According to the bank, all metals prices were higher for the quarter, particularly iron ore and tin.

“However, this optimism waned, and most prices receded from their January highs by the end of the quarter,” the bank said.

Iron ore prices are the only remaining firm, due to strong demand from China’s steel sector.

“Metal prices, which increased slightly early in the year, are expected to fall by 8% relative to last year, primarily because of weak global demand and improved supplies,” said Valerie Mercer-Blackman, Lead Economist in the World Bank’s Prospects Group. 

A recovery in production, as temporary bottlenecks are resolved, is expected to lower aluminum prices by 11% in 2023.

Copper prices are forecast to fall 4% in 2023 compared with 2022, and by a further 6% in 2024 as supply conditions improve.

Nickel prices are forecast to drop by about 15% in 2023. With energy prices falling and most European smelters restarting, zinc prices are forecasted to drop by 20% this year.

“In the longer term, however, the energy transition could significantly lift the demand for some metals, notably lithium, copper, and nickel,” said Mercer-Blackman.

Precious metals prices are expected to increase by 6% in 2023 as safe-haven demand rises amid elevated uncertainty with respect to future growth prospects, ongoing concerns about inflation, and financial stress in the first quarter.

Coal prices are expected to decrease by 42% in 2023. 

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Metal Price Prediction for 2023

With the new year upon us and the economy more unpredictable than ever, metal suppliers and stainless steel fabrication companies are curious about the predicted price of metal. Understanding metal pricing trends is extremely important whether you’re a buyer, supplier, seller, or work in stainless steel fabrication. While we can’t perfectly predict the future, we will give you a good idea of what metal prices will do in 2023. This information will help you and your company prepare for the year ahead and budget accordingly. 

If you need stainless steel fabrication services, look no further than Steel Specialties Inc. Contact us online or call (915) 590-2337 today to learn more!

Are Metal Prices Going Up or Down in 2023? 

In general, metal prices are expected to go down in 2023. While it won’t be true for all metals across the board, most metal prices are expected to decrease. Unfortunately, metal prices have been dropping for several years now, and the anticipated decrease in 2023 will only make things worse. Let’s look at how a metal price reduction will affect all parties involved. 

• Metal suppliers 

Low metal prices hit metal suppliers. Suppliers and stainless steel fabricators purchase metals at a low price, then sell them for minimal profit. The overall low price of metal and steel decreases profit margin.

That’s why we’ve made stainless steel and aluminum fabrication a huge part of our work. We’re the team for the job, no matter what type of steel you require or how you need it fabricated. Contact us to learn more or make an appointment. 

• Buying organizations or departments 

If you’re in charge of purchasing metal for one or more companies, low metal prices are good news for you. The only downside of low metal prices for purchasing departments is that companies might charge more for specialty products and fabrication. However, even so, low metal prices are great for purchasers. 

• Third-party purchasers

Third-party purchasers, such as HVAC or construction companies, will also benefit from low metal prices. 

• Metal Manufacturers 

Along with suppliers, metal manufacturers will feel the hardest hurt from increasing low prices in 2023. Metal manufacturers rely on selling their products for a decent profit to make money. If they cannot do so, they can’t fall back on fabrication to make additional gains. 

Price Prediction for Different Metals 

The good news about reduced metal prices for manufacturers and suppliers is that not all metals are expected to decrease. Here’s a quick breakdown of the expected price trend for different metals heading into 2023. 

• Copper – Down 

• Aluminum Ingot – Down 30% 

• Carbon Steel CRC – Down 49% 

• Stainless Steel Spot Price – Down 32% 

• Aluminum MV Premiums – 18% 

The only metal prices expected to increase in 2023 are lead, non-ferrous, and ferrous metals. Aside from those, which include most metals used in construction and similar fields, metal prices are expected to decrease. 

Will Metal Prices Continue to Decrease Throughout 2023? 

While metal prices will be at all-time lows for most of 2023, they’re expected to rise gradually throughout the year. For instance, metal is expected to start at its 2023 low point in January with an average price of $1.08 per share. However, it’s expected that metal shares will rise at an average of roughly three cents per month, putting it at $1.42 per share by December. 

Who to Turn to For Affordable Metal and Stainless Steel Fabrication in El Paso

While metal prices for 2023 seem uncertain, one thing you can rely on in El Paso is Steel Specialties. We’ve been in the stainless steel fabrication, aluminum fabrication, and metal supply business for years. Contact us online or call (915) 590-2337 today for all your metal and fabrication needs and to schedule an appointment.