Misc
How Metals Prices Performed in 2021
How Metals Prices Performed in 2021
Looking back on what gave investors strong returns in 2021, it was the year of industrial and energy metals.
As demand for industrial goods surged, so too did their material metals. But unlike energy prices which rose across the board last year, not all metals managed positive returns.
This infographic looks at the year-over-year return on metals prices from January 1 to December 31 of 2021, using pricing data tracked by Tradingeconomics.com.
Inflation and Raw Material Demand Spur Industrial Metals
Last year saw inflation hit 30-year highs as the world’s reopening resulted in unprecedented demand for base and energy metals.
Essential materials for electric vehicle (EV) battery production like lithium and cobalt were among the top performers as EV sales continued to grow in 2021.
Metal | Annual Return in 2021 |
---|---|
Lithium | 496.7% |
Magnesium | 207.6% |
Cobalt | 115.2% |
Tin | 93.6% |
Molybdenum | 90.4% |
Neodynium | 78.3% |
Aluminum | 38.3% |
Indium | 32.3% |
Germanium | 31.7% |
Gallium | 31.6% |
Nickel | 29.4% |
Zinc | 28.1% |
Copper | 26.8% |
Lead | 14.8% |
Steel | 7.7% |
Manganese | 7.2% |
Gold | -3.5% |
Platinum | -10.4% |
Silver | -11.5% |
Rhodium | -20.5% |
Palladium | -22.0% |
Iron ore | -24.0% |
Source: Tradingeconomics.com
Magnesium was another top performer last year, as skyrocketing coal prices impacted the metal, which uses coal as part of the feedstock in the smelting process. In addition, concerns over production suspensions in China for environmental reasons spurred magnesium prices further amidst potential shortage fears.
Iron ore was the only base metal with negative returns, with demand largely curbed by China’s slowing growth and pledge to reduce steel output in May of last year.
Lithium and Other EV Metals Outperform
Last year saw major automakers like Ford and GM commit themselves to all new car sales being zero emission by 2040, spurring an 80% rise in electric vehicle sales in 2021.
As a result, essential battery metals like lithium, cobalt, lead, and nickel were all in high demand as automakers secured these essential materials for their battery production.
The start of 2022 has also seen more positive catalysts for nickel specifically, as Tesla secured a supply deal with Talon Metals for 75,000 tonnes of nickel concentrate over six years.
PGM Prices Falter
Palladium and platinum had strong starts in the first half of the year as well, but chip shortages resulted in a slowdown in automotive production and a drop in demand for the two metals.
Both of these key platinum group metals (PGMs) finished 2021 with double-digit drawdowns, with platinum returning -10.4% and palladium returning -22.0%.
Metals analysts are mixed on whether the two metals (primarily used in automotive catalytic converters) will see a recovery in demand, which would be led by easing chip shortages and supply chain issues.
Gold and Silver Struggle to Hold Value
As the world focused on securing the necessary raw materials for the clean energy transition, gold and silver lagged behind.
Although both precious metals wavered as stores of value, returning -3.5% and -11.5% respectively, bullion sales from the U.S. mint rose by 48.4% compared to 2020.
Despite gold’s underwhelming performance while equities, cryptocurrencies, and other commodities surged, upcoming forecasted rate hikes have historically spurred reversals for the precious metal.
As 2022 has started with equity prices slumping, a potential flight to the safety of hard assets and the continuous demand for raw materials needed for the clean energy transition could set up a positive 2022 for metals.
Misc
Mapped: U.S. Mineral Production Value by State in 2022
U.S. mineral production value increased by 4% YoY in 2022 to reach $98.2 billion. Which states contributed the most to domestic mineral production?

U.S. States Ranked by the Value of their Mineral Production
The U.S. produced $98.2 billion worth of nonfuel minerals in 2022, but which states made up the majority of the mining?
This map uses data from the USGS to map and rank U.S. states by the value of their nonfuel mineral production in 2022.
The ranking takes into account the mining of nonfuel minerals that are split into two main categories: metallic minerals (like gold, copper, or silver), and industrial minerals (like phosphate rock, various types of clay, and crushed stone).
The Top Mineral-Producing States in the U.S.
Arizona tops the list of mineral-producing states, with $10.1 billion worth of minerals which account for 10.3% of the U.S. total, largely due to the state’s prolific copper production. The state of Arizona accounted for around 70% of domestic copper production in 2022, and as a result also produces large amounts of molybdenum as a byproduct.
