Reduced pellet supplies in Western Europe and the U.K. resulting from sanctions on Russia has produced a supply shock that has vastly increased prices. Supply shock occurs when a significant portion of a good or service is no longer available in the market and substitutes are scarce or non-existent. Russia’s invasion of Ukraine and the resulting sanctions placed on Russia have created a supply shock in the European heating pellet market. The global pellet supply has been, on average, sufficient to meet demand. Local seasonal ...
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