Prices are expected to keep on going down over the short term, heavily impacting Zambian and DRC operations. Glencore in particular has invested a large amount of money in almost doubling their production capacity in the Congo and has already begun to cut workers at some operations as margins shrink considerably—the company is also still dogged by a reputation hit after they accidentally shipped radioactive cobalt in 2018. Some producers feel that cobalt prices are near their bottom, but this may be hope, rather than firm analysis.

Many factors have come together to restrict oil supply during 2019. Despite the restarting of Libya's largest oil field standing out as a significant addition to production, the overall supply situation is looking constrained. Canada's ongoing issues with a lack of export capacity, sanctions on Iran and limited waivers lowering oil sales, OPEC's cuts to prevent further price drops, and ongoing Venezuelan issues—including sanctions, machinery and refinery failures, and power outages—have all thrown additional uncertainty into the market.

Despite being a heavy producer and exporter of LNG, Australia is finding that the logistics of cross-country natural gas supply might be more difficult than thought. As demand in its southern regions rises, the country finds itself both unable and unwilling to redirect its considerable LNG exports to feed domestic demand.

Disruptions have shaken the Australian coking coal market, with three unexpected barriers occurring in tandem: the sudden increase in customs processing times at some ports, the lowering of Dalian's yearly quota to 12Mtpa, and the apparent ban of Australian coal—both thermal and coking—through around five of Dalian Port's harbors.

After remaining stubbornly low throughout January, however, RBOB Gasoline and US Diesel prices saw a strong resurgence in February, reaching US$63.65/bbl and US$82.40/bbl respectively. Crude oil prices have begun to stabilise as OPEC and Friends work to keep global production at a restricted level and counteract rising US production.

While coal remains an important, essential component of the global economy, a large number of financial institutions are backing away from new projects. Japan has seen a spate of issues with proposed coal-fired power plants being marked as "unviable" by private companies, and over 100 major global financial institutions have introduced policies restricting or entirely suspending their coal funding.

The loss the supply of tens of millions of tonnes of high-grade Brazilian pellets and fines after Vale's dam collapse has led to shifts in the Asian market. Forced to rely on lower-grade ores, the market saw a rise in the prices of 58% ore, which increased in tandem with 62% and 65% prices, meaning that the price premium for higher grades has not widened by as much as initially forecast

China produced 75Mt of steel in January, up 4.3% up from the same month in 2017. This growth, while positive, is still a significant decrease from the 8.2% year-on-year growth seen in December. Other producers saw significant decreases in production, with Japan producing 8.1 Mt of crude steel in January 2019, down 9.8% on January 2018.

Market forecasts of a copper deficit may have been understated, with further supply issues meaning the deficit could shrink by less than expected during 2019. Further closures and suspensions have been announced across the market, and the previous lone outlier that looked to overcome ongoing issues, Vedanta's Sterline, has now been knocked back again and may not resume production this year after all.

Producers have keyed into rising prices and have begun restarting idled operations as the medium-term outlook is far better than it was after prices crashed in 2009. While no immediate spike in demand is forecast in the immediate term, gradual increases in demand are set to continue steadily, driven by power and electric vehicle production.

While some producers appear to be struggling in their markets, the broader overall industry outlook appears positive for producers. Demand is still expected to increase over 2019, particularly with construction activity picking up in China and India.

The broader outlook remains consistent from past months, with easing economic tensions still weighing somewhat over the market and dampening hopes for medium-term growth and price lifts. With Rusal sanctions lifted and no more news on the Alunorte Refinery's restart, focus in the industry is shifting back upstream to Malaysia, which has embarked upon the process of lifting its bauxite mining ban on the district of Pahang.