Base metal prices increased 3.2% month on month in March, following February’s 2.5% rise.
Prices for most base metals tracked by our panel rose in March due to stronger industrial momentum and stimulus policy announcements in China. Looking at individual metals, cobalt prices rose by nearly half after top producer DRC imposed a four-month export ban. Additionally, U.S. steel prices rose further as import tariffs came into force, and European steel prices also soared on fresh import restrictions and recovering industrial momentum. Meanwhile, supply woes boosted copper and tin prices, and tight ore supplies and higher government fees in Indonesia lifted nickel prices. On the flip side, alumina prices continued to fall on dissipating supply woes, aluminum and molybdenum prices edged down on heightened global trade turmoil, and a weak Chinese property sector dented iron ore prices.
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 | - | 32,275 | 32,982 | 32,034 | 28,423 | 27,440 | 25,233 | 24,273 | 25,681 | - | - | - |
| Molybdenum | - | 57,855 | 47,792 | 49,477 | 42,668 | 44,093 | 44,093 | 47,800 | 51,318 | - | - | - |
| Nickel LME | - | 22,333 | 20,396 | 17,257 | 16,600 | 18,448 | 16,271 | 15,993 | 15,568 | - | - | - |
| Lead LME | - | 2,117 | 2,171 | 2,117 | 2,074 | 2,166 | 2,038 | 2,004 | 1,969 | - | - | - |
| High Grade Zinc LME | - | 2,536 | 2,434 | 2,500 | 2,449 | 2,833 | 2,781 | 3,049 | 2,837 | - | - | - |
| Tin LME | - | 26,159 | 26,763 | 24,421 | 26,200 | 32,190 | 31,661 | 30,215 | 31,782 | - | - | - |
| Iron Ore CFR China | - | 111.80 | 115.02 | 129.00 | 124.12 | 112.94 | 100.21 | 102.01 | 101.62 | - | - | - |
| Hot Rolled Coil Steel USA | - | 1,053 | 794 | 903 | 941 | 786 | 684 | 697 | 802 | - | - | - |
| Hot Rolled Coil Steel EUR | - | 853 | 713 | 688 | 783 | 679 | 657 | 594 | 629 | - | - | - |
| Aluminium LME | - | 2,264 | 2,159 | 2,196 | 2,203 | 2,523 | 2,385 | 2,573 | 2,624 | - | - | - |
| Alumina COMEX | - | 349 | 336 | 334 | 366 | 427 | 504 | 695 | 534 | - | - | - |
| Copper LME | - | 8,469 | 8,366 | 8,176 | 8,447 | 9,748 | 9,210 | 9,180 | 9,336 | - | - | - |