Base metal prices increased 5.0% month on month in December, following November’s 1.2% rise.
Most base metals posted gains in December, boosted by renewed optimism over future demand amid Fed rate cuts and expectations of support from the People’s Bank of China to the domestic economy. Moreover, persistent supply tightness added further support: Export curbs on tin in Myanmar and cobalt in the DRC drove sharp gains for both metals. Additionally, restocking ahead of next month’s Lunar New Year lifted iron ore, while concerns over potential U.S. tariffs on refined copper pushed prices to a record high. By contrast, alumina, lead and zinc average prices saw modest declines in December.
This chart displays Iron Ore (US$/mt) from 2024 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Molybdenum | - | - | - | - | 42,668 | 44,093 | 44,093 | 47,800 | 51,318 | 44,959 | 50,155 | 61,157 |
| Cobalt | - | - | - | - | 28,423 | 27,440 | 25,233 | 24,273 | 25,681 | 33,183 | 33,091 | 47,716 |
| Hot Rolled Coil Steel USA | - | - | - | - | 941 | 786 | 684 | 697 | 802 | 896 | 839 | 861 |
| Hot Rolled Coil Steel EUR | - | - | - | - | 783 | 679 | 657 | 594 | 629 | 712 | 658 | 701 |
| Lead LME | - | - | - | - | 2,074 | 2,166 | 2,038 | 2,004 | 1,969 | 1,945 | 1,966 | 1,968 |
| High Grade Zinc LME | - | - | - | - | 2,449 | 2,833 | 2,781 | 3,049 | 2,837 | 2,636 | 2,829 | 3,162 |
| Tin LME | - | - | - | - | 26,200 | 32,190 | 31,661 | 30,215 | 31,782 | 32,260 | 33,988 | 38,167 |
| Iron Ore CFR China | - | - | - | - | 124.12 | 112.94 | 100.21 | 102.01 | 101.62 | 95.58 | 100.07 | 103.34 |
| Aluminium LME | - | - | - | - | 2,203 | 2,523 | 2,385 | 2,573 | 2,624 | 2,446 | 2,620 | 2,831 |
| Alumina COMEX | - | - | - | - | 366 | 427 | 504 | 695 | 534 | 355 | 358 | 316 |
| Copper LME | - | - | - | - | 8,447 | 9,748 | 9,210 | 9,180 | 9,336 | 9,508 | 9,814 | 11,138 |
| Nickel LME | - | - | - | - | 16,600 | 18,448 | 16,271 | 15,993 | 15,568 | 15,169 | 15,030 | 14,915 |