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Natural Disaster Shocks and Raw Material Prices in the Steel Industry

In: Growth Mechanisms and Sustainability

Author

Listed:
  • Kaori Tembata

    (Osaka Prefecture University)

Abstract

The global prices of raw materials used for steelmaking have been volatile over the past few decades. More recently, extreme weather events have exacerbated this situation, causing an imbalance between supply and demand for raw materials. This study examines the impact of natural disaster shocks on the prices of steelmaking raw materials. Using data on iron ore, which is used in the process of making crude steel, this study explores whether the occurrence of natural disasters causes price fluctuations in the iron ore market. The analysis focuses on contemporaneous and dynamic effects of disasters, considering the persistence of disaster shocks. It is expected that steel manufacturers are adversely affected by disaster shocks through the international trade of raw materials. Moreover, the negative impact of natural disasters may persist longer when affected areas or countries are severely damaged. Since intense natural hazards, such as prolonged floods and devastating storms, will become more likely under climate change, this study shows empirical evidence of risks associated with extreme weather events in steel production.

Suggested Citation

  • Kaori Tembata, 2021. "Natural Disaster Shocks and Raw Material Prices in the Steel Industry," Springer Books, in: Jun Ma & Masashi Yamamoto (ed.), Growth Mechanisms and Sustainability, chapter 0, pages 97-121, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-2486-5_5
    DOI: 10.1007/978-981-16-2486-5_5
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