Digging the Dirt: Iran War Risks Lift Coal, Hit Copper, Steel: BI Replay

Bloomberg Intelligence’s Metals & Mining team’s webinar breaks down how the Iran war is reshaping the markets for thermal coal, copper and US steel - and what changes if it drags on. We map coal upside to $165-$185 per ton in a 1-2 month scenario and $180-$240/ton beyond three months. For steel, a quick resolution likely means limited broad impact, but a prolonged conflict risks margin pressure and demand destruction. For copper, $150+ oil and tighter Hormuz flows could swing the market to a 100,000 - 200,000 ton refined surplus and a sub-$10,000 test if the war lasts more than a year.