U.S. markets closed

  • S&P Futures

    4,121.25
    -5.25 (-0.13%)
     

  • Dow Futures

    33,691.00
    -12.00 (-0.04%)
     

  • Nasdaq Futures

    13,742.75
    -51.50 (-0.37%)
     

  • Russell 2000 Futures

    2,185.10
    +1.10 (+0.05%)
     

  • Crude Oil

    62.61
    +0.17 (+0.27%)
     

  • Gold

    1,777.60
    -0.80 (-0.04%)
     

  • Silver

    25.82
    -0.02 (-0.10%)
     

  • EUR/USD

    1.2042
    +0.0001 (+0.01%)
     

  • 10-Yr Bond

    1.5620
    -0.0390 (-2.44%)
     

  • Vix

    18.68
    +1.39 (+8.04%)
     

  • GBP/USD

    1.3938
    +0.0001 (+0.01%)
     

  • USD/JPY

    108.0730
    +0.0030 (+0.00%)
     

  • BTC-USD

    56,467.80
    +375.95 (+0.67%)
     

  • CMC Crypto 200

    1,289.76
    +55.34 (+4.48%)
     

  • FTSE 100

    6,859.87
    -140.21 (-2.00%)
     

  • Nikkei 225

    29,100.38
    0.00 (0.00%)
     

Refractory Materials Market will Accelerate at a CAGR of Almost 4%|Market Insights and Forecasts|Technavio

·5 min read

NEW YORK, April 20, 2021 /PRNewswire/ --

Technavio has announced its latest market research report Refractory Materials Market by Type, Application, Form, and Geography - Forecast and Analysis 2021-2025
Technavio has announced its latest market research report Refractory Materials Market by Type, Application, Form, and Geography - Forecast and Analysis 2021-2025

The refractory materials market is set to grow by 9.23 million MT, progressing at a CAGR of almost 4% during 2021-2025. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.

Download FREE Sample Report

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ArcelorMittal SA, Compagnie de Saint-Gobain SA, CoorsTek Inc., HarbisonWalker International Inc., Imerys SA, Krosaki Harima Corp., Morgan Advanced Materials Plc, Refratechnik Holding GmbH, RHI Magnesita GmbH, and Vesuvius Plc are some of the major market participants. Although the increasing production capacity developments in steel industry will offer immense growth opportunities, to leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Refractory Materials Market 2021-2025: Segmentation

The refractory materials market is segmented as below:

  • Type
    o Clay and Others
    o Non-clay

  • Application
    o Iron And Steel
    o Non-metallic Materials
    o Non-ferrous Metals
    o Others

  • Geography
    o APAC
    o Europe
    o North America
    o The Middle East and Africa
    o South America

To learn more about the global trends impacting the future of market research, download a free sample:
https://www.technavio.com/talk-to-us?report=IRTNTR70495

Refractory Materials Market 2021-2025: Vendor Analysis and Scope

To help businesses improve their market position, the refractory materials market provides a detailed analysis of around 25 vendors operating in the market. Some of these vendors include ArcelorMittal SA, Compagnie de Saint-Gobain SA, CoorsTek Inc., HarbisonWalker International Inc., Imerys SA, Krosaki Harima Corp., Morgan Advanced Materials Plc, Refratechnik Holding GmbH, RHI Magnesita GmbH, and Vesuvius Plc.

The report also covers the following areas:

  • Refractory Materials Market size

  • Refractory Materials Market trends

  • Refractory Materials Market industry analysis

The increasing production capacity development in the steel industry is likely to emerge as one of the primary drivers of the market. However, fluctuation in cost of refractory raw materials and high energy consumption may threaten the growth of the market.

Backed with competitive intelligence and benchmarking, our research reports on the refractory materials market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.

Related Reports on Materials Include:

Global Advanced Functional Materials Market- The advanced functional materials market is segmented by type (composites, ceramics, energy materials, nanomaterials, and conductive polymers) and geography (APAC, North America, Europe, South America, and the Middle East and Africa). Download FREE Sample Report

Global Thermochromic Materials Market- The thermochromic materials market is segmented by application (pigments, thermometers, food quality indicators, papers, and others), geography (North America, APAC, Europe, South America, and the Middle East and Africa), and key vendors. Download FREE Sample Report

Refractory Materials Market 2021-2025: Key Highlights

  • CAGR of the market during the forecast period 2021-2025

  • Detailed information on factors that will assist refractory materials market growth during the next five years

  • Estimation of the refractory materials market size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the refractory materials market

