Demand for iron ore is expected to expand in 2021, on the back of a robust steel market in China coupled with countries recovering from the economic slump caused by the coronavirus pandemic. The iron ore price reached roughly $150 per tonne in December, escalating existing prices, which already registered an 80% growth in 2020. The steel industry in countries like India, Japan and South Korea have recovered to pre-pandemic levels already.
Demand for base metals is expected to take at least two to three years to recover to the pre-pandemic levels of 2019, according to INTL FCStone, a global bullion broker. One bright spot in the pandemic crisis is that green metals like nickel, lithium, cobalt and copper are expected to profit as the world is shifting towards new policies following the Covid-19 pandemic.
Workers at the Rocanville and Allan mines in Saskatchewan, Canada, operated by Potash producer Nutrien, have tested positive for coronavirus. Two contractors working at Allan mine were immediately relieved from the site after they tested positive for Covid-19. One employee at Rocanville mine tested positive, while another worker who came in contact with the former also contracted the virus. The contact tracing for workers who were in close proximity to infected individuals is currently underway at both the mine sites.