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The COVID-19 pandemic has affected several industries across the globe, particularly in power, manufacturing, and automotive, which are driving demand
for metals and minerals.
Verdict conducted a poll and the analysis of the results showed that the demand for metallurgical coal would be most affected
.
27% of respondents voted that metallurgical coal demand would be most affected during the year, followed by 23% who believed platinum demand would be the most affected, and 17% who believed copper demand would be the most affected
.
Another 17% of respondents believe that demand for iron ore and aluminum will be the hardest hit
in 2020.
The analysis is based on 453 responses
received from the Mining Technology section of Verdict between June 18 and August 10.
In the second quarter of 2020, coal demand fell
significantly as lockdown measures reduced electricity demand, which in turn reduced coal use.
The International Energy Agency (IEA) estimates that global coal demand will fall by 8% in 2020, which would be the largest decline
since World War II.
According to GlobalData, global coal production is expected to increase slightly by 0.
5%
in 2020.
However, coal demand is expected to remain stable
through 2024 due to increased demand in Asia, particularly China and India.
GlobalData also predicts that iron ore consumption will fall to 2.
8%
in 2020 as car sales decline.
Once the coronavirus pandemic is fully contained, demand is expected to rebound
.
Although production has not fully recovered, the outlook for platinum remains positive
.
Although the metal is likely to remain surplus for several years, a strong recovery
of copper is also expected.
Demand for aluminum is expected to decline as demand from end-users remains low
.
According to GlobalData, weak demand will also lead to a surplus
of primary aluminum in 2020.
The COVID-19 pandemic has affected several industries across the globe, particularly in power, manufacturing, and automotive, which are driving demand
for metals and minerals.
Verdict conducted a poll and the analysis of the results showed that the demand for metallurgical coal would be most affected
.
27% of respondents voted that metallurgical coal demand would be most affected during the year, followed by 23% who believed platinum demand would be the most affected, and 17% who believed copper demand would be the most affected
.
Another 17% of respondents believe that demand for iron ore and aluminum will be the hardest hit
in 2020.
The analysis is based on 453 responses
received from the Mining Technology section of Verdict between June 18 and August 10.
In the second quarter of 2020, coal demand fell
significantly as lockdown measures reduced electricity demand, which in turn reduced coal use.
The International Energy Agency (IEA) estimates that global coal demand will fall by 8% in 2020, which would be the largest decline
since World War II.
According to GlobalData, global coal production is expected to increase slightly by 0.
5%
in 2020.
However, coal demand is expected to remain stable
through 2024 due to increased demand in Asia, particularly China and India.
GlobalData also predicts that iron ore consumption will fall to 2.
8%
in 2020 as car sales decline.
Once the coronavirus pandemic is fully contained, demand is expected to rebound
.
Although production has not fully recovered, the outlook for platinum remains positive
.
Although the metal is likely to remain surplus for several years, a strong recovery
of copper is also expected.
Demand for aluminum is expected to decline as demand from end-users remains low
.
According to GlobalData, weak demand will also lead to a surplus
of primary aluminum in 2020.
