As the world moves to meet stringent targets for cutting carbon emissions, demand for lithium, cobalt and nickel vital for electric vehicle batteries will soar.
Blast furnaces using coal could become unnecessary or inoperable, resulting in "stranded assets" worth $47 billion to $70 billion, the Global Energy Monitor said.
The spread between low- and high-grade iron ore has blown out to the highest on record in dollar terms, suggesting Chinese steel mills are trying to maximise output by using as much of the best quality ore as possible.