20th April 2026
Prices at 16h30 GMT
API2 (April): $102.00/mt
API4 (April): $104.50/mt
Brent Crude: $95.40/bbl, up 5.55%
SGX Iron Ore 62% Fe: $107.00/mt, down 0.23%
LME 3-Month Copper: $13,290/mt, down 0.43%
Chrome Concentrate South Africa 40%/42%: $317/mt CIF China
Markets opened the week on a more cautious footing, as renewed tensions in the Middle East reversed last week’s optimism and reintroduced volatility across the energy and metals complex.
Coal
Energy markets saw renewed volatility, with oil and gas recovering most of Friday’s losses after reports that the Strait of Hormuz had been closed again over the weekend. Ongoing uncertainty around the progress and viability of negotiations between the United States and Israel provided further support to oil, with front-month Brent crude rising by over 5% by the close.
European gas prices were more subdued, easing through the session but still ending around 2.5% higher. Coal prices firmed early in the day alongside the broader energy complex, before weakening into the close, with all indices finishing slightly lower and Newcastle (NEWC) posting the largest declines.
Brent Crude
Oil prices moved higher, with Brent rising above $95/bbl, as geopolitical tensions between the United States and Iran escalated over the weekend. The seizure of an Iranian-flagged vessel by the U.S., alongside renewed hostilities in the Gulf of Oman, has undermined confidence in the previously announced ceasefire and raised fresh concerns over the security of supply routes.
Iran’s decision to again restrict passage through the Strait of Hormuz—having only recently declared it fully open—has reintroduced a significant risk premium into the market. With negotiations now uncertain and threats of further escalation from both sides, traders are increasingly pricing in the potential for prolonged disruption to oil flows.
While discussions are still expected to take place in the coming days, sentiment has shifted decisively. The market now reflects a more cautious outlook, with volatility likely to persist as participants assess the credibility of diplomatic efforts and the risk to global supply chains.
Iron Ore
Iron ore prices edged higher in early trading, supported by firm demand and relatively tight inventories. Strong steel production has limited inventory build-up, providing a supportive backdrop for prices in the near term.
Despite this, the market remains sensitive to broader macro developments, with volatility expected to persist. While underlying fundamentals remain constructive, any shift in economic sentiment or demand conditions could quickly influence price direction.
Copper
Copper prices were mixed, with gains in Shanghai supported by resilient Chinese demand, while London prices eased slightly. Continued inventory drawdowns and firm import premiums indicate solid underlying consumption in China, providing support to the market.
However, copper remains highly sensitive to geopolitical developments. The fragile ceasefire and uncertainty around renewed negotiations continue to weigh on sentiment, balancing otherwise supportive demand fundamentals.
Chrome
The chrome ore market remains subdued, with weak demand and limited transaction activity. Elevated port inventories—particularly for fines—continue to pressure prices, while ferrochrome producers remain cautious and largely absent from the market.
Although cost-side support persists through higher fuel and freight prices, this has not translated into stronger demand. The market is expected to remain soft in the near term, with a slight downward bias.
Sulphur
The ongoing disruption in the Middle East continues to tighten global sulphur supply, with significant implications for both copper and nickel production. With the region accounting for a substantial share of global sulphur output, restrictions on flows through the Strait of Hormuz have driven prices sharply higher.
Sulphuric acid, a critical input in copper leaching and nickel processing, is now in short supply. Export restrictions from key producers, including China and Turkey, are further exacerbating the squeeze. This has led to rising production costs across the metals complex, particularly in regions heavily reliant on imported sulphur.
While the full impact on output will take time to materialise, the immediate effect is already evident in higher cost structures and tightening margins. The extent of disruption will depend heavily on the duration of supply constraints and the pace at which trade flows normalise.
The re-escalation of tensions has once again highlighted the fragility of current market conditions. Energy remains the primary driver, with knock-on effects across bulk and base metals through both cost and supply channels. Until there is greater clarity on geopolitical developments and trade flows, markets are likely to remain volatile and highly reactive to headlines.
