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Metals & Mining

Rated steel and aluminium producers outside China are bearing the brunt of COVID-19 impacts on the metals and mining sector. The collapse in demand has been met with production cuts and some government support but Q2 and 2020 as a whole will likely be worse than a weak 2019. For many miners - including the largest - and especially those producing gold and iron ore, COVID impacts have been most acute for those with suspended operations. Demand for battery metals as well as coal (and diamonds) has been hit. But China’s demand for iron ore, and to a lesser extent copper, together with some supply issues, has kept balances for those key products tighter than GDP declines would suggest.

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