EMEA Metals & Mining: Weekly wrap & EMEA Mining & Steel sector valuations

Research evidence excerpt

EMEA Metals & Mining: Weekly wrap & EMEA Mining & Steel sector valuations

J P M O R G A N Europe Equity Research

19 June 2026

EMEA Metals & Mining

Weekly wrap & EMEA Mining & Steel sector valuations

We provide updated valuation and commodity price scenario analysis across our European Metals, Mining & Steel

ACEMEA Mining & Steel coverage (link). Dominic O'Kane

(44-20) 7742-6729

The European Metals & Mining sector is -3% this week, mostly driven by a more dominic.j.okane@jpmorgan.com

hawkish tilt from the Fed (link). Comparing share prices today vs immediately J.P. Morgan Securities plc

prior to the US/Iran conflict: Norsk Hydro (OW) is 15% higher, Rio Tinto +3% Patrick Jones

(Neutral), BHP +7% (Neutral), Glencore (Neutral) +5%, Anglo American +7% (44-20) 7742-5964

patrick.jones@jpmorgan.com

(UW), Antofagasta -3% (Neutral), Boliden -21% (Neutral), Lundin -14% (UW). J.P. Morgan Securities plc

Among European Steel equities: SSAB is +18% (Neutral), ArcelorMittal is +1%

Anna Antonova, CFA

(UW), Salzgitter -6% (UW), Voestalpine is -5% (UW). Our EMEA sector analysis (971) 4428-1766

notes that Mining equity multiples are trading at a premium vs ~10-year history anna.antonova@jpmorgan.com

(link). J.P. Morgan Securities plc

Varun Bhattad

We track China physical metals inventory trends on a weekly basis; we consider (91-22) 6157-5027

de-stocking to be a proxy for increasing consumption (re-stocking for weaker varun.bhattad@jpmchase.com

J.P. Morgan India Private Limited

consumption). This week sees a substantial de-stocking in China copper inventory

Rosie Jia(-59kt), which is a much stronger demand signal after seven consecutive weeks of

(44-20) 3493-7448

weak consumption indicators. This reduces total China copper inventories to a rosie.jia@jpmorgan.com

multi-year low of ~185kt.