Metals and mining: predictions for 2025

Markets are waiting to be transformed in 2025. Accelerating deglobalisation and protectionism, coupled with the waning momentum of global climate initiatives post-COP29 is certainly a concern for metals demand and pricing this year. But strong power demand, plummeting costs for low-carbon technology in China, and a surge in renewable project investment will keep consumption levels high.

Hope and caution are both reasonable. While 2024 fell short of recovery expectations, the accelerating monetary loosening cycle and moderating cost inflation offer a silver lining next year. But will persistent overcapacity in value chains, particularly in China, keep prices range-bound?

Drawing on unique insight from Lens Metals & Mining, we’ve set out our view of the key themes to watch in the year ahead.

This includes: 

• Economy and markets: a positive change but patience required
• Supply chains in for another rocky year?
• Decarbonisation: compliance, costs, carbon offsets
• Low-emission technology deployment under pressure
• More transformational M&A on the way?

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Plus, scroll down for our view on how key themes will play out for different metals and mined commodities, from aluminium all the way through to zinc.