The global metals and mining sector outlook has changed from "positive" to "stable", as a new report from Moody's Investors Service found that although prices for most metals surpassed historic marks, this does not mean they will recover from current levels.
Despite expected high overall demand for metals and mining during the period, current high price levels are expected to subside. Moody's sees most base metal prices show signs of stability in 2022 after hitting historic highs this year.
In its report covering the medium-term outlook for iron ore, steel, coal, aluminum, gold, silver, nickel, copper and zinc, Moody's expects most prices to surpass historical marks.
“We expect industry earnings before interest, taxes, depreciation and amortization to increase approximately 8% through mid-2022, based on the economic recovery that supports demand for base metals, iron ore, steel and coal,” said Barbara Mattos, Moody's Senior Vice President.
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