Perspectives - Metals and Mining - April 2026

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.