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Saudi Arabian Mining Company (Maaden) said that phosphate prices rose 10% in Q4 2020, when compared to Q3 2020, due to tight supply and strong demand across key markets.
Prices are expected to remain on firm footing in Q1 2021, backed by tight availability and strong demand, Maaden added in its Q4 2020 earnings call presentation.
Ammonia prices grew by 6% in Q4 2020, compared to the previous quarter, the mining firm noted, expecting prices to remain unchanged due to tight supply and improved demand in the Far East.
For aluminum, major Chinese demand and weak dollar drove Q4 prices. “The world had a 2.7 million tons surplus at the end of 2020; this will take some time to work down,” Maaden added.
Alumina prices rose 2.8% on a quarterly basis in Q4 2020, as the fourth quarter witnessed a rebound in Chinese demand.
On the other hand, 2020 was a strong year for gold which benefited from demand for capital safe-havens attributed to investor anxiety from COVID-19 and concerns about currency debasement.
“Expectations for the gold in 2021 are bullish as prices are expected to average $1,895/oz in 2021,” Maaden noted.
|
Maaden Sales |
|||
|
Product |
Q4 2020 |
Q4 2019 |
Variation |
|
Phosphate (‘000 tons) |
1132 |
1373 |
+21% |
|
Ammonia (‘000 tons) |
368 |
330 |
(10%) |
|
Alumina (‘000 tons) |
157 |
93 |
(41%) |
|
Aluminum (‘000 tons) |
248 |
260 |
+5% |
|
Gold (‘000 ounces) |
125 |
89 |
(29%) |
|
Copper (mln tons) |
13 |
17 |
+31% |
Copper prices reached an eight year-high, Maaden concluded, expecting a recovery in world demand, and growth in Chinese consumption this year.
Maaden narrowed net losses to SAR 209 million in 2020, Argaam reported.
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