  • Analysis of the market's competitive landscape and detailed information on vendors

  • Comprehensive details of factors that will challenge the growth of refractory materials market vendors

Table of Contents:

Executive Summary

Market Landscape

  • Market ecosystem

  • Value chain analysis

Market Sizing

  • Market definition

  • Market segment analysis

  • Market size 2020

  • Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

  • Five forces summary

  • Bargaining power of buyers

  • Bargaining power of suppliers

  • Threat of new entrants

  • Threat of substitutes

  • Threat of rivalry

  • Market condition

Market Segmentation by Application

  • Market segments

  • Comparison by Application

  • Iron and steel - Market size and forecast 2020-2025

  • Non-metallic materials - Market size and forecast 2020-2025

  • Non-ferrous metals - Market size and forecast 2020-2025

  • Others - Market size and forecast 2020-2025

  • Market opportunity by Application

Market Segmentation by Type

  • Market segments

  • Comparison by Type

  • Clay and others - Market size and forecast 2020-2025

  • Non-clay - Market size and forecast 2020-2025

  • Market opportunity by Type

Market Segmentation by Form

  • Market segments

  • Comparison by Form

  • Shaped - Market size and forecast 2020-2025

  • Monolithic - Market size and forecast 2020-2025

  • Market opportunity by Form

Customer landscape

Geographic Landscape

  • Geographic segmentation

  • Geographic comparison

  • APAC - Market size and forecast 2020-2025

  • Europe - Market size and forecast 2020-2025

  • North America - Market size and forecast 2020-2025

  • The Middle East and Africa - Market size and forecast 2020-2025

  • South America - Market size and forecast 2020-2025

  • Key leading countries

  • Market opportunity by geography

  • Market drivers

  • Market challenges

  • Market trends

Vendor Landscape

  • Overview

  • Vendor landscape

  • Landscape disruption

Vendor Analysis

  • Vendors covered

  • Market positioning of vendors

  • ArcelorMittal SA

  • Compagnie de Saint-Gobain SA

  • CoorsTek Inc.

  • HarbisonWalker International Inc.

  • Imerys SA

  • Krosaki Harima Corp.

  • Morgan Advanced Materials Plc

  • Refratechnik Holding GmbH

  • RHI Magnesita GmbH

  • Vesuvius Plc

Appendix

  • Scope of the report

  • Currency conversion rates for US$

  • Research methodology

  • List of abbreviations

Technavio's in-depth market research reports now include a thorough analysis of the COVID-19 impact on various markets to help industry leaders navigate their business through the new normal.
Download FREE Sample Report

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Report Page: https://www.technavio.com/report/refractory-materials-market-industry-analysis

Technavio (PRNewsfoto/Technavio)
Technavio (PRNewsfoto/Technavio)
Cision
Cision

View original content to download multimedia:http://www.prnewswire.com/news-releases/refractory-materials-market-will-accelerate-at-a-cagr-of-almost-4market-insights-and-forecaststechnavio-301273221.html

SOURCE Technavio

Recommended Stories

  • Daily Mail owner sues Google for monopoly over ad business

    The Daily Mail, owner of the MailOnline newspaper, sued Google on Tuesday, alleging that the search and advertising giant's power over selling online ad space means newspapers see little of the revenue their content produces. The federal lawsuit against Google and its parent, Alphabet Inc, alleges that Google controls the tools used to sell ad inventory as well as the space on publishers' pages where ads can be placed and the exchange that decides where ads will be placed. "The lack of competition for publishers’ inventory depresses prices and reduces the amount and quality of news available to readers, but Google ends up ahead because it controls a growing share of the ad space that remains," the lawsuit said.

  • U.S. cannabis producers are now favored by Wall Street analysts, who’ve soured on Canadian companies

    Volatility is a feature of the marijuana sector, where stock prices have pulled back. A new banking bill may give cannabis investors hope.

  • Singapore prosecution files more charges over nickel trading scandal

    Singapore prosecutors on Tuesday filed five additional charges against businessman Ng Yu Zhi in relation to a scheme that allegedly raised at least S$1 billion ($746 million) from investors to fund bogus nickel trades. The alleged fraud, which would be one of the city-state's biggest, follows a string of scandals involving Singapore trading firms that have shaken investor and banker confidence in the sector over the last year when some commodities, including nickel, have rallied strongly. The new charges of cheating against Ng were read out in Singapore's State Court.

