Base metal prices increased 2.3% month on month in May, following April’s 7.2% fall.
Prices for most base metals tracked by our panel rose in May as trade tensions between the U.S. and China cooled. The two countries agreed to markedly reduce reciprocal tariffs for 90 days as they work on a trade deal. Softer trade barriers bode well for metal prices by easing pressure on global economic momentum. Weaker supply for copper and lead, plus sturdier Eurozone manufacturing activity, gave prices additional support. In contrast, prices for iron ore, tin and U.S. steel all fell. Iron ore declined on protracted weakness in China’s property sector, tin on an improving supply panorama and U.S. steel on softer domestic industrial momentum.
This chart displays Iron Ore (US$/mt) from 2023 to 2025.
Base Metals Historical Price Data
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aluminium LME | - | 2,264 | 2,159 | 2,196 | 2,203 | 2,523 | 2,385 | 2,573 | 2,624 | - | - | - |
| Alumina COMEX | - | 349 | 336 | 334 | 366 | 427 | 504 | 695 | 534 | - | - | - |
| Copper LME | - | 8,469 | 8,366 | 8,176 | 8,447 | 9,748 | 9,210 | 9,180 | 9,336 | - | - | - |
| Nickel LME | - | 22,333 | 20,396 | 17,257 | 16,600 | 18,448 | 16,271 | 15,993 | 15,568 | - | - | - |
| Lead LME | - | 2,117 | 2,171 | 2,117 | 2,074 | 2,166 | 2,038 | 2,004 | 1,969 | - | - | - |
| High Grade Zinc LME | - | 2,536 | 2,434 | 2,500 | 2,449 | 2,833 | 2,781 | 3,049 | 2,837 | - | - | - |
| Tin LME | - | 26,159 | 26,763 | 24,421 | 26,200 | 32,190 | 31,661 | 30,215 | 31,782 | - | - | - |
| Iron Ore CFR China | - | 111.80 | 115.02 | 129.00 | 124.12 | 112.94 | 100.21 | 102.01 | 101.62 | - | - | - |
| Hot Rolled Coil Steel USA | - | 1,053 | 794 | 903 | 941 | 786 | 684 | 697 | 802 | - | - | - |
| Hot Rolled Coil Steel EUR | - | 853 | 713 | 688 | 783 | 679 | 657 | 594 | 629 | - | - | - |
| Molybdenum | - | 57,855 | 47,792 | 49,477 | 42,668 | 44,093 | 44,093 | 47,800 | 51,318 | - | - | - |
| Cobalt | - | 32,275 | 32,982 | 32,034 | 28,423 | 27,440 | 25,233 | 24,273 | 25,681 | - | - | - |