Critical Minerals | Daily Chemical Reactions

Clean Energy Mineral Markets Remain Weak; Rebound Expectations Grow, Timing Varies
February 7, 2024
Commodities Mentioned:
Copper, Nickel, Metals, Lithium, Hydrocarbons, Zinc, Uranium, PET, Crude Oil, Natural Gas, Propane, Propylene, Gasoline, Methane, Hydrogen, Sustainable Aviation Fuel (SAF), Carbon, Biodiesel, Polystyrene, Aluminum
Companies Mentioned:
Glencore, Freeport-McMoRan, Albemarle, Nutrien, Midas Minerals, AkzoNobel, Bunge, BASF, LG Chem, Mitsui Chemicals, Pentagon, Mitsubishi, Celanese, Sumitomo, Ube, Westwater Resources, ExxonMobil, Lifezone Metals, TotalEnergies, OMV, Chevron, Energy Transfer, Eni, Iberdrola, Petrobras, Mubadala, Vaalco Energy, Williams, Venture Global, Woodside, Equinor, Ørsted, BP, Arglass, Amcor, Freyr Battery, Tesla, BYD, Dow, Bloom Energy

Monthly Update – Critical Minerals – Daily Chemical Reactions

Clean Energy Mineral Markets Remain Weak; Rebound Expectations Grow, Timing Varies

Key Findings

  • General Thoughts: The C-MACC Clean Energy Mineral Index reflected a ~48% lower YoY level in January 2024, but the rate of MoM decline has slowed. While the index is likely near a bottom, an abrupt rebound looks unlikely.
  • Supply Chain/Commodities: Lithium was one of the major drivers of weakness in the C-MACC Clean Energy Mineral Index in 2023, but in January 2024, lithium and copper showed greater strength than the average.
  • Energy/Upstream: We discuss TotalEnergies’ 4Q results and push to scale up of its integrated power ambitions in Texas, and we also provide further commentary on global crude oil and natural gas market developments.
  • Sustainability/Energy Transition: We discuss China’s dominant global market share in clean energy mineral processing and renewable power, and its technology advancements, posing challenges to Western growth.
  • Downstream/Other Chemicals: We discuss the auto market and related consumer loan balances and highlight recent movements in the US Dollar, US corn falling to a three-year low, and several relevant earnings reports.

Exhibit 1: The C-MACC Clean Energy Mineral Index closed January 48% lower YoY and 2% lower than December 2023.

Source: Bloomberg, C-MACC Analysis, February 2024

See PDF below for all charts, tables and diagrams


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