World Metal Prices – H1.2024
31 Dec.2023 – 30.Jun.2024
49 METALS & MINERALSPrecious Metals, Battery Metals, Uranium, Platinum Group Metals
Base Metals, Rare Earths, Minor Metals
* Critical Minerals
Metal Performance Leaders, H1.2024
Biggest Gainer H1.2024:Â Â Â Â Â Â Â Antimony (Sb)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +90.8%
Biggest Decliner H1.2024:Â Â Â Â Lithium Metal (Li)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â -30.2%
Antimony is classified as a Critical Mineral and is used in flame-retardants, batteries and munitions and by the solar sector. Last year China accounted for 48% of global supply and the Russian Federation accounted for a further 24% of global supply. The strong run-up in prices during H1.2024 has been driven almost entirely by supply side constraints and sanctions. The supply deficit is expected to continue.
Lithium prices continued their slide from the highs of 2022-2023 as expanding global lithium supply has pushed the market into surplus. Fitch Group now expects lithium prices to bottom in 2024 and recover throughout 2025 and 2026, but does not expect a recurrence of the elevated volatility and price discovery moves witnessed in the early 2020’s.
Precious Metals, H1.2024
Gold reached new all-time highs in all major currencies during H1.2024. Central Bank purchases continued to dominate the market. Purchases by official and private sector investors in China have been leading the surge in gold buying throughout 2023 and H1.2024.
In 1945, immediately after the second world war, the USA represented ~5% of the world’s total population but as much ~55-60% of global GDP. Today, the USA still represents ~5% of global population but only ~25% of global GDP, while China represents ~18% of global population and roughly ~18%* of global GDP. As the world’s economies, ex-USA, continue to grow, a trend of de-dollarization is expected to support longer term upward revisions in gold price while new trading relationships develop around alternatives to existing US dollar-based systems of international exchange. This trend may now be approaching an inflection point.
Silver demand continues to exceed supply, and many market observers see further dynamic upside prospects for silver. The long-anticipated reversion to the mean for the gold/silver ratio has begun. The ratio closed H1.2024 at 79.86 while the 53-year mean (calculated from 1970) is ~ 54.1. Reversion to the mean would imply a silver price target of ~ $43.00 (+48% from current levels) with no further change in gold price, a level almost certainly to be exceeded if reversion to the mean is to occur.
| Precious Metals | ∆ % | 30.Jun.2024 | 31.Dec.2023 | ||
| Gold (Au) | +12.7% | $ USD / oz. | $2,325 | $2,063 | |
| Silver (Ag) | +22.5% | $ USD / oz. | $29.14 | $23.78 | |
| Battery Metals | |||||
| CATHODE | |||||
| * Critical | Lithium Metal (Li) | -30.2% | $ USD / lb. | $6.00 | $8.59 |
| Lithium Carbonate (Li₂CO₃) | -5.6% | $ USD / lb. | $6.00 | $6.36 | |
| Lithium Hydroxide (LiOH.Hâ‚‚O) | -3.9% | $ USD / lb. | $5.44 | $5.66 | |
| * Critical | Cobalt Metal (Co) | +10.5% | $ USD / lb. | $14.30 | $12.95 |
| Cobalt Sulfate (CoSOâ‚„) | -6.3% | $ USD / lb. | $1.95 | $2.08 | |
| Cobalt Chloride (CoClâ‚‚) | -5.8% | $ USD / lb. | $2.40 | $2.54 | |
| * Critical | Nickel Oxide (NiO) | +28.9% | $ USD / lb. | $9.51 | $7.38 |
| Nickel Sulfate (NiSOâ‚„) | +7.5% | $ USD / lb. | $1.84 | $1.71 | |
| Nickel Chloride (NiClâ‚‚) | +4.0% | $ USD / lb. | $2.56 | $2.46 | |
| Vanadium Pentoxide (Vâ‚‚Oâ‚…) | -16.4% | $ USD / lb. | $5.10 | $6.10 | |
| Energy Metals | |||||
| * Critical | Uranium (U₃O8) | +2.6% | $ USD / lb. | $84.45 | $82.30 |
| * Critical | Platinum Group Metals | ||||
| Platinum (Pt) | +5.7% | $ USD/ oz. | $996.7 | $943.0 | |
| Palladium (Pd) | -16.7% | $ USD/ oz. | $975.9 | $1,171 | |
| Rhodium (Rh) | +13.9% | $ USD/ oz. | $4,700 | $4,125 | |
| Iridium (Ir) | -5.0% | $ USD/ oz. | $4,750 | $5,000 | |
| Ruthenium (Ru) | 0.0% | $ USD/ oz. | $425.0 | $425.0 | |
| Rhenium (Re) | +3.1% | $ USD/ oz. | $57.24 | $55.51 | |
| Base Metals | |||||
| * Critical | Nickel (Ni) | +1.3% | $ USD / lb. | $7.69 | $7.59 |
| * Critical | Copper (Cu) | +12.7% | $ USD / lb. | $4.30 | $3.81 |
| * Critical | Aluminum (Al) | +15.6% | $ USD / lb. | $1.15 | $0.99 |
| * Critical | Zinc (Zn) | +16.4% | $ USD / lb. | $1.32 | $1.14 |
| Lead (Pb) | +5.5% | $ USD / lb. | $0.98 | $0.93 | |
