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Base Metals Prices

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 -

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Price forecasts and historical data for Base Metals.

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