Episode 11: Iron Ore & Coking Coal H1 Review and H2 Outlook

In this episode, we are joined by our Senior Analyst in Shanghai, Hao Pei, to discuss the key developments in the iron ore and coking coal markets during the first half of the year. We explore the factors that have driven price movements, demand and supply dynamics, and the impact of broader market trends. Looking ahead, Hao also shares his views on the key risks, opportunities and themes likely to shape both markets for the remainder of the year.

In this episode, we are joined by Robert Fig, a leading voice in the metals risk management sector, to explore the forces reshaping commodity markets in 2026.Robert shares his insights on a wide range of topics, from the conflict in the middle east to metals supply shocks, demand growth, geopolitical risks and the strategies companies can use to navigate an increasingly complex and volatile global landscape.This Episode was recorded on 10th June 2026.

Technical analysis is a method used to forecast price movements based on historical market data, such as prices and trading volumes. With origins dating back to the 17th century, it has long been used to identify market trends and support investment decisions.In today’s episode, Ed Hutton explains what technical analysis is, explores its history, discusses the importance of using candlestick charts correctly, and shows how traders can derive insights from price movements and historical patterns.

Ammonia is quickly moving back into focus—not just as a fertiliser feedstock, but as a key link between energy, shipping, and the transition to lower-carbon fuels.But while the long-term story is about green ammonia, the short-term reality is being shaped by geopolitics, gas markets, and logistics disruptions.So what’s actually driving prices today? How is the Middle East situation feeding through to physical and derivative markets? And are we starting to see ammonia evolve into a tradable market in its own right?To unpack all of this, we are joined by Dan Hayes, Business Development Manager for Coal and Ammonia at Argus Media.

The ongoing crisis in the Middle East has brought shipping back into sharp focus. From the future path of energy prices to the flow of grains through key chokepoints like the Strait of Hormuz, uncertainty is driving renewed attention across global markets. It’s in moments like these that having a privileged point of view, what you might call a view from the engine room, can help us interpret what’s happening in real time. To help us make sense of it, we are joined by Camillo Castagnola, General Manager at York Overseas SA a grains shipping company, to take a closer look at what’s happening in the physical side of shipping.

Energy markets are once again at the centre of global uncertainty, with geopolitical tensions reshaping flows, pricing, and risk.In this episode, Giacomo Prandelli, founder of The Merchant’s News, joins us to break down how traders interpret these moments in real time.From the impact of Middle East tensions to the growing role of financial markets in price formation, we discuss how today’s traders separate signal from noise and where they are finding edge.

In this episode, we’re discussing how rising tensions in the Middle East could impact the global LNG market and, ultimately, European gas prices. Europe has become increasingly dependent on LNG imports since the disruption of Russian pipeline flows following the Russian invasion of Ukraine. At the same time, a significant share of global LNG passes through sensitive shipping routes such as the Strait of Hormuz. So the key question is: how vulnerable are LNG markets—and European gas prices—to geopolitical escalation in the region? To explore that, I’m joined today by Natasha Fielding, Editorial Manager at Argus Media, who will help us unpack the risks for LNG supply, shipping routes, and European gas markets.

Today’s guest is Albert Mackenzie from Benchmark Mineral Intelligence. Albert is a copper analyst and reporter who has been covering the copper market for the past four years. Before joining Benchmark, he worked in pricing at Fastmarkets, giving him a strong foundation in how metals markets function at both the transactional and structural level. In this episode, we dive into copper’s record highs and the reasoning behind the rally. We explore the apparent surplus in inventories, including what Albert calls the “invisible stock”, and what that means for the market. We also discuss copper’s growing role in AI infrastructure and electrification, and how the evolving tariff landscape could shape the next phase of the market. It’s an interesting, nuanced conversation about one of the most important metals in the global economy.

In this episode, we are joined by Thanasis Davakis founder of a risk management consultancy Just Freight with a background in mathematics and finance, and former experience at Navios developing hedging strategies. We explore the geopolitical forces shaping today’s freight markets, from Red Sea disruption and a potential Suez reopening to the possible end of the Russia–Ukraine war and growing uncertainty around global green policy. Together, we unpack how these inefficiencies and policy shifts are influencing rates, risk, and decision-making for shipowners and traders. Thanasis shares practical insights on navigating volatility, building smarter hedging strategies, and managing freight exposure in an increasingly unpredictable market. A sharp, forward-looking conversation connecting global events with real trading and shipping dynamics.

In this episode, we have our usual macro-outlook, starting with what happened in Davos, how trade is shaping the geopolitical environment and what this means for dry freight. We are then exploring the fascinating and fast-moving world of base metals. From copper that powers the clean energy transition to aluminium driving manufacturing innovation, these foundational commodities are at the heart of global industry and economic growth.Joining us is Andy Farida, Senior Analyst at Fastmarkets, bringing us his sharp insights and a clear pulse on the market, delving in the latest trends, challenges, and opportunities in the base metals space. Whether you’re an investor, an industry professional, or just curious about what’s moving these markets, Andy’s outlook will help you make sense of it all.