- The platinum market will remain in deficit, supporting price growth of 29% in 2025, with further increases expected by 4% in 2026 and 2% in 2027.
Base Metals
- Price performance of base metals will depend on the state of global economic growth, production disruptions and political trade restrictions.
- Iron ore will decline by 10% in 2025 and continues to fall over the next two years, reflecting slowing demand in China and excess supply.
- Aluminum will grow moderately (1%) in 2026 and accelerate to 4% in 2027 due to strong demand for renewable energy and infrastructure.
- Nickel prices will stabilize after falling in 2025 (-9%), showing a slight increase of 1% in 2026 and 3% in 2027.
- Titanium expects moderate market strengthening with growth of 3% in 2026 and an additional 2% in 2027.
Other critical minerals
- The rare earth, lithium and cobalt market remains tight due to high trade barriers and growing demand for clean technologies.
- Although prices will remain below 2022 peaks, with further production expansion expected to be limited due to environmental concerns and long mine development lead times.
Key Risks
Forecasts are subject to significant risks:
- Geopolitical instability and increased sanctions could drive up gold and silver prices.
- A slower global economic growth than expected will reduce demand for industrial metals.
- Constraints on supplies of key minerals will add pressure to aluminum and copper markets.
