Mining production slowed ahead of lockdown, worse figures to come | Fin24
Mineral sales, however, increased 18% year-on-year for February, with the largest growth in sales reported for PGMs, followed by gold and iron ore. In the three months ended February 2020, the seasonally adjusted value of mineral sales was 5.1% higher compared with the previous three months, Stats SA's report read.
"They almost balance each other out," Major said."And if supply falls more than demand there is a possibility of suppliers charging higher prices. If only half the mines produce, then they can charge what they want if demand falls less than half of what it was," he said. Supply was definitely being curtailed from late March onward, which always helps prices," he said.While higher commodity prices bode well for SA's economy, things could be better, said Major.
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