Metals and mining: will 2022 be the year of rebalance?

January 25, 2022 / www.woodmac.com / Article Link

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Last year presented a unique challenge to metals and mining players: how to make sense of disorientating price volatility and a dizzying array of market signals. We expect 2022 to provide some respite from the frenetic pace of 2021 – but of course things won't change overnight.

From an economic perspective, it looks set to be a year of narrowing extremes but widening uncertainty for the metals and mining sector. If last year was all about rebound, then 2022 could well be characterised by rebalance. Much of the evidence points to a year of lower demand growth. Look for stimulus to wane, fiscal and monetary policy to tighten, and supply chains to refill. In this environment, commodity prices could settle from the extraordinary highs of 2021.

Metals and mining corporates: decisions, decarbonisation and discipline

For the diversified miners this will be a pivotal year. In the wake of COP26, mining companies are even more acutely aware of the outside perception of the sector, and the challenge that represents.

Yet the world needs mining companies to shift more material than ever before in 2022. Miners can unlock a faster decarbonisation pathway by accelerating production of the very building blocks of low-carbon technology. Will they position themselves as agents of change?

Read Metals and mining corporate: five things to look for in 2022 for our view on:

  1. Decision time for coal assets
  2. M&A – expect a measured approach
  3. Miners look for new domains
  4. Tightening decarbonisation targets, not budgets
  5. Cost inflation and lower prices to limit dividend growth

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Plus, find out how key themes play out for different metals and mined commodities:

Aluminium

Battery raw materials

Bulk alloys

Cathode and precursor

Cobalt

Copper

Gold

Graphite

Iron ore

Lead

Lithium

Metallurgical coal

Nickel

Noble alloys

Rare earths

Steel

Thermal coal

Zinc

Plus: Sustainable smelting

 

 

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