In the latest edition of Steel raw materials monthly, S&p Global ratings outlined the key trends for the metals and mining sector in 2019.Our base assumptions result in credit measures improving modestly in 2019 for upstream and downstream producers. Lower net debt is primary cause for the improvement, given our relatively flat price and output expectations for next year. However, we haven’t factored in any potential negative impact from the US-China trade war on global demand and prices, which could lead to deviations from our base-case projections. China remains the primary force behind the fundamentals of the metals and mining industry. Slowing demand from China or an unexpected ramp-up of steel and aluminum output remain key risks that could disrupt relatively balanced conditions for most metals and mining commodity markets.
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