Commodities Material Price Index

The Materials Price Index (MPI) by S&P Global Market Intelligence rose by 0.5% in March, marking the first weekly rise since early February.

Seven of 10 subcomponents increased, indicating a broadly bullish tone on commodity markets. The MPI sits around 3.5% lower than the same week in 2023. Additionally, nonenergy commodity prices are also around 1% lower, indicating a weaker pricing environment compared with this time last year. Declining steel-making raw material prices continued to be the major driver of the decrease in the MPI. The ferrous subindex declined 4%, continuing the downward trend from the start of the year. Iron ore prices fell from $117/metric ton to $111/metric ton, the lowest since August 2023, with scrap prices falling from $342/metric ton to $323/metric ton.

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