Fitch Solutions: Metal Prices to Average Higher in 2021

According to the report, the availability of Covid-19 vaccines will result in a broader and deeper economic recovery across the globe, which in turn will support metal prices.

SEATTLE (Scrap Monster): The most recent report published by Fitch Solutions says that almost all mineral and metal prices, with the exception of iron ore, are likely to average higher in 2021 on year-on-year basis. The prices will average at a lower level in 2020, despite the fact that the prices have witnessed huge recovery over the past several quarters.

According to the report, the availability of Covid-19 vaccines will result in a broader and deeper economic recovery across the globe, which in turn will support metal prices. The access to vaccine will also lead to reduction in disruption of mine operations. It must be noted that the mine operations faced widespread disruptions in 2020, on account of virus-induced lockdown and various health and safety protocols aimed at preventing the spread of the pandemic.

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Fitch Solutions forecasts robust recovery for metals and minerals demand in 2021. The ongoing boost to infrastructure projects should keep the Chinese demand strong as ever. The ratings agency maintained positive outlook for miners and metal producers. The thrust to ESG initiatives could lend support to metals such as copper nickel and aluminum. The steel sector profitability will witness strong pickup, mainly on account of improved supply. Also, gold miners will continue to be supported by high yellow metal prices, it added.

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