Industrial metal prices on May 21st: Nickel and Aluminum rise slightly, Tin remains at a high level.
The metals market on May 21st showed mixed performance, with nickel and aluminum rising slightly. Tin and molybdenum prices continued to remain high due to stable production demand.
On May 21st, the global industrial metals market saw mixed performance. This divergence occurred as investors cautiously monitored the outlook for global demand and economic growth signals from major economies such as China.
Nickel and aluminum recorded steady increases.
The base metals group recorded positive growth in two key commodities: nickel and aluminum. Specifically, the price of nickel increased by $21.00, reaching $18,476.00 per ton. This is a significant increase, bringing the cumulative growth of this commodity since the beginning of the year to 10.3%. The main driving force comes from sustained demand in the stainless steel manufacturing industry and the production of batteries for electric vehicles (EVs).
In addition, aluminum prices also recorded a slight increase of $2.35, reaching $3,561.65/ton. Despite the recovery in this session, overall for the week, aluminum prices are still under slight downward pressure of about 0.47%.
The group of metals is affected by limited supply.
Most notably in the current market is the price of tin, which continues to remain high at $52,347.00 per ton. Compared to the same period last year, the price of tin has increased by nearly 60%, reflecting the severely limited global supply. Similarly, molybdenum has also remained stable at 612.50 CNY/kg but has recorded a remarkable increase of 35% since the beginning of the year thanks to strong demand from the alloy steel industry.
Trends in technological and precious metals
In the clean energy and technology metals group, bitumen prices rose to 4,447.00 CNY/tonne, marking an increase of over 46% since the beginning of 2024. Meanwhile, cobalt remained stable at 56,290.00 USD/tonne, but this price is still 67.03% higher than the same period last year.
Conversely, precious metals used in industry are showing signs of weakness. Palladium, although rising $14.00 during the session to $1,407.00 per ounce, is still in a sharp downward trend both monthly and year-to-date. Rhodium remained unchanged at $9,850.00 per ounce.
Detailed price list for industrial metals as of May 21st.
Below is a summary table of prices and fluctuations of major industrial metals on the international market:
| Metal | Unit | Current price | Daily fluctuations | Compared to the beginning of the year |
|---|---|---|---|---|
| Tin | USD/Ton | 52,347.00 | -4.22% | +29.07% |
| Nickel | USD/Ton | 18,476.00 | +0.11% | +10.30% |
| Aluminum | USD/Ton | 3,561.65 | -0.07% | +18.88% |
| Zinc | USD/Ton | 3,506.90 | -0.49% | +12.35% |
| Cobalt | USD/Ton | 56,290.00 | 0.00% | +5.50% |
| Bitumen | CNY/Ton | 4,447.00 | +0.11% | +46.48% |
Overall, the industrial metals market is being affected by multiple factors, including energy costs and expectations of economic recovery. Future price trends are expected to remain highly differentiated depending on the specific supply and demand characteristics of each commodity.
