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Base Metals Prices

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
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
Alumina COMEX - - - - - 377 339 319

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Price forecasts and historical data for Base Metals.

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