By Metal Miner

Renewable energy MMI (Monthly Metal Index) moved sideways, up slightly by 2.83%. Metal prices, including prices for copper, steel, lithium and cobalt, have seen big fluctuations in recent weeks as U.S. companies scramble to purchase materials before imposing tariffs. For example, U.S. copper prices soared in the first quarter as buyers competed before potential import restrictions, until early April when China retaliated against huge tariffs on U.S. goods.

Trading data shows that our copper futures plummeted 14% in a week, briefly falling below $9,000 per ton on LME. Volatility reflects the classic imported bill game. According to Reuters, since the U.S. price is above the global benchmark of $756/ton, U.S. stocks can increase once actual responsibilities begin. Currently, the short-term trajectory of copper has fallen from its peak in March as tariffs increase pressure on buyers.

The steel sector showed mild correction. Earlier this year, tariff anxiety excited us and raised plate prices to years highs, but by early April, they had upgraded. A market report pointed out that U.S. hot coils slipped from their March peak (about $920/st), while steel plate bids were boiling. Meanwhile, the Mill’s domestic delivery time has shrunk from the chaotic early March sprint, indicating that short-term demand has been eased.

Nevertheless, with the “countdown” tariffs announced on April 4 leaving items that have been protected, such as old 25% taxes such as steel and aluminum, U.S. steel manufacturers are still in a tight state of handling.

Battery Metal tells a mixed story. After the surge last year, lithium prices are still under tremendous pressure. S&P Global notes that new Spodumene output and the proliferation of high inventory levels have driven unprecedented oversupply. In fact, new mining projects and operations in China have restarted, with prices for carbonate and lithium hydroxide lower throughout the first quarter.

S&P forecasts to Q2 2025 Q2. This Glut knocked lithium down nearly three years of lows on some Asian indexes, raising questions about whether it was a reset or a long-term trend.

Cobalt prices are also fluctuating as a year of oversupply pushes prices to a nine-year low in January. In late February, the Democratic Republic of the Congo imposed a four-month export moratorium. By March, cobalt immediately soared about 40% and closed at about $34,000 per ton, but this disruption put the market at an advantage throughout May.

Reports show that few traders expect Congolese goods to recover once they recover. Nevertheless, even as long-term demand for electric vehicle batteries and long-term demand for grid storage continues to grow, the haste of Q1 still demonstrates the sensitivity of cobalt to geopolitical changes.