Metals and mining: 5 things to look for in 2022
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Report summary
Table of contents
- Economy: A year of narrowing extremes, but widening uncertainty
- Supply: Investment muted despite supply constraints and earnings boom
- Decarbonisation: increased scrutiny to drive surge in low cost abatement
- Costs: Inflation to hasten margin decline
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China: Both underpinning and undermining commodity markets
- Steel: Chinese demand, urban mining, and supply chain constraints
- Iron ore: Diversifying supply and pressure on high quality products
- Metallurgical Coal: Chinese import needs and supply investment
- Thermal coal: China policy, the energy transition and supply investment
- Noble and bulk steel alloys : Chinese emissions control and new energy applications
- Aluminium: Demand may surprise on the upside and power-related curtailments on the downside
- Copper: Supply disruptions and stronger demand growth leading to stronger market fundamentals
- Lead: Low stocks and the potential for supply disruption could leave the market undersupplied
- Nickel: Tighter nickel market driven by continued strength in stainless and EVs
- Zinc: New concentrate supply to ease burden of high power prices on smelter economics
- Gold: Prices support strong exploration, mine life extensions and project development
- Battery Raw Materials: continued strong growth in EV sales and the rise of LFP battery adoption
- Cathode and precursor markets: shortage of battery materials and rising vertical integration
- Rare Earths: Demand surge conflicts with shortages and rising ESG risk of feedstock supply
- Sustainable smelting: Chinese emission policy a risk as smelters look to fast-track green technologies
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