The model finds that the higher temperature scenario will reduce the global demand for copper and iron because both metals are less available in hotter temperatures than copper, Simpson said. “We also find that that both copper and iron will become more expensive, but that the iron price is particularly sensitive. The iron price is set by global supply and demand, and also by the demand for new electric generation. The effects of increased demand and higher prices, in the model, lead to a lower iron priceā€”a negative feedback loop.”

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