9,317.24 TRY BIST 100 BIST 100
5.24 CNY CNY CNY
43.29 EUR EUR EUR
38.18 USD USD USD
0.12 CNY CNY/EUR CNY/EUR
46.35 TRY Interest Interest
67.02 USD Fossil Oil Fossil Oil
40.44 USD Silver Silver
4.76 USD Copper Copper
98.08 USD Iron Ore Iron Ore
352.00 USD Shipbreaking Scrap Shipbreaking Scrap
4,152.75 TRY Gold (gr) Gold (gr)

Global metal prices in 2024: Stagnation and supply abundance pressures

BMI, the research agency of Fitch Solutions, forecasts a marginal improvement in global metal prices in 2024, mainly due to weak demand in China and a slowdown in global growth.

Global metal prices in 2024: Stagnation and supply abundance pressures

However, the World Bank forecasts a further decline in metal prices from 2023 levels as demand slows and supply is abundant, before stabilizing in 2025 as demand picks up.

On an annualized basis, most industrial metals and energy commodities are expected to rise in 2024 compared to 2023, BMI said. It attributes this to a weaker dollar, ongoing supply constraints and favorable sentiment. However, it warns that weak global growth and a slowing Chinese economy could limit price gains.

In terms of annual averages, BMI predicts that natural gas, iron ore, tin and aluminum will see the most significant increases in 2024 compared to 2023, while zinc will face the sharpest declines. The agency expects prices to remain between their 2022 highs and pre-COVID lows, with some volatility due to recession risks, geopolitical uncertainties, dollar fluctuations and the effects of El Niño.

In its Commodity Outlook report, the World Bank forecasts a steady decline in base metal prices through 2024, driven by weak economic activity in China and other major economies as well as improvements in supply. Prices are expected to fall by 12 percent in 2023 and 5 percent in 2024 compared to 2022. The report underlines that high borrowing costs outside China may reduce demand for metals such as lead and tin, which are widely used in industry and consumer durables.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

EDO and Jiangsu Changbao Steel Tube join forces for domestic pipe production in Oman

Monday, April 21, 2025

Solb Steel adds to its strategic partnerships

Monday, April 21, 2025

Nigeria and South Africa forge partnership in mining sector

Monday, April 21, 2025

AGPC reinforced its strength with 500 thousand tons of steel pipe production

Monday, April 21, 2025

Çolakoğlu Metalurji takes its place at Made in Steel 2025

Monday, April 21, 2025
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now