Industrial Metals Update Global Steel Production (Jan. 2024) The year-on-year contraction in global steel production in January masks a sizeable monthly increase in output in China and India. Production in both countries should grow further over the next few... 23rd February 2024 · 2 mins read
Energy Update Carbon price not out of the woods yet This Update marks the launch of our EU carbon price forecasts and coverage, including an in-depth mini-series on key market and price dynamics, and an accompanying dashboard to track market drivers... 22nd February 2024 · 0 mins read
Industrial Metals Update Global Aluminium Production (Jan.) Global aluminium production was unchanged in January compared to December. This reinforces our view that production growth will soften this year. 20th February 2024 · 2 mins read
Industrial Metals Update Europe's aluminium industry not dead yet Higher aluminium prices and lower production costs should incentivise Europe’s smelters to restart some production in both 2024 and 2025. The introduction of CBAM in 2026 means prices will then... 15th February 2024 · 3 mins read
Industrial Metals Update Wave of supply will keep nickel prices low We think the huge expansion in nickel supply will keep the market balance in a sizeable surplus this year. Accordingly, we don’t think the price will muster a recovery from its recent slump. 12th February 2024 · 2 mins read
Commodities Update Some positives in China’s PMI data China PMI surveys showed some signs of strengthening in January. But we still think they understate the strength of metals demand, which we expect to hold up fairly well this year. Note: Join our... 1st February 2024 · 2 mins read
Industrial Metals Update Global Steel Production (Dec. & 2023) Global steel production reportedly stagnated last year. We think it probably will again in 2024 as a drop in production in China should offset increasing output by most other producers. 25th January 2024 · 2 mins read
Industrial Metals Update Real metals prices are high and have further to rise Compared to their pre-pandemic averages, metals prices are high even after adjusting for inflation. We think that as green transition-related demand increases and monetary easing gets underway, real... 25th January 2024 · 4 mins read
Industrial Metals Update Global Aluminium Production (Dec. & 2023) Global aluminium production growth slowed to 2.3% in 2023 from 2.9% in 2022. We think softening output growth in China will cause global growth to fall back again this year. 22nd January 2024 · 2 mins read
Industrial Metals Update Green demand to spur copper price gains in 2024 After a subdued 2023, we think the copper price will fare much better this year. We expect supply growth to moderate, while demand growth will be bolstered by the green transition. 19th January 2024 · 3 mins read
Commodities Update China’s PMIs still underplaying commodity demand China PMI surveys suggest that the economy lost momentum in December, but we suspect that the surveys are not reflecting economic reality. Activity and import data all point to resilient commodity... 2nd January 2024 · 3 mins read
Industrial Metals Update Global Steel Production (Nov.) The monthly falls in China’s steel production continued in November, but output over the year is almost certain to be higher than in 2022. Production in India grew quickly and should remain strong... 21st December 2023 · 2 mins read
Industrial Metals Update Global Aluminium Production (Nov.) After hitting a new record in October, global aluminium production slipped back in November. We suspect that the new record will not be toppled in the coming months owing to power rationing in China... 20th December 2023 · 2 mins read
Commodities Update Aside from oil, China’s imports on solid ground China’s commodity imports mostly rose in November, but there was a sharp drop in crude oil imports. We think that non-oil commodity import volumes will hold up in the coming months on the back of... 7th December 2023 · 2 mins read
Industrial Metals Update Zinc glut to shrink in 2024 Even though zinc supply growth is likely to remain solid owing to strong growth in China and easing input cost constraints in Europe, we think that those factors will be outstripped by a recovery in... 7th December 2023 · 3 mins read
Commodities Update China’s PMIs may be understating commodity demand China PMI surveys suggest that the economy flatlined in November, but there was good news for commodity demand with the relative strength in the construction PMI. We suspect that underlying activity... 1st December 2023 · 2 mins read
