Commodities Weekly All eyes will remain on China It was a fairly quiet week in commodity markets. The only notable move was a slump in natural gas prices. The EU eventually agreed its long-discussed natural gas price cap early in the week, but it... 23rd December 2022 · 6 mins read
Metals Data Response Global Steel Production (Nov.) Global steel output is now firmly in contractionary territory by any measure. With several headwinds unlikely to relent soon, it is likely that output will weaken even further from here. 22nd December 2022 · 2 mins read
Commodities Weekly Huge risks associated with China reopening The raft of inflation data and central bank policy decisions were key drivers of prices this week, but to some extent China stole the show. We now think that a dismantling of the zero-COVID policy is... 16th December 2022 · 6 mins read
Commodities Outlook The global recession isn’t done with commodities yet Tight financial conditions and China’s biggest COVID outbreak yet mean global economic growth will slow further in the first quarter of next year, dragging most commodity prices lower. The slowdown... 16th December 2022 · 2 mins read
Metals Data Response Global Steel Production (Oct.) Global steel production growth is deteriorating a bit faster than we had thought. Even very flattering base effects failed to keep steel output growth in positive territory. With global economic... 22nd November 2022 · 2 mins read
Metals Data Response Global Steel Production (Sep.) Although base effects will boost output in y/y terms in the final months of this year, the bigger picture is that slower economic activity and still-high energy costs will weigh on global steel demand... 25th October 2022 · 2 mins read
Metals Data Response Global Steel Production (Aug.) A pick-up in supply from China boosted global steel production in August. However, with economic activity starting to slow and high energy costs across the world, the outlook is for steel production... 22nd September 2022 · 2 mins read
Commodities Weekly Energy supply concerns take a back seat… for now Energy markets took centre stage this week as demand concerns outweighed supply concerns, dragging prices down. Even the decision by OPEC+ on Monday to cut oil output quotas for October by 100,000 bpd... 9th September 2022 · 6 mins read
Commodities Weekly Supply concerns take a back seat, for now Growing fears about demand hit all commodity groups hard this week as China tightened restrictions in response to renewed virus outbreaks. Energy prices took a big leg down from their highs reached... 2nd September 2022 · 6 mins read
Commodities Update Demand outlook deteriorating The latest manufacturing PMIs out of China and emerging Asia point to a worsening demand outlook for commodities, but especially industrial metals. This adds weight to our view that industrial metals... 1st September 2022 · 2 mins read
Commodities Weekly Natural gas and coal prices to stay higher for longer We’ve raised our near-term natural gas and coal price forecasts across the board this week to account for the recent slump in Russian natural gas exports to Europe, the likelihood that those exports... 26th August 2022 · 6 mins read
Metals Data Response Global Steel Production (July) Global steel production fell at a faster pace in July. The latest data are broadly consistent with our view that supply will fall this year, which should put a floor under prices even with soft demand... 23rd August 2022 · 2 mins read
Commodities Weekly Natural gas price knows no bounds It was another week of soaring natural gas prices as LNG demand from Asia appears to have picked up and the energy crisis in Europe deepens by the day. Ultra-dry and hot weather across Europe is... 19th August 2022 · 6 mins read
