Industrial Metals Update

China property contraction to hit metals prices hard

In light of our China team’s new non-consensus view that an aggressive slowdown in property sector construction seems almost inevitable in the years ahead, we have revised our price forecasts. We now...

10th April 2024 · 4 mins read

Industrial Metals Update

US steel prices on shaky foundations

US steelmakers are preparing for robust growth in steel demand over the next few years, however we think those expectations will fall flat. Steel demand from property construction is likely to fall...

5th April 2024 · 3 mins read

Commodities Outlook

Energy prices to cool, but metals to hold firm for now

We expect most commodity prices to fall over the next couple of years as greater supply enters the market. Industrial metals are the exception, China’s policymakers have stepped up stimulus in recent...

4th April 2024 · 33 mins read

Industrial Metals Update

Global Steel Production (Feb. 2024)

The robust increase in global steel production since the beginning of the year probably has a bit further to run since there are few signs that the two largest producers – China and India – will slow...

22nd March 2024 · 2 mins read

Commodities Chart Pack

Commodities Overview Chart Pack (Mar. 2024)

We expect oil prices to edge lower in the second half of 2024 as OPEC+ starts to unwind its production cuts. However, the Israel-Hamas war, and associated risks to supply, will act as a floor under...

12th March 2024 · 1 min read

Metals Chart Pack

Metals Chart Pack (Mar. 2024)

Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. Industrial metals demand will recover this year, boosted by rate cuts and a bit of a recovery in...

8th March 2024 · 1 min read

Commodities Update

China PMIs point to stable commodity demand

China’s PMI surveys suggest that manufacturing activity held steady in February and are consistent with stable, if unexciting, growth in commodity demand. That said, we continue to expect a near-term...

1st March 2024 · 2 mins read

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

Metals Chart Pack

Metals Chart Pack (Feb. 2024)

Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. Industrial metals demand will recover this year, boosted by rate cuts and stabilising economic...

2nd February 2024 · 1 min 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

Metals Chart Pack

Metals Chart Pack (Jan. 2024)

Our Metals Chart Pack has been updated with the latest data and our analysis of recent developments. Interest rate cuts across advanced economies this year will give some boost to economic activity...

3rd January 2024 · 1 min 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

Commodities Outlook

Metals to benefit in 2024 from green transition

We expect most commodity prices to rise in 2024 as major central banks loosen monetary policy and economic activity starts to pick up. Meanwhile, China’s policymakers have taken steps to support the...

15th December 2023 · 31 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