| * Critical | Heavy Rare Earths | ||||
| Gadolinium Oxide (Gd₂O₃) | -19.2% | $ USD / lb. | $10.76 | $13.32 | |
| Terbium (Tb) | -26.2% | $ USD / lb. | $442.9 | $600.4 | |
| Terbium Oxide (Tb₄O₇) | -27.8% | $ USD / lb. | $350.4 | $485.5 | |
| Dysprosium (Dy) | -27.5% | $ USD / lb. | $155.8 | $214.9 | |
| Dysprosium Oxide (Dy₂O₃) | -26.9% | $ USD / lb. | $119.4 | $163.3 | |
| Erbium Oxide (Er₂O₃) | +13.8% | $ USD / lb. | $20.34 | $17.88 | |
| Yttrium Oxide (Y₂O₃) | -1.2% | $ USD / lb. | $2.85 | $2.89 | |
| Battery Grade Mischmetal | -17.3% | $ USD / lb. | $8.79 | $10.63 | |
| * Critical | Light Rare Earths | ||||
| Lanthanum Oxide (La₂O₃) | +7.7% | $ USD / lb. | $0.28 | $0.26 | |
| Cerium (Ce) | -4.8% | $ USD / lb. | $1.64 | $1.72 | |
| Cerium Oxide (CeOâ‚‚) | +25.9% | $ USD / lb. | $0.48 | $0.38 | |
| Praesodymium (Pr) | -16.1% | $ USD / kg. | $33.30 | $39.70 | |
| Praesodymium Oxide (Pr₂O₃) | -19.6% | $ USD / lb. | $24.15 | $30.02 | |
| Neodymium (Nd) | -16.7% | $ USD / kg. | $30.35 | $39.70 | |
| Neodymium Oxide (Nd₂O₃) | -19.1% | $ USD / lb. | $24.15 | $29.86 | |
| * Critical | Minor Metals | * Metric | |||
| Antimony (Sb) | +90.8% | $ USD/ MT | $22,900 | $12,000 | |
| Cadmium (Cd) | +1.6% | $ USD/ MT | $5,085 | $5,005 | |
| Gallium (Ga) | +64.0% | $ USD/ kg. | $339.2 | $206.9 | |
| Germanium (Ge) | +17.8% | $ USD/ kg. | $1,620 | $1,375 | |
| Hafnium (Hf) | -3.6% | $ USD/ kg. | $4,489 | $4,657 | |
| Indium (In) | +2.1% | $ USD/ kg. | $444.8 | $435.6 | |
| Manganese (Mn) | +7.3% | $ USD/ MT | $63.65 | $59.30 | |
| Molybdenum (Mo) | +6.2% | $ USD/ kg. | $69.44 | $65.40 | |
| Silicon (Si) | -11.6% | $ USD/ MT | $1,989 | $2,249 | |
| Tellurium (Te) | +13.2% | $ USD/ kg. | $93.31 | $82.46 | |
| Zirconium (Zr) | +2.7% | $ USD/ kg. | $27.85 | $27.12 |
* Prices quoted in both Imperial and Metric Units on MineralPrices.com
Critical Minerals
National Critical Mineral lists have been provided by the Critical Minerals Institute (CMI) and government agencies for key countries and trading blocks including USA (2 lists: US Geological Survey (USGS) list and US Department of Energy (DoE) list), Europe, Japan, UK, Canada, Australia (2 lists: Australian Critical Minerals list and Australian Strategic Minerals list) and South Korea as well as for China, India and the Russian federation.
Rare Earth Elements (REEs) are included on all Critical Mineral lists outside of China. China is the world’s largest producer of REEs and dominates world markets for Rare Earths while more recently also evidencing a tendency to exert market controls.
Platinum Group Metals (PGMs) are included on all Critical Mineral lists outside of China and the Russian Federation. The Russian Federation and South Africa produce most of the worlds PGMs. Despite Rhenium (Re) being a metal found in PGM deposits which are prolific in Russia, the Russian Federation remains a net importer of Rhenium.
The Russian Academy of Sciences, Moscow has classified 61 Mineral Raw Materials (MRMs) into three sub-categories: Strategic and Deficient, Strategic and not Deficient and Deficient not Strategic. Data for the PRC China Critical Mineral list is provided by the International Energy Agency (IEA), while data for India’s Critical Mineral list is provided by the Government of India, Ministry of Mines.
Critical Minerals (listing & Prices)
 |
USA, 2 lists | USGS (29 Critical Minerals + PGMs + REEs), DoE (12 Critical Minerals + REEs) |
 |
Europe | 30 Critical Minerals + PGMs + REEs |
 |
Japan | 31 Critical Minerals + PGMs + REEs |
 |
UK | 15 Critical Minerals + PGMs + REEs |
 |
Canada | 28 Critical Minerals + PGMs + REEs |
 |
Australia, 2 lists | 26 Critical Minerals + PGMs + REEs, 6 Strategic Minerals |
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South Korea | 32 Critical Minerals + PGMs + REEs |
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PRC China | 29 Critical Minerals |
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India | 29 Critical Minerals + PGMs + REEs |
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Russian Federation | Strategic & Deficient / Strategic not Deficient / Deficient & not Strategic |
* Purchasing Power Parity BasisÂ
Reported by:Â Christopher J. Berlet BSc, CFAÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Supported By: Khadijah Samnani, AnalystÂ
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