Mining, especially metals related to the battery manufacturing industry, will be strengthened if other forecasts of the institute's experts, including forecasts for improvements to U.S. solar installations, increased sales of electric vehicles and related policies outside the U.S., are correct, According to Kala Khabar, quoted by Iranian Steel. But overall, the outlook for this sector is weak next year. Declining demand, weaker supply growth and a weaker market climate reflect a decline in average prices in the metal and mining industries in 2023.

The construction sector, a key area for iron ore, steel and basic metals, will have an impact on global demand, and in particular the Chinese real estate market will remain slack. Meanwhile, the supply of copper, aluminum, lead, zinc, iron ore and steel will all grow at a higher rate than in 2022.

There is potential for an upside on the demand side next year, but overall, it seems that the prevailing tendency in prices will be bearish.

Inflationary pressures show signs of decline, and supply chain constraints are also eased. This could mean that the global recession will be lower than expected. Improvements in the automotive sector and low-carbon energies could also help offset some of the weakness in demand in other consumer sectors.