Until February 25, 2022, the situation between these two Eastern European countries is getting worse and horrible; it’s world news. If you open the TV or Tiktok, you will find that many media are broadcasting the latest news and interpreting their point of view for this war.
The Effection Of A War for Furniture
A war will influence the stability of a country, the development of the economy, the process of science, etc. And the most essential impacted issue is the import and export. As all we know, Ukraine is the third largest grain exporter globally and has the reputation of “European granary.” Its agricultural output value accounts for 20% of GDP. Ukraine’s industry and agriculture are relatively developed, and heavy industry occupies a significant position in the industry. Their grain industry will suffer heavy losses because of the war. And also, cross-border trade is hard to run, especially for furniture.
We have some customers from Kiev city, and they have already stopped purchasing furniture from China because they are worried about the missiles attacking their containers. There was no compensation from the government during the war period. Currently, most furniture importers stay at home, surf the internet, and search for the furniture they need on APP, like Alibaba.com, Made In China, etc. Those people are eager to attain peace, even though they earn less than before; Afterall country stability is the priority.
War Makes The Furniture Material Increase
Russia’s aluminum production accounts for about 6% of the world’s, and nickel production accounts for about 7% of the world’s. The tense situation has increased the supply risk in the market, and the prices of aluminum and nickel have risen sharply. On February 23, the price of nickel futures on the London Metal Exchange (LME) rose to $3906 / ton, a new ten-year high, the highest since 2011. Aluminum prices rose to their highest level in more than 13 years. On February 24, the LME aluminum price broke through 2008 high and reported $3,388, a record high, and the increase expanded to nearly 3%. Traders worry that if the United States and Europe increase sanctions on Russia, it will affect aluminum supply and further push-up aluminum prices.
Furniture is inseparable from aluminum. Many pieces of furniture are made of aluminum alloys, such as cabinets, wardrobes, wine cabinets, tables, and chairs. Of course, these belong to indoor furniture. Before you know it, most outdoor furniture frames are made of aluminum, which plays a critical role in the furniture industry.
Things are not accessible during wartime. Another furniture material, the glue used for furniture, like sponge plaster, is also increased. Many Chinese furniture factories have to spend more cash to buy this material. However, most furniture factories in China still keep the same price as 2021, which is suitable for the market.
Regarding this war, furniture is challenging. As a writer I hope that this war will end soon.
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