Insight
Perspectives - Metals and Mining - December 2025
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Since our last edition, the landscape has shifted again. New bilateral agreements with the US and a quiet realignment of trade routes have helped ease the impact of effective tariff rates. Still, fragility persists as the world awaits the US Supreme Court’s ruling, and the temporary one-year truce between the US and China continues to fuel uncertainty. Across commodities, the story is one of contrast. Demand is softening across several metals, yet low inventories are underpinning base-metal prices. Copper, aluminium, and zinc look set to hold their gains into 2026 on the back of tight supply. Battery materials diverge: lithium and nickel are still awaiting the next demand upswing, while cobalt faces a tightening market. In steel, China’s surplus capacity has pushed 2025 prices 13% below the 2022–2024 average, and iron ore is projected to further ease as new supply outpaces China’s seaborne demand.
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Perspectives - Metals and Mining - July 2025
A cross-commodity outlook
$1,050
Insight
Perspectives - metals and mining - February 2025
A cross-commodity outlook
$1,050
Insight
Two Paths, Two Tales: China and India in Metals and Mining
Why is India’s growth story different? More measured and geologically complex.
$1,050
