For the Quarter Ending September 2025
North America
• In United States, the Copper-Nickel Alloy Price Index rose quarter-over-quarter in Q3 2025, driven by increased production costs.
• Production costs rose, influenced by CPI increasing 3.0% (September 2025) and PPI rising 2.6% (August 2025).
• Demand outlook was bearish, as industrial production grew only 0.1% in September 2025.
• Copper feedstock prices were volatile in Q3 2025, gaining upward momentum by September.
• Nickel feedstock prices stabilized in Q3 2025, with North American prices declining in September.
• Natural gas feedstock prices spiked year-over-year in Q3 2025, increasing production expenses.
• US refined copper inventories surged to a 21-year high in Q3 2025 due to front-loaded imports.
• Consumer confidence declined to 94.2 in September 2025, indirectly dampening overall industrial demand.
Why did the price of Copper-Nickel Alloy change in September 2025 in North America?
• Production costs rose from CPI increasing 3.0% and PPI rising 2.6% in Q3 2025.
• Copper feedstock prices gained upward momentum in September 2025, adding cost pressure.
• Industrial production grew only 0.1% in September 2025, limiting alloy demand.
APAC
• In China, the Copper-Nickel Alloy Price Index fell quarter-over-quarter in Q3 2025, influenced by contracting manufacturing activity.
• The Copper-Nickel Alloy price forecast remains stable to slightly bearish due to persistent industrial pricing pressures.
• Production costs were mixed, with tight copper concentrate supply and nickel oversupply in Q3 2025.
• Demand was supported by surging automotive and high-tech manufacturing output in Q3 2025.
• Industrial production grew 6.5% year-over-year in September 2025, providing some demand counter-balance.
• Retail sales grew 3.0% year-over-year in September 2025, indirectly supporting consumer-driven manufacturing.
• Chinese copper inventories tightened significantly in Q3 2025, with exchange stocks reaching multi-year lows.
• Global nickel inventories continued to build throughout Q3 2025, indicating an international surplus.
• The unemployment rate was 5.2% in September 2025, offering neutral support to consumer spending.
Why did the price of Copper-Nickel Alloy change in September 2025 in APAC?
• The Producer Price Index fell 2.3% year-over-year in September 2025, signaling weak industrial demand.
• The Manufacturing Index was Contracting in September 2025, reducing overall industrial activity.
• The Consumer Price Index decreased 0.3% year-over-year in September 2025, reflecting deflationary pressures and low consumer confidence.
Europe
• In Germany, the Copper-Nickel Alloy Price Index fell quarter-over-quarter in Q3 2025, driven by contracting industrial activity.
• The Copper-Nickel Alloy Price Forecast suggests continued downward pressure from weak industrial demand in Germany.
• Production costs were mixed, with producer prices falling 1.7% in September 2025, but energy costs remained elevated.
• Demand outlook weakened as Germany's industrial production declined 1.0% in September 2025, and the Manufacturing Index contracted.
• Global copper supply faced significant disruptions in Q3 2025, while nickel supply in Europe tightened.
• Global nickel stockpiles continued an upward trend through Q3 2025, contributing to overall supply dynamics.
• Germany's overall exports declined in Q3 2025, and US tariffs continued to pressure industrial sectors.
• Retail sales rose 0.2% in September 2025, offering slight indirect support for consumer durable goods demand.
Why did the price of Copper-Nickel Alloy change in September 2025 in Europe?
• Industrial production declined 1.0% in September 2025, with the Manufacturing Index contracting in Q3 2025.
• Producer prices fell 1.7% in September 2025 due to energy, but CPI rose 2.4%, impacting operational costs.
• Global copper supply disruptions and tightening European nickel supply affected feedstock availability.
