Copper prices traded sideways in the March quarter, averaging US$8,938/t, largely in line with AME’s forecast of US$8,800/t.

AME’s Asian and European gold prices jumped 9% on-quarter in the March quarter of 2023 to average US$1,932/oz and US$1,889/oz, respectively.

The European spot price of nickel forecast in the June quarter has been revised down to US$23,000/t from US$26,000/t, following increased liquidity on the LME as Asian trading hours resumed.

AME’s September quarter 2022 forecast for the global average crack spread price is US$76/bbl and our full year 2022 forecast is US$51/bbl.

The coking coal price has fallen at a much faster than anticipated, while thermal coal price remained above US$/400/t, as falling steel demand from major importing countries, such as China, cause downward pressure on prices.

AME forecasts that the Newcastle 6,300 spot price will be a record high US$370/t in the September quarter, up by 2% from the June quarter. This has been driven by a drop in Europe’s coal imports from Russia ahead of the embargo.

AME forecasts the iron ore 62% price to average US$120/t in the September Quarter of 2022. It is estimated that low crude steel output from China during the second half of 2022 will diminish the iron ore prices.

AME’s average HRC price forecast for the US in the September quarter is US$1,100/t, down 15.6% quarter on quarter. Global average steel prices have been falling throughout July with end users still wary of rising inflation.

The ongoing conflict between Russia and Ukraine has driven zinc prices to record highs which currently show no sign of slowing.

AME’s forecast European average spot price for the September Quarter is US$2,500/t. Further curtailments in Europe could place upward pressure on this price should additional regional supply be removed from the market.

AME’s Asian Composite LNG price forecast for the September quarter is US$38/MMBtu. Prices for LNG jumped 48% in mid-June after a fire at Freeport LNG and have continued to a steady climb as gas supplies to Europe dwindle, with the AME Asian Composite LNG averaging US$39.4 in July.

With US storage levels expected to lag behind the five-year average this summer, Henry Hub gas spot prices will soar.