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Insight 19 December 2024

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Report summary

Markets are waiting to be transformed in 2025. Accelerating deglobalisation and protectionism, coupled with the waning momentum of global climate initiatives post-COP29 is certainly a concern for metals demand and pricing. But strong power demand, plummeting costs for low-carbon technology in China, and a surge in renewable projects will keep interest levels high. Hope and caution are both reasonable. While 2024 fell short of recovery expectations, the accelerating monetary loosening cycle and moderating cost inflation offer a silver lining next year. But persistent overcapacity in value chains, particularly in China, will keep prices range-bound.

Executive Summary
- 1. Economy and markets: A positive change but patience required
- 2. Supply chains in for another rocky year
- 3. Decarbonisation: Compliance, Costs, Carbon Offsets
- 4. Low-emission technology deployment under pressure
- 5. Corporate: Expect more transformational M&A