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Summary
Rattled by the US-Israel war on Iran, metals markets have shifted its focus from US tariffs to the Strait of Hormuz—the economic flashpoint of broadening conflicts in the Middle East. The consequences are global, with rising energy costs and logistical bottlenecks rippling across supply chains, thereby exacerbating regional imbalances on energy security and natural resources.
Across metal cost structures, inflation has been principally driven by fuel shortages, sharply rising ocean freight rates, and a surge in critical reagents prices including sulphuric acid. Energy intensive and bulk commodities such as iron ore, manganese, nickel and copper are most exposed, with producers facing immediate pressure on site operating costs.
For mining sector activity, fundraising remained robust given lower interest rates and elevated metals prices, leading to increased capital raising activities. Drilling activity rebounded after a period of weakness and positive milestones accelerated, but the announcements of initial resources slowed down.
Join our analysts for a recap of the eventful March 2026 quarter and discussions regarding our near-term outlooks.
- Macroeconomic and geopolitical challenges
- Commodity price trends, mine costs and emissions
- M&A, finance, exploration and development metrics
Moderator
S&P Global Energy
Mark Ferguson
Director, Metals & Mining Research
Mark Ferguson is the Research Director for the Metals & Mining Research group at S&P Global Energy. Having worked for previous iterations of the division since 2004, he has extensive experience in producing exploration and supply-side studies and topical research for the mining sector.
Increasingly focused on energy transition-related needs pertinent to the metals & mining sector, the Research team tracks the industry’s upstream efforts while assessing demand and price expectations for key industrial and battery metals.
Mark holds a Bachelor of Science in Geology/Geography from Saint Mary’s University, and an MSc in Earth Sciences from Dalhousie University.
Speakers
S&P Global Energy
Aude Marjolin
Principal Analyst, Gold & Non-Ferrous Markets
Aude Marjolin is an Associate Research Analyst in the Metals and Mining Research team of S&P Global Energy. She is responsible for delivering the monthly Consensus Metals Price analysis and reports on various commodities covered by the team. She was previously a Senior Commodities Editor in the Market Intelligence division, providing support to the Metals and Mining team. Aude's background is in theoretical chemistry, and she worked at the University of Pittsburgh prior to joining S&P Global. Aude received her BSc in materials science from the Université Paris XII Val de Marne and her MSc and PhD in chemistry from the Université Pierre et Marie Curie.
Aude Marjolin is a Commodities editor, covering Energy and Metals & Mining research.
Her experience in providing peer-review for and editing research papers for scientific publications has translated well to the commodities industry. Aude especially enjoys working on texts in English as a Second Language.
She has been building the position by establishing procedures and reference documents and has also been the liaison between Commodities and various other teams. Specifically, Aude has been working with Operations to develop workflows for and Production to offer data visualization support to Commodities.
Aude is a happily reconverted theoretical chemist, who received her degrees from the University Pierre and Marie Curie in Paris.
In her one-woman office in Tonganoxie, Kans., she is assisted by Baby Clara and Kitties Ash and Willow, who often pop in on meetings.
S&P Global Energy
Mitzi Sumangil
Associate Commodity Analyst
Mitzi Sumangil is a Principal Analyst in the Metals & Mining Research team at S&P Global Energy. Now based in Manila, she currently focuses on the zinc market while also contributing to the team’s copper and nickel market coverage. Prior to commodity analysis, her technical and strategic work included long-term mine planning and geology, as well as business and project development. A licensed mining engineer, she holds a BSc Mining Engineering degree from the University of the Philippines.
S&P Global Energy
Jessica Delacruz
Analyst - Mine Economics and Emissions
Jessica is an Analyst with S&P Global Energy, specializing in the Mine Economics & Emissions team. In her role, she provides critical support through comprehensive cost analysis, insights into mining economics, and assessments of emissions-related data for industry stakeholders.
With a strong background in metals and mining data research, Jessica leverages her expertise as a metallurgical engineer, having graduated from the University of the Philippines.
Questions?
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