【Ferro-alloys.com】:Prices of key metals are likely to fall in 2023 but are still above 10-year averages, according to Fitch Ratings.

The price of copper is likely to drop 8% to US$8,000/t (US$3.63/lb) next year, that of iron ore by 26% to US$85/t, gold by 11% to U$1,600/oz and zinc by 18% to US$2,800/t, Fitch said in a report.

"After having posted multiyear records in 2021, prompted by post-pandemic pent-up demand, amid supply chain disruptions, metals prices declined in 2022, due to inflation-fueled global growth concerns and a lockdown-driven deceleration in China. Even with these challenges copper traded 32%, iron ore 21%, gold 24% and zinc 40% above the last 10-year average in 2022," the rating agency said.

Global economic growth is forecast to slow from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023, according to the IMF.

Fitch is expecting an average expansion of 6% in 2023 production of mining firms in Latin America.

"Smaller miners managed to increase output, despite primary metal production declines for most of the largest miners under our coverage in 2022. The ramp-up of new projects and rebounds from temporary setbacks support Fitch’s forecast of production expansion of 6%, on average, in 2023," it said.

• [Editor:Alakay]