China remains a key consumer, but it no longer dominates global metals demand as it once did. Today, demand is more sector-specific and shaped by electrification, clean energy, defence spending and data infrastructure, rather than broad-based industrial expansion. However, this shift is uneven, policy-driven and highly sensitive to technology choices and regulation. The shift is reshaping demand across the metals complex. Metals closely linked to electrification are increasingly influenced by policy incentives and technology adoption rather than traditional industrial cycles. The metals leading the rally right now ... (full story)