The World Bank’s metals and minerals price index stabilised toward the end of 2021 but remained more than 35 per cent higher than a year earlier.
The World Bank said this in a report on Monday titled ‘Metal prices stabilise amid moderate demand growth and rising input costs’.
It stated that, “Metal prices have been supported throughout the year by supply curtailments due to energy shortages and shipping bottlenecks as well as strong demand.
“The exception is iron ore, where a rebound of exports from key producers (including Australia and Brazil) and cuts of steel production by China pushed prices back to pre-pandemic levels.
“Iron ore prices were down 55 per cent during the period June to November 2021 compared to a year earlier.”
Following a nearly 50 per cent increase in 2021, it stated that the metals and minerals price index is projected to fall slightly in 2022 as supply bottlenecks ease further.”
Over the longer term, the global energy transition away from fossil fuels is expected to increase demand for some metals, particularly aluminum, copper, nickel, and tin, the report said.
Source PUNCH
