The market value of companies in the metals and mining space fell by a median of 1.1% through March after several consecutive monthly increases.

The market capitalization across the metals and mining companies analyzed by S&P Global Market Intelligence increased by a median of 204.4% year over year, and the 25 largest companies assessed had a cumulative market capitalization of $1.10 trillion as of March 31.

The analysis calculated percentage changes based on reported currencies, while company rankings were sorted by values converted into U.S. dollars.

Moody's Investors Service analysts expect the global metals and mining industry's EBITDA to increase 30% through early 2022, according to a March 25 outlook on the sector.

"The positive outlook for the global metals and mining industry stems mainly from rising demand and tight supplies for steel, iron ore and copper as economic activity picks up in the wake of the pandemic," Barbara Mattos, a Moody's senior vice president, said in a same-day news release about the outlook. "Aluminum, nickel and zinc will remain in surplus in 2021, with aluminum seeing a slow recovery, while nickel and zinc supplies will grow as production levels normalize."

The market value of the two largest companies in the sector decreased in March. BHP Group decreased 8.5%, and Rio Tinto Group fell 10.6%. Double-digit percentage drops in market cap among the top metals and mining companies also included Fortescue Metals Group Ltd., Zijin Mining Group Co. Ltd. and China Molybdenum Co. Ltd.

Overall, 11 of the largest 25 companies in the metals and mining sector decreased in market value during March.

Over the same period, three of the top companies in the space booked double-digit percentage gains in market value. Anglo American Platinum Ltd., Newmont Corp. and Franco-Nevada Corp. recorded increases of 15.3%, 14.5% and 13.2%, respectively.

Barrick Gold Corp., Wheaton Precious Metals Corp., Agnico Eagle Mines Ltd. and PAO Severstal also had substantial market value increases during the period.

Every company in the top 25 by market capitalization had a higher market capitalization as of March 31 compared to the same month of 2020 when impacts of the COVID-19 pandemic were beginning to weigh on markets. Across the metals and mining group, 11 companies recorded year-over-year growth in market capitalization exceeding 100% for the period.

Freeport-McMoRan Inc. had the greatest year-over-year gain in market value in March, surging 427.1%. The U.S.-based copper mining company reinstated and increased its dividend in early February, after reporting attributable net income of $708 million for the fourth quarter of 2020.

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