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Energy transition demands new commodities and this year prices are booming




                  CRU basket of 38 mining, metals and fertiliser price forecasts | 2022 over 2021*                            Nickel Price Levels highest since 2007



                                              Lithium | Ammonia | Potash KCl | Sulphur | Thermal Coal | Phosphate Rock | Nickel | Pet
                                              Coke | Silicon | Cobalt | Met Coal | Brent Crude | Coal Tar | Aluminium MW | Zinc |                        0%
              Hot           >15%
                                              Aluminium | Ferrochrome | Phosphate DAP | Silico-Manganese | Steel Scrap |
                                              Manganese Ore | Molybdenum | Sulphuric Acid | Alumina
                                                                                                                                                        M

              Warm        5% to 15%           Copper | Chrome Ore | Tin** | Met Coke | Gold | Urea

                                                                                                                                -15%                                           +15%

                                                                                                                                        F = Freezing (<-15%), M = Mild (0-5%), H = Hot (>15%)
              Mild        0% to 5%            Lead


                                                                                                                               CRU basket                              +39.4%


              Cool        -5% to 0%           Platinum | Bauxite | Palladium
                                                                                                                               Raw Materials                           51.0%



                                                                                                                               Metals                                  25.4%
              Cold       -15% to -5%          Silver | Steel HRC China | Steel HRC US


                                                                                                                               Precious Metals                         -1.9%


              Freezing     <-15%              Iron Ore
                                                                                                                               Fertilisers                             69.2%




            DATA: CRU Market Outlooks  *2022 annual average price forecast over 2021 (29 April 2022).  **ITA                                                                              6
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