Base metal prices increased 3.0% month on month in September, following August’s 0.4% fall.
Average prices for almost all base metals rose in September compared to August. Copper prices led the charge, rising after two consecutive months of declines on the back of expectations, later confirmed, of Fed rate cuts, and the forced closure of Indonesia’s Grasberg mine—the world’s second-largest source of the metal. Similarly, aluminium, iron ore, lead, molybdenum, nickel, tin and zinc traded above August levels amid improved manufacturing conditions in China and prospects of stronger global economic growth following Fed rate cuts. Alumina and U.S. steel were the only two base metals whose price dropped. Alumina was weighed down by high port inventories of bauxite and stronger Chinese supply, while steel declined due to a weaker improvement in U.S. manufacturing conditions in September compared with August.
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Cobalt | - | - | - | 32,034 | 28,423 | 27,440 | 25,233 | 24,273 | 25,681 | 33,183 | 33,091 | - |
Molybdenum | - | - | - | 49,477 | 42,668 | 44,093 | 44,093 | 47,800 | 51,318 | 44,959 | 50,155 | - |
Tin LME | - | - | - | 24,421 | 26,200 | 32,190 | 31,661 | 30,215 | 31,782 | 32,260 | 33,988 | - |
Iron Ore CFR China | - | - | - | 129.00 | 124.12 | 112.94 | 100.21 | 102.01 | 101.62 | 95.58 | 100.07 | - |
Hot Rolled Coil Steel USA | - | - | - | 903 | 941 | 786 | 684 | 697 | 802 | 896 | 839 | - |
Hot Rolled Coil Steel EUR | - | - | - | 688 | 783 | 679 | 657 | 594 | 629 | 712 | 658 | - |
Nickel LME | - | - | - | 17,257 | 16,600 | 18,448 | 16,271 | 15,993 | 15,568 | 15,169 | 15,030 | - |
Lead LME | - | - | - | 2,117 | 2,074 | 2,166 | 2,038 | 2,004 | 1,969 | 1,945 | 1,966 | - |
High Grade Zinc LME | - | - | - | 2,500 | 2,449 | 2,833 | 2,781 | 3,049 | 2,837 | 2,636 | 2,829 | - |
Aluminium LME | - | - | - | 2,196 | 2,203 | 2,523 | 2,385 | 2,573 | 2,624 | 2,446 | 2,620 | - |
Alumina COMEX | - | - | - | 334 | 366 | 427 | 504 | 695 | 534 | 355 | 358 | - |
Copper LME | - | - | - | 8,176 | 8,447 | 9,748 | 9,210 | 9,180 | 9,336 | 9,508 | 9,814 | - |