Due to the rapid escalation of the Russia-Ukraine war, metal prices are rising to record highs as commodities remain short in supply. Russia is a prime supplier of aluminum, nickel, and palladium and, together with Ukraine, accounts for 7.5% of global iron and steel exports.
With upswing demand for coal and construction metals, the North American mining industry is rebounding. Investment bank Jefferies has stated that mining company shares would outperform over the next three years. Underinvestment in new mine capacity and decarbonization-driven demand is expected to result in tighter markets for some key commodities.
