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Metals & Mining Snapshot: Focus on demand response
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Report summary
Wood Mackenzie's metals and mining teams have published their short-term outlooks. This month’s snapshot is a synthesis of the short-term outlooks which our teams released last week. The overriding theme was an improvement in sentiment as positive news came from China about capacity utilisation and most notably, government stimulus. This comes in sharp contrast to ex-China demand, which in many cases is not expected to reach 2019 levels again until 2022 or later. To set the scene, this is what our Beijing-based research analysts summarize as the key elements of the stimulus announcements. We will then outline the impact on mined commodities as well as other takeaways from the latest short-term outlooks.
Table of contents
- Steel: China unbelievable, Europe dreadful and the US will be construction-lead
- Iron ore: China to the rescue
- Metallurgical coal: Weakness continues but expect a solid finish in 2020
- Lead: Industry braces for post-lockdown supply surge
- Copper: Outcomes from the Two Sessions support our copper demand forecast
- Aluminium: Chinese infrastructure and ex-China demand hold the key to recovery
- Zinc: Demand to rebound sharply but huge risks remain
- Nickel: Market to tip back to surplus in 2020
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