Fitch’s report says steel and iron ore demand – and therefore zinc demand – is likely to slow over the years and to record the most subdued growth among metals.
Digitalization and modernization initiatives in the infrastructure sector such as China’s ‘New Infrastructure’ plan, along with decarbonization of the manufacturing sector, are likely to require high-quality, lighter and lower carbon steel.
Fitch expects green hydrogen production, which comes from renewable sources, to rise from less than 1% of the current global market supply to 10% by 2030.
“This has already had a large impact on the power sector and will continue to be a core driver of the energy transition in the region.