Metals & Mining Snapshot: Focus on demand response Report

Insight 12 June 2020

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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.

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