Benchmark Giga Africa 2026

Justin Mize and I learnt a lot at the Benchmark Giga Africa event this week!

Competition for sulphur feedstock continues and will put increasing pressure on traditional sulphur consumers, namely the fertilizer and chemical sectors, due to the higher affordability of metals producers.

I have been saying this for a long time: we need frank discussions about the future affordability and availability of sulphur and sulphuric acid. As an industry, we need to navigate a world where supply is finite and demand continues to grow.

Sulphur and sulphuric acid are no longer just by-products; they are strategic resources.

Just look at copper. LME cash copper was trading around $14,500/t a month ago and remains around that level today. This has been driven by stock drawdowns linked to the threat of US tariffs, as well as strong underlying demand supported by investment in electrical infrastructure, electric vehicles (EVs), and traditional end uses such as construction.

This is another key point I was reminded of at the event. EV sales growth may have slowed for a range of reasons, but battery pack sizes continue to increase as we demand greater range. EVs are also moving into more premium segments. I recall seeing some impressive high end EV models while I was in China earlier this year.

All of these are backed by sulphur and sulphuric acid!

I learnt much more at the event, which I shared with our clients in last night's Acuity Commodities 𝘉𝘳𝘪𝘦𝘧𝘪𝘯𝘨: 𝘚𝘶𝘭𝘱𝘩𝘶𝘳 report.

This is an era in which we need to think not only about food security, but also national security and energy resilience.

The game has truly changed (oops, I sound AI).