On January 27, the China Iron and Steel Association (CISA) released the latest news at its 2020 annual information conference. According to CISA's estimates, China's apparent crude steel consumption increased by 9% year-on-year in 2020. Actual steel consumption grew by about 7% year-on-year, with construction steel consumption increasing by 10% and manufacturing by 4%.

According to price monitoring by Business Society, lithium carbonate prices in the East China market rose rapidly in January, with significant increases in prices by the end of the month. The continuous rise in lithium carbonate prices was partly influenced by sustained increases in the downstream market. Additionally, major manufacturers began maintenance in the first quarter, and bullish sentiment led to some downstream companies over-purchasing.

Recently, Tanzania's Daily News reported that Professor Simon Msanjila, the Permanent Secretary of the Ministry of Mining, stated during an inspection of two refining plants in Mwanza and Geita Province that the completion of domestic refining plants will truly initiate the long-awaited reforms in Tanzania's mining sector, promoting the gold industry and making a more significant contribution to Tanzania's economy.

The World Gold Council's latest report on gold demand trends for the entire year and the fourth quarter of 2020 shows that global gold demand decreased by 14% to 3,759.6 tons. This is the first time since 2009 that annual gold demand has fallen below 4,000 tons. The total demand for gold jewelry was 1,411.6 tons, a decrease of 34% compared to 2019, marking a historic low.

Algeria's Minister of Energy, Abdelmadjid Attar, stated this week in Algiers that Algeria's oil revenue for 2020 was $22 billion, including $2 billion from oil products. 96% of the country's foreign exchange income comes from oil and gas, with a price of $42 per barrel leading to a revenue decrease of $11 billion (-30%) compared to 2019.

According to a report by Mexico's Economist on January 27, Fernando Alanis, president of the Mexican Mining Chamber, stated that Mexico's mining investment totaled $2.5 billion in 2020, the lowest in nearly 13 years. Due to the pandemic, mining production in Mexico was halted for two months in 2020, but the situation is expected to improve in 2021. Mexico is an important source of mineral resources globally, ranking in the top 10 for 17 types of mineral products in 2019, including first in silver, second in fluorite, third in both celestite and silica, sixth in zinc, seventh in salt, eighth in copper, and ninth in gold. The total mining investment in Mexico in 2019 was $4.657 billion.

Southern Copper: Copper Production Exceeded 1 Million Tons in 2020

Saxo Bank: Gold Prices Will Reach $2,000/Ounce This Year