  • DBS to buy 13% stake in privately-held Chinese lender for $814 million

    The company said financial authorities in Singapore and China had approved the deal and was in line with its aim to expand in the rapidly growing Greater Bay Area in China. In September, DBS received approval from China's securities regulator to form a joint venture securities company in which it would have a controlling stake, allowing DBS to engage in brokering, investment consulting, securities underwriting and sponsorship in the country. Earlier on Tuesday, Reuters exclusively reported DBS was among a clutch of banks looking to bid for parts of Citigroup's consumer business in Asia.

  • Investors turn to growth stocks' results after strong earnings start

    On the heels of blockbuster earnings from major U.S. banks, investors are focused on whether an upcoming batch of earnings from major technology-related companies can sustain the season's early momentum. Estimated year-over-year first-quarter earnings growth for S&P 500 companies rose to 31% from 25% in the past week, based on Refinitiv data, driven by last week's stronger-than-expected results from Wells Fargo & Co, Goldman Sachs Group Inc and other banks. Tuesday brings results from stay-at-home winner Netflix Inc, which is part of the FAANG group of high-profile tech-related names.

  • India does not see logic in U.S. putting it on currency watchlist

    India does not see any logic in the United States putting it on a monitoring list of currency manipulators, a trade ministry official said on Tuesday. "I don't understand any economic logic," Anup Wadhawan, India's commerce secretary told reporters. The Reserve Bank of India is following a policy that allows currency movements based on market forces, he said.

  • Iron Ore Giants Challenged in Race to Meet China Demand

    (Bloomberg) -- The world’s top two iron ore miners struggled to keep up with strong Chinese demand in the first quarter of 2021, hit by operational challenges and weather disruptions, in a positive sign for prices that are already at decade highs.Brazil’s Vale SA churned out less ore than expected last quarter after lower productivity at one mine and a ship loader fire, with its recovery from an early-2019 tailings dam disaster proving a little slower than expected. Rio Tinto Group’s shipments were disrupted by wetter-than-average weather at its Pilbara operations in Western Australia.Benchmark iron ore surged Monday over $180 a ton -- the highest since May 2011 -- following news that China’s crude steel production jumped 19% last month from a year earlier to near a record. The nation’s output of the alloy is booming at the same time as a pollution crackdown has lifted prices and benefited profit margins at mills.“With the market relatively tight at the moment, it will certainly see any failure to meet current guidelines as relatively positive for the price,” said Daniel Hynes, senior commodities strategist at ANZ Banking Group Ltd. Vale and Rio both maintained their forecasts for full-year production, though a slower-than-expected recovery at Vale could see the market reset its expectations, he said.Rio cautioned that its guidance for annual output of up to 340 million tons was subject to logistical risks associated with bringing 90 million tons of replacement mine capacity on stream. It also said that Tropical Cyclone Seroja had impacted its Pilbara mine and port operations in April.It was a “mediocre quarter” for Rio, Tyler Broda, mining analyst at RBC Capital Markets, said in a note. Quarterly production was 6% less than the bank’s estimate, he said. “Not all that much is going in the right direction from a bottom-up basis for Rio Tinto as they continue to tackle the various challenges at their operations and projects, but main commodities iron ore and aluminum are both benefiting from the China decarbonisation theme.”Iron ore futures in Singapore rose as much as 3.7% to $182.80 a ton before trading at $182.75 by 2:48 p.m. local time. Prices in Dalian gained as much as 4.7%, while hot-rolled coil and rebar both rose in Shanghai. Rio Tinto’s shares settled 0.5% lower in Sydney.Steel prices in China finished the quarter at decade highs as construction activity and demand in the first quarter exceeded both 2020 and 2019, Rio said. Strong demand and margins -- at their highest since 2018 -- have lifted demand for higher quality iron ore products and the nation’s renewed focus on reducing steelmaking emissions will likely restrain exports in 2021, supporting margins globally, the company said.The short-term outlook for iron ore prices remained strong, ANZ’s Hynes said, with Chinese steel mills content to accept current high prices for their main feedstock while their margins were so strong. However, he added the cost of ore was now well above fair value, with the risk of a pullback later in the year if Beijing’s plans to curb steel production to control greenhouse gas emissions start to impact on demand.“If we saw a 1% fall in Chinese steel production that would potentially wipe out about 15-20 million tons of iron ore,” said Hynes(Closes shares in 7th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Plumber Buying Doge Shows Retail Investors’ Power in Crypto

