American fertilizer traders are exploiting a price gap created by the Gulf conflict to redirect phosphate supplies overseas, purchasing domestically available product at comparatively lower US prices and shipping it to international buyers in Latin America and India who are willing to pay steep premiums amid war-driven global supply tightness.

More than 100,000 short tons of phosphate fertilizer have been bought for re-export since late February, diverting volumes that American farmers may need in coming seasons and adding upward price pressure to a domestic market already strained by years of elevated input costs.

Across Europe, defence firms are facing a paradox: the post-Ukraine war surge in military spending has created a historic growth opportunity, but the continent’s defence sector is bumping up against a severe shortage of skilled workers. This growing labour bottleneck is threatening to undercut Europe’s ability to deliver on its pledges to boost military production, reduce dependence on U.S. weapons, and rebuild its defence industrial base.

PBS Group, a Czech company that makes engines for missiles and drones, is eager to expand output—but it can’t find enough people. Based in Velka Bites, southeast of Prague, PBS has already raised wages by 8% and plans another 10% hike in 2025. Yet, even with better pay and job security, attracting the welders, technicians, engineers and software specialists needed to meet booming demand has proven difficult.

The global steel industry, responsible for about 8% of total carbon emissions, faces a stark paradox: decarbonizing steel production is technically achievable but economically prohibitive under current market structures. This dilemma—fully evident at this week’s Singapore International Ferrous Week—highlights a painful truth: the technology to eliminate emissions from steelmaking exists, but the cost of deploying it at scale remains a formidable barrier, and no one yet wants to foot the bill.

At the heart of green steelmaking is a shift away from coal-based blast furnace methods toward direct reduced iron (DRI) and hot-briquetted iron (HBI) technologies powered by green hydrogen—hydrogen generated from renewable energy sources like solar and wind. When combined with electric arc furnaces (EAFs), this process can slash emissions from the current industry average of 1.8 metric tons of CO₂ per ton of steel down to as low as 200 kilograms.