State of the Market: Mining Q1 2026

Rattled by the US-Israel war on Iran, metals markets have shifted its focus from US tariffs to the Strait of Hormuz—the economic flashpoint of broadening conflicts in the Middle East. The consequences are global, with rising energy costs and logistical bottlenecks rippling across supply chains, thereby exacerbating regional imbalances on energy security and natural resources.

Across metal cost structures, inflation has been principally driven by fuel shortages, sharply rising ocean freight rates, and a surge in critical reagents prices including sulphuric acid. Energy intensive and bulk commodities such as iron ore, manganese, nickel and copper are most exposed, with producers facing immediate pressure on site operating costs.

For mining sector activity, fundraising remained robust given lower interest rates and elevated metals prices, leading to increased capital raising activities. Drilling activity rebounded after a period of weakness and positive milestones accelerated, but the announcements of initial resources slowed down.

Join our analysts for a recap of the eventful March 2026 quarter and discussions regarding our near-term outlooks.

• Macroeconomic and geopolitical challenges
• Commodity price trends, mine costs and emissions
• M&A, finance, exploration and development metrics

Speakers

Mark Ferguson (Moderator)

Director, Metals & Mining Research
S&P Global Energy

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Aude Marjolin

Principal Analyst, Gold & Non-Ferrous Markets
S&P Global Energy

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Mitzi Sumangil

Associate Commodity Analyst
S&P Global Energy

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Jessica Delacruz

Analyst - Mine Economics and Emissions
S&P Global Energy