    (Bloomberg) -- A rocky weekend for the legions that poured into all things crypto after Coinbase Global Inc.’s direct listing did little to undermine its grip on retail traders.Dogecoin rallied another 20% or so Monday, even after most of the biggest tokens, including Bitcoin slumped further. To Mike McGlone, a Bloomberg Intelligence commodity strategist, the recent run-up in the joke token is exemplary of retail’s involvement in crypto markets. His plumber told him recently that he’d bought in.To McGlone, it’s a result of the “perfect storm” of pandemic lock-ups, lots of cash in the system, and investors’ ability to speculate around the clock. “Markets will never change -- this one is just 24/7 and the easiest to access in history,” he said. It’s “a prime example of just plain gambling for fun -- unless participants lose too much money, notably because they took too much risk at the casino.”While Coinbase’s market debut was undeniably a watershed moment for crypto’s move into the mainstream, the weekend rout delivered a harsh refresher on one of the market’s basic tenets: violent price swings are common.A false report from an anonymous Twitter account that the U.S. Treasury was cracking down on crypto money laundering was enough to help send Bitcoin plunging by as much as 15% on Sunday, days after clocking in at a record of $64,870. While low weekend liquidity likely exacerbated the nose dive, the world’s largest cryptocurrency dropped another 3.5% on Monday.That an erroneous tweet can torpedo prices is a reminder that even for all the talk of Wall Street’s growing embrace of crypto, individual investors have a lot of heft to throw around. That dynamic is especially prevalent on weekends, when traditional trading desks go dark while Bitcoin and other cryptocurrencies continue to change hands. Even as Coinbase’s direct listing marks an important milestone for crypto, for institutions and traders venturing into crypto, learning to live with that volatility is a key first step.“It’s more an introduction to all the people who had gotten into Bitcoin or crypto over the last week because of Coinbase that crypto markets can be very volatile,” Philip Gradwell, chief economist at crypto data tracker Chainalysis, said by phone. “This is in some sense, nothing new if you’ve been in the industry for a few years.”Even by crypto standards, sentiment was looking stretched at the end of last week. Bitcoin soared in the lead up to Coinbase’s much-anticipated listing, bringing year-to-date gains to over 118% at one point. That enthusiasm spilled into so-called altcoins such as Dogecoin, which has soared more than 13,000% over the past year.The moves can be jarring. Roughly $9.3 billion in so-called long Bitcoin future positions were liquidated on Saturday, followed by another $700 million on Sunday, according to data from Bybt.com.Such a pullback in Bitcoin was “inevitable” given the degree of froth, Galaxy Digital founder Michael Novogratz tweeted over the weekend, adding that “we will be fine in the medium term” as institutions enter the space.Shifting the power dynamic in favor of the institutions will be the “Holy Grail” for Coinbase, BI analyst Julie Chariell said last week, given that corporations are less likely to dump their holdings as quickly as retail traders. Though individual investors made up just 36% of the exchange’s volume during the quarter ending Dec. 31, more than 90% of Coinbase’s revenue came from retail trades.Whether the cryptocurrency exchange is successful remains to be seen. But even should Bitcoin carve out a place in portfolios and on corporate balance sheets beyond the likes of MicroStrategy Inc. and Tesla Inc., the weekend will likely still belong to the individual investor.“The retail investor still dominates the crypto market,” Steven McClurg, CIO at Valkyrie Investments, said in a phone interview. “When you see action like that over the weekend, that’s just when all the institutional traders are asleep or not working.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • IBM Shares Jump on Biggest Revenue Growth Since 2018

