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Raw material
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=== Raw materials markets === Raw materials markets are affected by consumer behavior, supply chain uncertainty, [[manufacturing]] disruptions, and regulations, amongst other factors. This results in [[Volatility (finance)|volatile]] raw materials markets that are difficult to optimize and manage. Companies can struggle when faced with raw material volatility due to a lack of understanding of market demands, poor or no visibility into the indirect supply chain, and the time lag of raw materials price changes.<ref>{{Cite web |title=Read @Kearney: How to navigate a volatile raw materials market |url=https://www.kearney.com/procurement/article/-/insights/how-to-navigate-a-volatile-raw-materials-market |access-date=2023-03-03 |website=Kearney |language=en}}</ref> Volatility in the raw materials markets can also be driven by [[Natural disaster|natural disasters]] and [[Geopolitics|geopolitcal]] conflict. The [[COVID-19 pandemic]] disrupted the steel industry, and once demand rebounded, prices increased 250% in the [[United States|US]]. The [[Russian invasion of Ukraine]] caused the price of natural gas to increase by 50% in 2022.<ref>{{Cite web |date=2022-10-07 |title=Gauging the Risks of Raw-Material Volatility |url=https://www.bcg.com/publications/2022/gauging-risks-of-raw-material-price-volatility |access-date=2023-03-03 |website=BCG Global |language=en}}</ref>
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