Power outages in China are also affecting industrial activities. After an informal ban in 2020, the country has now resumed coal shipments from Australia.

According to China Customs statistics, coal imports in September increased 76% year-on-year to 32.9 million metric tons. Natural gas imports increased from 8.61 million tons to 10.6 million tons, an increase of 23%. Therefore, Hamilton predicts that metal supply will decline for the remainder of 2021.

Hamilton pointed out that the distorted ways in which economies have also recovered from the new crown epidemic, ranging from geographic factors to sectoral factors, have also caused serious damage to logistics.
Restrictions related to the pandemic have led to long queues of ships in ports such as Los Angeles. In addition, containers are scattered all over the world.
Hamilton said that in some cases, raw metal is transported in bulk rather than in containers.
Hamilton warned that the possibility that people urgently need metal is also quite high, which means a potentially high premium.

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