Insight
Perspectives - Metals and Mining - April 2026
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
At the outset of the year, there was little to suggest how rapidly tensions in a narrow Middle Eastern strait would escalate and impact metal markets. Prices have reacted sharply, with aluminium and thermal coal rising 22% and 24% year-to-date, driven by supply disruptions and energy substitution effects respectively. Aluminium is the most directly impacted metal, with 3-4 Mt of supply disrupted. Steel markets are also exposed, given the Middle East’s 16% share in global semi-finished exports, while other metals face cost pressures from energy and logistics. Meanwhile, battery materials remain strong, with lithium up 33% year-to-date, supported by supply constraints and resilient demand tied to energy storage, AI infrastructure, and electric vehicle growth. “Perspectives – Metals and Mining” is designed to give our clients a broader view of market dynamics across the sector. It provides a concise cross-commodity narrative. Please download the report to read more.
Table of contents
- Executive Summary
Tables and charts
This report includes the following images and tables:
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Price reaction through the conflictPrice growth benchmarked to three years average (2022-2024)Capital allocation plans for 2026-2030
What's included
This report contains:
