Demand from Europe and the United States has become a key driver of global metal prices, along with that from China, as a rise in electrification in those regions boosts appetite for metals, Trafigura's executive chairman said at a summit in Singapore.
Jeremy Weir told the FT Commodities Asia Summit on Wednesday that prices had previously been mainly driven by Chinese demand, which accounts for about half of the world's metals consumption.
With most of the mining and smeltering capacity for some critical metals for the energy transition located in China, some countries have started to realise that this is not consistent with their long-term supply security, Weir said. In terms of the energy turmoil following the Ukraine crisis, Weir said Europe has done a reasonable job of cutting its reliance on Russian supply.
Trafigura has complied with European sanctions since Russia first invaded the Ukraine in February and has reduced Russian oil trade significantly, Weir said. This has resulted in a lot of newly established or small companies using old vessels to move Russian oil to the East, he added.
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