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
Charted: The End-of-Life Recycling Rates of Select Metals
End-of-life recycling rates measure the percentage of a material that is recovered at the end of its useful life, rather than being disposed of or incinerated.
Charted: The End-of-Life Recycling Rates of Select Metals
This was originally posted on our Voronoi app. Download the app for free on Apple or Android and discover incredible data-driven charts from a variety of trusted sources.
We visualize the end-of-life recycling rates (EOL-RR) of commonly used metals in the economy. Data is sourced from the International Energy Agency, last updated in 2021.
Tracking recycling rates helps manage resources better and make smarter policies, guiding efforts to cut down on waste.
Ranked: The End of Life Recycling Rates of Select Metals
Gold has an 86% recycling rate according to the latest available data. Per the Boston Consulting Group, one-third of total gold supply was met through recycling between 1995–2014.
| Metal | End-of-life recycling rate (2021) | 🔍 Used In |
|---|---|---|
| Gold | 86% | 💍 Jewelry / Electronics |
| Platinum/Palladium | 60% | 🔬 Optical fibers / Dental fillings |
| Nickel | 60% | 🔋 Batteries / Turbine blades |
| Silver | 50% | 💍 Jewelry / Mirrors |
| Copper | 46% | 🔌 Electrical wiring / Industrial equipment |
| Aluminum | 42% | ✈️ Aeroplane parts / Cans |
| Chromium | 34% | 🍽️ Stainless steel / Leather tanning |
| Zinc | 33% | 🔗 Galvanizing metal / Making rubber |
| Cobalt | 32% | 🔋 Batteries / Turbine engines |
| Lithium | 0.5% | 🔋 Batteries / Pacemakers |
| REEs | 0.2% | 📱 Mobile phones / Hard drives |
Note: Figures are rounded.
Several factors can influence metal recycling rates. According to this International Resource Panel report, metals that are used in large quantities (steel) or have a high value (gold) tend to have higher recycling rates.
However, for materials used in small quantities in complex products (rare earth elements in electronics), recycling becomes far more challenging.
Finally, a metal’s EOL-RR is strongly influenced by the least efficient link in the recycling chain, which is typically how it’s initially collected.
Learn More on the Voronoi App 
If you enjoyed this post, check out Critical Materials: Where China, the EU, and the U.S. Overlap which shows how critical materials are classified within different jurisdictions.
Misc
Companies with the Most Fossil Fuel and Cement CO2 Emissions
Half of the world’s total fossil fuel and cement carbon dioxide emissions in 2023 came from just 36 companies.
Companies with the Most Fossil Fuel and Cement CO2 Emissions
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Key Takeaways
- Half of the world’s fossil fuel and cement carbon dioxide emissions in 2023 came from just 36 entities, according to a report by the Carbon Majors Project
- If Saudi Aramco were a country, it would be the fourth-largest polluter in the world, after China, the U.S., and India.
- Five publicly traded oil companies—ExxonMobil, Chevron, Shell, TotalEnergies, and BP—together accounted for 5% of global carbon dioxide emissions from fossil fuels.
Chinese Companies Dominate the List
This graphic is based on Carbon Majors, a database of historical production data from 180 of the world’s largest oil, gas, coal, and cement producers representing 169 active and 11 inactive entities.
In 2023, the top 20 highest carbon-producing entities were responsible for 17.5 gigatonnes of carbon dioxide equivalent (GtCO₂e) in emissions, accounting for 40.8% of global fossil fuel and cement CO₂ emissions. The list is largely dominated by state-owned companies, with 16 of the top 20 being state-controlled. Notably, eight Chinese entities contributed to 17.3% of global fossil fuel and cement CO₂ emissions in 2023.
| Entity | Total emissions (MtCO2e) | Global CO2 emissions (%) |
|---|---|---|
| 1 | Saudi Aramco | 4.4% |
| 2 | Coal India | 3.7% |
| 3 | CHN Energy | 3.7% |
| 4 | Jinneng Group | 2.9% |
| 5 | Cement industry of China | 2.8% |
| 6 | National Iranian Oil Company | 2.8% |
| 7 | Gazprom | 2.3% |
| 8 | Rosneft | 1.9% |
| 9 | Shandong Energy | 1.7% |
| 10 | China National Coal Group | 1.7% |
| 11 | Abu Dhabi National Oil Company | 1.6% |
| 12 | CNPC | 1.6% |
| 13 | Shaanxi Coal and Chemical Industry Group | 1.6% |
| 14 | Iraq National Oil Company | 1.3% |
| 15 | Shanxi Coking Coal Group | 1.3% |
| 16 | ExxonMobil | 1.3% |
| 17 | Sonatrach | 1.2% |
| 18 | Chevron | 1.1% |
| 19 | Kuwait Petroleum Corp. | 1.0% |
| 20 | Petrobras | 1.0% |
| 21 | Shell | 0.9% |
| 22 | Pemex | 0.9% |
| 23 | TotalEnergies | 0.8% |
| 24 | QatarEnergy | 0.8% |
| 25 | Lukoil | 0.8% |
| 26 | BP | 0.8% |
| 27 | Glencore | 0.7% |
| 28 | China Huaneng Group | 0.7% |
| 29 | Luan Chemical Group | 0.7% |
| 30 | Equinor | 0.7% |
| 31 | Peabody Energy | 0.7% |
| 32 | Nigerian National Petroleum Corp. | 0.6% |
| 33 | CNOOC | 0.6% |
| 34 | ConocoPhillips | 0.6% |
| 35 | Eni | 0.6% |
| 36 | Petronas | 0.5% |
Coal continued to be the largest source of emissions in 2023, representing 41.1% of emissions in the database and continuing a steady upward trend since 2016. Coal emissions grew by 1.9% (258 megatonnes of carbon dioxide equivalent – MtCO₂e) from 2022, while cement saw the largest relative increase at 6.5% (82 MtCO₂e), driven by expanding production.
In contrast, natural gas emissions fell by 3.7% (164 MtCO₂e), and oil emissions remained stable with only a slight increase of 0.3% (73 MtCO₂e).
Learn More on the Voronoi App
To learn more about this topic, check out this graphic that shows greenhouse gas emissions by sector in 2023, according to data was compiled by the United Nations. The power sector remains the largest emissions contributor.
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