    (Bloomberg) -- International Business Machines Corp. shares jumped in extended trading after the company reported its biggest revenue gain in eleven quarters, driven by demand for cloud services and suggesting Chief Executive Officer Arvind Krishna’s turnaround plan is starting to bear fruit.Sales increased 1% to $17.7 billion in the three months ended Mar. 31, the Armonk, New York-based company said Monday in a statement. That beat the $17.3 billion analysts had forecast, on average, according to data compiled by Bloomberg.IBM reported first-quarter revenue growth in three of its five business segments, including Cloud and Cognitive Software, which saw a sales increase of 3.8% from a year earlier to $5.4 billion. The Global Business Services unit, which includes consulting, and the Systems unit, which includes hardware and operating systems software, also posted year-over-year sales increases.April marks a full year at the helm for Krishna, who took over as CEO from Ginni Rometty with plans to focus on artificial intelligence and the cloud to revive growth after years of stagnation. Krishna has reorganized the 109-year-old tech giant around a hybrid-cloud strategy, which allows customers to store data in private servers and on multiple public clouds, including those of rivals Amazon.com Inc. and Microsoft Corp. Total cloud revenue increased 21% to $6.5 billion in the first quarter.Krishna said he is “confident” IBM will deliver revenue growth in the second quarter and the rest of the year. “We will exit 2021 in a stronger position than we started,” he said on a conference call after the results were released.The shares increased as much as 4.9% in late trading, after closing at $133.12 in New York. The company has gained 5.8% so far this year compared with an increase of 11% for the S&P 500.Krishna attributed “increasing client adoption of our hybrid-cloud platform,” as well as growth in software and consulting, to helping the company “get off to a solid start for the year.”Last October, Krishna spun off IBM’s managed infrastructure services unit into a separate publicly traded company, which will be called Kyndryl and be based in New York. The division, currently part of IBM’s Global Technology Services division, handles day-to-day infrastructure service operations like managing client data centers and traditional information-technology support for installing, repairing and operating equipment. The unit, IBM’s biggest, has seen business shrink as customers embraced the shift to the cloud, and many clients delayed infrastructure upgrades during the pandemic. It was one of only two of IBM’s units to see revenue decline in the first quarter, with sales down 1.5%, to $6.37 billion. The spinoff is scheduled to be completed by the end of this year.IBM also said revenue from Red Hat, which it bought in 2019 for $34 billion, gained 17% in the first quarter.Earnings excluding some costs were $1.77 a share, beating the average analyst estimate of $1.65. Gross margin was 47.3%, compared with the 47.2% analysts expected.(Updates with CEO comments in the fifth paragraph. An earlier version of this story was corrected to remove reference to Cloud and Cognitive Software being the biggest unit.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • India is already a major IT supplier for the US—can it be more?

    "Only five US industry sectors—all manufacturing-based—have become dependent on China, whereas just about every industry now relies on India for IT."

  • IBM quarterly sales growth highest in over two years on cloud strength

    International Business Machines Corp recorded highest quarterly sales growth in more two years and beat Wall Street targets on Monday, boosted by its bets in the high-margin cloud computing business. Finance chief James Kavanaugh said cloud spending by clients in retail, manufacturing and travel industries in the United States was picking up after the initial pandemic-driven slump. Sales from its cloud computing services jumped 21% to $6.5 billion in the quarter.

  • During Bitcoin’s Latest Price Crash, ‘Tether Premium’ Shows Where Money Went

    The stablecoin's price in dollars surged during the recent market correction to the highest since the "Black Thursday" sell-off in March 2020.

  • GBP/USD Price Forecast – British Pound Pulls Back From Big Figure

    The British pound initially tried to break above the 1.40 level on Tuesday but gave back the initial gains as we may have gotten to that level far too quickly.

  • It’s time to revisit the job descriptions of managers

    New research ties the mental health of managers to the number of "illegitimate tasks" they feel they have to do as part of their job.

  • USD/JPY Forex Technical Analysis – Trade Through 108.407 Changes Main Trend to Down with 108.230 Next Target

    The direction of the USD/JPY on Monday is likely to be determined by trader reaction to 108.966.

  • Lockheed Martin raises outlook, beats earnings estimates

    U.S. weapons maker Lockheed Martin Corp increased its outlook for 2021 sales and profit as it reported better-than-expected quarterly profits on Tuesday, helped by higher sales and profits at its unit which makes ships and helicopters. Though the maker of the F-35 fighter jet increased the midpoint of its full-year revenue outlook slightly to $68 billion, the estimate is below Wall Street's average estimate of $68.17 billion. One big potential dampener for defense companies' profits was removed earlier this month when U.S. President Joe Biden's proposed a flat defense budget for 2022 despite calls from progressive Democrats to reduce Pentagon spending.

  • Exclusive: Fed will limit any overshoot of inflation target, Powell says

    The U.S. economy is going to temporarily see "a little higher" inflation this year as the recovery strengthens and supply constraints push up prices in some sectors, but the Federal Reserve is committed to limiting any overshoot, Fed Chair Jerome Powell said in an April 8 letter to Senator Rick Scott. "We do not seek inflation that substantially exceeds 2 percent, nor do we seek inflation above 2 percent for a prolonged period," Powell said in a five-page response to a March 24 letter in which the Florida Republican raised concerns about rising inflation and the U.S. central bank's bond-buying program. Those modifiers - "substantially" exceeding 2% inflation or above that level for a "prolonged" period - help to more sharply define the upper bounds of the Fed's comfort zone as prices rise.

