Copper and iron ore join Steel at record high levels amidst the big commodity supercycle. The surge in demand coupled with the supply shortages seen worldwide have triggered the rally in commodities
The Biden administration’s newly announced stimulus that sets aside a big chunk of money towards infrastructure has also lifted expectations of a big surge in demand for commodities from Steel to Copper. Meantime, miners have not been able to keep up the pace. The world is seeing shortages of everything from semiconductor microchips to oil, lumber, copper, zinc and rare-earth minerals. Add to that China’s new steel supply reform and decarbonization drive that threatens to reduce the amount of Steel produced and supplied to the world.
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