- Iron ore seen averaging about $93/ton in 2020, peaking at $100/ton in 2021 before easing to about $76/ton in 2022. Forecasts refer to spot ore with 62% content, FOB Australia.
- Thermal coal prices have stabilized in the December quarter and are forecast to average $63 ton in 2021, picking up to $64 ton in 2022.
- Australian metallurgical coal prices are seen averaging $125/ton in 2020, down from $179/ton in 2019, after a sharp slow-down in Chinese imports saw them fall to four-year lows in the December quarter. Prices are seen recovering to $134/ton in 2021 and $145/ton by 2022, although a price recovery is highly dependent on Chinese government policy, the report said.
- Asian liquefied natural gas spot prices are forecast to rebound to $5.70 per million British thermal unit in 2021, from $4 per mmbtu in 2020, as expectations for a colder-than-normal northern hemisphere winter drive a strong revival in demand. A positive outlook for long-term Asian consumption is seen driving further gains to an average $6.40 per mmbtu in 2022.
- Gold forecast is pared to $1,695 per ounce in 2021 and $1,560 in 2022, from $1,776 per ounce in 2020.
- Lithium spodumene prices are forecast to rise by around 17% to $510 a ton by 2022, driven by ongoing growth in electric vehicles and government “green” stimulus packages to boost the post-pandemic economic recovery.
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