The outlook for the supply/demand balance in 2020 is looking far better than it has previously, which has given producers a stronger hand in negations with consumers.

Oil prices surged before recovering following Iran's attack on American forces in Iraq in retaliation for the assassination of Qassem Soleimani in a US air strike last week.

Winter gas prices at the US benchmark Henry Hub sank to a record low in December as an increasingly robust supply outlook for this season continues to drag on market sentiment.

Significant discounts for imported coal has sparked renewed interest from Chinese buyers leading to a recovery in metallurgical coal prices.

During 2020-2021, the refining industry will transition its downstream units towards higher levels of complexity and ramp up activity as it conforms to the International Maritime Organisation (IMO) 2020 regulation for refiners to reduce sulphur in fuel from 3.5% to 0.5%.

Prices in Atlantic markets remain muted as cheap gas, abundant LNG and warm weather conspire to maintain pressure on coal prices, despite carbon prices remaining below their highs from mid-year.

For the first eleven months of 2019, global steel production increased 2.7%; however, this has not been spread evenly. EU production declined 4.2%, and the driver of greater European growth, Turkey, has fallen 10.4%.

The US administration is planning to impose tariffs on steel from Brazil and Argentina, two countries which had previously been successful in negotiating a permanent exemption after the sweeping tariffs were first implemented in March 2018.

The copper outlook for 2020 look promising as global demand indicates a recovery from the lows seen in 2019. Renewed growth in China’s construction, utilities and transportation sector will lift consumption which could result in a supply deficit.

In response to the potential supply squeeze, downstream producers have started tapping into the exchange inventories to ensure consistent production over the short-term.

Despite a stabilization of the zinc market price during the December Quarter of 2019, AME still anticipates the potential for a subdued price in 2020 following the sustained supply surplus of concentrate in the market as it is realized into downstream refined zinc.

The US administration is planning to impose tariffs on aluminium from Brazil and Argentina, two countries which had previously been successful in negotiating a permanent exemption after the sweeping tariffs were first implemented in March 2018.