For the Quarter Ending March 2025
North America
The North American brass rod market in Q1 2025 showed firm upward movement, driven by strong demand fundamentals and tightening global supply. The continent faced continued pressure from reduced raw material availability and elevated energy costs, alongside geopolitical and logistical challenges that impacted manufacturing and distribution networks across the region.
In the United States, brass rod prices recorded a steady increase through the quarter. When compared to Q4 2024, prices rose quarter-on-quarter in Q1 2025. Supply was constrained by a drop in LME copper warehouse stocks, causing production challenges amid rising treatment charges and volatile commodity prices. Although zinc supply remained relatively stable, inventories dipped significantly, hinting at potential disruptions ahead.
On the demand front, the U.S. construction sector witnessed robust growth across all subsectors, spurring brass consumption for infrastructure and electrical applications. Additionally, vehicle sales surged, with electric vehicles contributing notably due to their high brass component use. This demand-supply imbalance sustained upward pressure on prices through the quarter.
APAC
During Q1 2025, the brass rod market across the Asia-Pacific (APAC) region experienced mixed trends, shaped by varying supply-demand dynamics and raw material availability. Among the APAC countries, China emerged as a focal point, with its market witnessing notable fluctuations throughout the quarter. At the start of the quarter, brass rod prices in China dipped sharply, influenced by cautious buying activity and lean inventory management amid elevated copper prices. Mid-quarter, the market saw a modest stabilization in supply, supported by ample availability of copper and zinc. However, manufacturers continued to face margin pressures, which restricted aggressive production or inventory buildup. By the end of the quarter, prices rebounded rapidly, driven by robust demand from construction, automotive, and infrastructure sectors. The rebound was further supported by the post-holiday industrial recovery and government stimulus. When compared to Q4 2024, the quarter-on-quarter price declined by 6.6%, settling at USD 7069/mt Ex-Shanghai by the end of Q1 2025. The strong end-of-quarter rally reflected a tightening market amid accelerating downstream consumption.
Europe
In Q1 2025, the European brass rod market experienced upward momentum, supported by persistent supply constraints and robust demand across industrial sectors. Geopolitical uncertainties, energy price volatility, and declining base metal inventories contributed to a tight supply landscape across the continent, influencing regional production and pricing trends. In France, brass rod prices showed a steady increase throughout the quarter, culminating in a price of USD 7,364/mt FOB Marseille at quarter-end. When compared to Q4 2024, prices rose 1.6% quarter-on-quarter in Q1 2025. Supply remained under pressure, largely due to an 18% drop in LME copper stocks to 213,275 tons, coupled with higher production costs and reduced concentrate throughput. Zinc inventories also declined, raising concerns about future availability. Demand, however, remained strong—particularly from automotive and construction sectors. Increased car registrations in Italy and rising construction activity in the U.S. significantly boosted consumption. This combination of tightening supply and persistent demand kept the French brass rod market firmly on an upward trajectory throughout the quarter.
