Base metal prices increased 1.8% month on month in March, following February’s 1.5% fall.
Prices rose in March chiefly thanks to recovering industrial activity in top metal buyer China. The manufacturing PMI of the Asian giant rebounded in March after five consecutive months of contraction, boosting demand for most metals. Additionally, supply conditions in recent months were mostly bullish for prices: Aluminium output dropped, copper smelting weakened in China, and several zinc smelters halted operations. Additionally, tin exports from Indonesia plummeted due to permitting issues, and the nickel market surplus narrowed amid production cuts among producers outside of China and Indonesia. On the flip side, lead prices fell as inventories rose to their highest levels in 11 years, and iron ore prices fell further due to sustained weakness in the Chinese property sector.
This chart displays Iron Ore (US$/mt) from 2022 to 2024.
Base Metals Historical Price Data
| Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
|---|---|---|---|---|---|---|---|---|
| Molybdenum | - | - | - | - | - | 41,561 | 35,333 | 37,394 |
| Cobalt | - | - | - | - | - | 77,119 | 52,082 | 51,504 |
| Alumina COMEX | - | - | - | - | - | 377 | 339 | 319 |
| Copper LME | - | - | - | - | - | 9,536 | 7,767 | 8,030 |
| Nickel LME | - | - | - | - | - | 29,018 | 22,105 | 25,581 |
| Lead LME | - | - | - | - | - | 2,200 | 1,976 | 2,110 |
| High Grade Zinc LME | - | - | - | - | - | 3,925 | 3,281 | 3,008 |
| Tin LME | - | - | - | - | - | 36,875 | 23,716 | 21,631 |
| Iron Ore CFR China | - | - | - | - | - | 138.33 | 105.58 | 99.77 |
| Hot Rolled Coil Steel USA | - | - | - | - | - | 1,308 | 834 | 695 |
| Hot Rolled Coil Steel EUR | - | - | - | - | - | 1,240 | 788 | 655 |
| Aluminium LME | - | - | - | - | - | 2,882 | 2,356 | 2,336 |