming winter, then the price of fuel for heating will tend to rise ‐ even if the<br /> present supply is abundant.<br /> Europe’s early plunder of the 3rd world countries for slaves, spices, gold, silver,<br /> opium, and tea can not be characterized as trading in raw materials. Only<br /> afterwards when manufacturing and industrialization started, is it we can talk<br /> about extraction of raw materials from the colonies. As an example India<br /> started to export cotton as a raw material instead of exporting finished textile<br /> goods.<br /> When the prices go up somebody earns more money, and when the prices go<br /> down somebody earns less, or will be left out of the production all together.<br /> This is what happened when the copper price plunged on the world market, at<br /> that time the copper mines in Zambia and Congo DRC practically closed down;<br /> when the price for raw cotton goes down, then the small producers in Africa<br /> can no longer sustain their livelihood. It is the farmers and workers who suffer.
Directive:
<div style="margin-left: 40px;">1.<br /> The teacher will explain the definition of “a raw material”, and lists the raw<br /> materials in the country and in the world. The teacher goes through the<br /> historical development of the raw material market<br /> 15 min<br /> <br /> 2.<br /> The students study the material in the micro groups<br /> 60 min<br /> <br /> 3.<br /> The students present their findings with posters and text:<br /> − The trade and normal price fluctuations of 5 different raw materials<br /> − The need and subsequent prices for raw materials in the future: 2<br /> materials that will be more needed, and 2 materials that will be less<br /> needed.<br /> − Where do the likely victims of the next raw materials price plunge live?<br /> 90 min<br /> <br /> 4.<br /> Common conclusion of the course<br /> 15 min</div> <br /> FILES:
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Ressources Price Development Economy Economics
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