The state of Nevada was the next top mineral producer at $8.9 billion worth of minerals, thanks to its longstanding leadership in gold mining (accounting for 72% of U.S. gold production in 2022) and by having the only operating lithium project in America.
States in the Western region of the U.S. dominate the ranking of top mineral-producing states, holding the top two spots and making up half of the top 10 when it comes to total mineral production value.
Rank | State | Mineral Production Value (2022) | Share of U.S. total |
---|---|---|---|
1 | Arizona | $10.1B | 10.3% |
2 | Nevada | $8.9B | 9.1% |
3 | Texas | $8.0B | 8.2% |
4 | California | $5.6B | 5.7% |
5 | Minnesota* | $4.8B | 4.9% |
6 | Alaska | $4.5B | 4.6% |
7 | Florida* | $2.8B | 2.9% |
8 | Utah | $3.6B | 3.7% |
9 | Michigan | $3.4B | 3.4% |
10 | Missouri | $3.2B | 3.2% |
*The value of these states is a partial total which excludes withheld values by the USGS to avoid disclosing company proprietary data. Rankings remain unaffected which is why some states may rank higher than others despite having a lower value.
Texas rounds out the top three at $8 billion worth of minerals produced in 2022, largely thanks to its dominant production of crushed stone. The state of Texas was the top producer of crushed stone in 2022 at more than $2.8 billion worth, nearly double that of the next largest producer, Florida, which produced $1.5 billion worth.
What Minerals is the U.S. Producing the Most of?
Nonfuel mineral production is categorized into two main categories by the USGS, metals/metallic minerals and industrial minerals.
While not as shiny, the produced value of industrial minerals far outweighs that of metallic minerals. While $34.7 billion worth of metals were produced in 2022, industrial mineral production value was nearly double at $63.5 billion.
Construction aggregates like construction sand and gravel along with crushed stone made up almost half of industrial minerals production at $31.4 billion, with crushed stone being the leading mineral commodity overall at $21 billion of production value.
Following crushed stone, the next top minerals produced but the U.S. were (in decreasing order of value): cement, copper, construction sand and gravel, and gold.
Although the value of metals production decreased by 6% compared to 2021, industrial minerals production increased by 10% year-over-year, resulting in an overall increase in America’s overall nonfuel mineral production of 4%.
Misc
Visualizing the Opportunity Cost of Unrecycled Metals in the U.S.
Exploring the quantity and dollar value of recycled metals in the U.S. by visualizing metal recycling ratios.

The Opportunity Cost of Unrecycled Metals in the U.S.
Metals are an essential resource for modern society, used in everything from construction and transportation to technology and medical equipment. As the demand for these minerals continues to grow, so does the amount of waste generated by their production and consumption.
Recycling this metal waste is not just a win for sustainability; it also has huge economic benefits. In the visual above, we explore the ratio of recycled vs. unrecycled metals in the U.S. using 2020 Recycling Statistics by the U.S. Geological Survey.
Metal Recycling in the U.S.
Opportunity cost is a concept that refers to the benefits that are forgone when choosing one option over another. In the case of unrecycled metals, the opportunity cost is the potential economic and environmental benefits that could have been achieved through increasing metal recycling ratios.
Below are the recycling rates for select metals in the U.S. in 2020.
Metal | % of supply recycled |
---|---|
Aluminum | 54 |
Chromium | 25 |
Copper | 36 |
Iron & Steel | 52 |
Lead | 77 |
Magnesium | 55 |
Nickel | 52 |
Tin | 36 |
The above recycled metals represented a dollar value of $26 billion in 2020. Their unrecycled counterparts, on the other hand, represented $28 billion.
Metals can either be recycled from scrap that results from the manufacturing process (known as “new scrap”) or scrap from post-consumer products (“old scrap.”) Regardless of the source, many of them, especially chromium, copper, and tin, have the potential to reap further sustainability and economic benefits by recycling a larger proportion of their scrap supplies.
The Case for Metal Recycling
When compared with the mining, processing and transport of new metals, recycling metals can provide a significantly less energy-intensive alternative, saving enough energy each year to power millions of homes in the U.S.
Recycling metals can also save natural resources, create more green jobs, and reduce a country’s dependency on mineral imports by supplementing its supply of raw materials.
Overall, the potential for metal recycling is vast, and taking steps to increase the amount of recycled metals in the U.S. can lead to even greater sustainability and economic benefits.
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