  • Australia's Orocobre buying Galaxy for $1.4 billion to create world No.5 lithium miner

    MELBOURNE (Reuters) -Australian lithium miner Orocobre Ltd is buying smaller domestic peer Galaxy Resources for $1.4 billion to create the world's fifth most valuable producer of the key raw material for electric vehicle batteries. The all-stock deal for A$1.78 billion ($1.38 billion)announced on Monday, which will also establish Australia's most valuable lithium miner with a A$4 billion market capitalisation, comes as demand for the material is booming amid a jump in global sales of electric vehicles. The new entity will have hard rock, brine, and chemicals assets across Australia, Argentina, Canada and Japan, and will be able to accelerate development and sell into global markets.

  • Putin’s Answer to U.S. Sanctions Is More Economic Isolation

    (Bloomberg) -- Russian President Vladimir Putin is likely to respond to the latest round of U.S. sanctions threats as he has to past ones: by speeding his drive to make Russia’s economy more self-sufficient.In the seven years since Russia’s annexation of Crimea, Putin’s government and central bank have stripped back the country’s exposure to dollars, shifted assets out of the U.S. and sold a smaller share of its debt to foreigners.“The Americans are saying: be careful or we could do more, but Russia is just going to continue down the path toward economic autarky,” said Elina Ribakova, deputy chief economist at the Institute of International Finance in Washington.The administration of U.S. President Joe Biden is keeping the threat of sanctions hanging over Russia even after a sweeping round of penalties imposed last week. On Sunday, the U.S. warned of “consequences” if jailed opposition activist Alexey Navalny dies in prison.These four charts show how Putin has responded to past rounds of sanctions by increasing Russia’s economic isolation.The share of gold in Russia’s $581 billion international reserves jumped above dollars for the first time on record last year following a multi-year drive to reduce exposure to U.S. assets. The precious metal made up 24% of the central bank’s stockpile as of the end of September 2020, the latest date for which the breakdown is available. The share of dollar assets was 22%, down from more than 40% in 2018.That trend also shows up in the share of Russia’s international reserves held in the U.S., which plummeted to just under 7% by the end of September, down from about 30% before the Crimea annexation. Most of the shift happened in the second quarter of 2018 just after sanctions on aluminum giant United Co. Rusal revealed how vulnerable Russia was to sanctions.What Our Economists Say...Russia’s resilience to successive waves of sanctions provides a false sense of security. With the U.S. running out of options, the next round could be more disruptive, and the measures already in place are holding back trade and investment.-- Scott Johnson, Bloomberg EconomicsOf course, there’s only so much that Russia can do without cutting itself off entirely from the global economy. But officials in Washington are also restrained by the fact that if they go too far (as they did with the Rusal sanctions that were later revoked), they risk sending tremors through global markets.Acting on a pledge by Putin to “de-dollarize” trade, Russia has been slowly cutting back on use of the greenback in its exports with the European Union, China and India. The euro has almost overtaken the dollar in Russia’s trade with the EU and has already surpassed it in exports to China. About two-thirds of Russia’s exports to India, meanwhile, are paid for in rubles.How Virus-Panicked Markets Showed Dollar’s Still King: QuickTakeLast week’s penalties included a ban on purchases of bonds on the primary market, so the next big targets could be secondary-market debt and Russian banks’ access to the financial messaging system used for most international money transfers. Russia is already looking for alternatives to the system, known as SWIFT, to make itself less vulnerable, though attempts so far haven’t led to much.One reason the Finance Ministry wasn’t too concerned about the latest sanctions measure on government debt is that Russia has mostly been selling to local banks at its weekly auctions anyway. Borrowing was ramped up during the pandemic even though foreign demand was weak, which increased the overall size of the market and pushed down the share of foreigners.U.S. banks can still buy new debt on the secondary market after the penalties come into force in mid-June. Russia is “well positioned” for a near term market disruption because it has a high cash buffer and demand from local banks is “robust,” Fitch Ratings said in a research note published late on Friday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Australia's Afterpay considers U.S. listing as 'buy now, pay later' takes off

    (Reuters) -Australian buy-now-pay-later company Afterpay said on Tuesday it is exploring a U.S. listing after North America became its biggest market, offering global investors an easier path to owning a stock that has boomed through the pandemic. Afterpay has tapped Goldman Sachs to advise on the listing, two sources with direct knowledge of the matter told Reuters. Goldman declined to comment.