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According to the latest forecast from international consultancy Fitch Solutions, miners and metals producers should see a more favorable pricing environment in 2021, as prices for almost all minerals and metals (except iron ore) are expected to start moving higher
in 2021.
Fitch noted that while metal prices began to see an impressive recovery in the second quarter of this year, following a decline due to COVID-19 at the beginning of the year, metal prices will still fall
on average year-on-year in 2020.
Fitch said prices will be supported
by a broader and deeper global economic recovery amid optimism that a COVID-19 vaccine is expected to come out.
Access to vaccines will also help reduce business disruptions
seen in several major mining countries, including Peru and South Africa, in 2020.
Fitch said the mining and metals business will improve
in 2021 due to major disruptions in 2020 due to lockdowns imposed by the government and stricter health and safety protocols.
This is especially true for copper markets, as Peru and Chile, which account for a large portion of mine production, have been severely affected by the pandemic and subsequent supply pick-ups could limit prices
to some extent.
Meanwhile, Fitch forecasts a sharp pick-up in global mineral and metals demand in 2021 as China's metal consumption remains strong
as infrastructure projects continue to progress, supported by COVID-19 stimulus.
Other countries that have disrupted and been affected by mining and metals operations due to lower final demand will see a significant recovery in production, such as the United States, the European Union, Japan and India
.
Fitch noted that while this is essentially a slow-moving long-term trend, the accelerating decarbonization strategy and corporate environmental, social and governance (ESG) initiatives mean that demand for renewable energy infrastructure and electricity production, as well as certain metals used in automotive batteries, will be supported
in 2021 and beyond.
Fitch believes that with the improvement in the production and consumption of minerals and metals in 2021, the outlook for miners and metal producers next year will be positive
.
Due to increased supply (iron ore prices and coking coal), the price of steel will fall, which will help the industry's profit margin recovery
.
Gold producers will continue to be supported
by higher prices.
Fitch expects mining and metals capital expenditures to improve in 2021 compared to
2020.
According to the latest forecast from international consultancy Fitch Solutions, miners and metals producers should see a more favorable pricing environment in 2021, as prices for almost all minerals and metals (except iron ore) are expected to start moving higher
in 2021.
Fitch noted that while metal prices began to see an impressive recovery in the second quarter of this year, following a decline due to COVID-19 at the beginning of the year, metal prices will still fall
on average year-on-year in 2020.
Fitch said prices will be supported
by a broader and deeper global economic recovery amid optimism that a COVID-19 vaccine is expected to come out.
Access to vaccines will also help reduce business disruptions
seen in several major mining countries, including Peru and South Africa, in 2020.
Fitch said the mining and metals business will improve
in 2021 due to major disruptions in 2020 due to lockdowns imposed by the government and stricter health and safety protocols.
This is especially true for copper markets, as Peru and Chile, which account for a large portion of mine production, have been severely affected by the pandemic and subsequent supply pick-ups could limit prices
to some extent.
Meanwhile, Fitch forecasts a sharp pick-up in global mineral and metals demand in 2021 as China's metal consumption remains strong
as infrastructure projects continue to progress, supported by COVID-19 stimulus.
Other countries that have disrupted and been affected by mining and metals operations due to lower final demand will see a significant recovery in production, such as the United States, the European Union, Japan and India
.
Fitch noted that while this is essentially a slow-moving long-term trend, the accelerating decarbonization strategy and corporate environmental, social and governance (ESG) initiatives mean that demand for renewable energy infrastructure and electricity production, as well as certain metals used in automotive batteries, will be supported
in 2021 and beyond.
Fitch believes that with the improvement in the production and consumption of minerals and metals in 2021, the outlook for miners and metal producers next year will be positive
.
Due to increased supply (iron ore prices and coking coal), the price of steel will fall, which will help the industry's profit margin recovery
.
Gold producers will continue to be supported
by higher prices.
Fitch expects mining and metals capital expenditures to improve in 2021 compared to
2020.
