Base metal prices decreased 0.4% month on month in April, softening from March’s 2.6% decline
Last month, prices for 5 out of 12 base metals tracked by our panel declined. Notably, heavyweights copper, iron ore and zinc lost ground, dented by weaker industrial activity in top consumer China: The manufacturing PMI swung into contraction in April, while the peak construction season, which spans from April to June, started on a weaker-than-expected footing. These developments signaled that the country started losing the boost from its reopening. On the flip side, China’s resilient automotive sector drove up prices for aluminum and lead. Additionally, prices for American and European steel rose in April, buoyed by resilient activity in Western markets. Nickel prices also ticked up, likely due to a spike in demand as buyers believed that prices had bottomed out.
This chart displays Iron Ore (US$/mt) from 2021 to 2023.
Base Metals Historical Price Data
| Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
|---|---|---|---|---|---|---|---|---|
| Lead LME | - | 2,125 | 2,334 | 2,325 | 2,326 | 2,200 | 1,976 | 2,110 |
| High Grade Zinc LME | - | 2,913 | 2,991 | 3,362 | 3,736 | 3,925 | 3,281 | 3,008 |
| Tin LME | - | 30,959 | 34,631 | 38,808 | 43,214 | 36,875 | 23,716 | 21,631 |
| Iron Ore CFR China | - | 199.5 | 166.7 | 111.7 | 143.1 | 138.3 | 105.6 | 99.8 |
| Hot Rolled Coil Steel USA | - | 1,526 | 1,873 | 1,742 | 1,215 | 1,308 | 834 | 695 |
| Hot Rolled Coil Steel EUR | - | 1,212 | 1,351 | 1,131 | 1,154 | 1,240 | 788 | 655 |
| Molybdenum | - | 30,114 | 42,809 | 43,135 | 42,359 | 41,561 | 35,333 | 37,394 |
| Cobalt | - | 45,868 | 51,673 | 61,760 | 74,418 | 77,119 | 52,082 | 51,504 |
| Aluminium LME | - | 2,396 | 2,646 | 2,756 | 3,255 | 2,882 | 2,356 | 2,336 |
| Alumina COMEX | - | 277 | 316 | 417 | 411 | 377 | 339 | 319 |
| Copper LME | - | 9,679 | 9,383 | 9,700 | 9,993 | 9,536 | 7,767 | 8,030 |
| Nickel LME | - | 17,354 | 19,111 | 19,784 | 28,348 | 29,018 | 22,105 | 25,581 |