Seaborne iron-ore demand would rise moderately, from 1.5-billion tonnes in 2019 to 1.6-billion tonnes in 2030, according to the Minerals Council of Australia (MCA)’s outlook for commodity demand. Refined copper demand pinned at 31.1mn mt in 2030.
Stimulated growth in the Asia Pacific and other countries to drive the recovery from the COVID-19 pandemic through industrialisation and modernisation bodes well for commodities, states the MCA report.
Productivity growth and rising urbanisation are expected to increase demand for steel, zinc and copper for use in housing, industries and city and transport infrastructure projects. Demand for power and electric appliances will boost demand for aluminium and rare earth metals and silver. The push for zero-emissions will also require more metals like copper, nickel, uranium and lithium.
MCA’s commodity demand outlook for 2030
* Seaborne iron ore demand to increase from 1504mn mt in 2019 to 1,616mn mt in 2030
- * Primary aluminium demand to grow by 45.5pc from 65.1mn mt in 2019 to 94.7mn mt by 2030
- * Zinc consumption to rise steadily from 13.7mn mt in 2019 to 15.3mn mt in 2030
- * Refined copper to increase gradually from 23.5mn mt in 2019 to 31.1mn mt in 2030
- * Nickel demand to spike by 67pc from 2.4mn mt in 2019 to 3.9mn mt in 2030
- * Demand for lithium carbonate equivalent to increased rapidly from 313,000mt in 2019 to 1,465,000mt by 2030
- * Demand for imported coal to rise by 23.5pc from 947mn mt in 2019 to 1170mn mt in 2030