FIBER: Industrial Commodity Price Index Edges Higher
by:Tom Moeller
|in:Economy in Brief
Summary
- Metals prices lead the increase.
- Lumber prices strengthen.
- Crude oil prices decline sharply.
The Industrial Materials Price Index from the Foundation for International Business and Economic Research (FIBER) rose 0.6% (0.4% y/y) during the four weeks ended March 7, 2025, adding to gains early in the year. Weakness during the latest two weeks, however, pulled the index to the lowest level since early February.
Prices in the Metals group led the increase and rose 3.5% (9.4% y/y) over the most recent four weeks. Tin prices increased 5.4% (18.4% y/y) while copper scrap costs rose 5.1% in four weeks (12.0% y/y). The cost of lead climbed 3.1% (-3.0% y/y) and zinc prices increased 3.1% (16.3% y/y) in four weeks. Steel scrap costs rose 2.9% (-3.1% y/y) and aluminum costs moved up 1.5% (21.0% y/y) in four weeks.
Prices in the Miscellaneous group increased 1.2% during the last four weeks and rose 4.3% y/y. Framing lumber prices jumped 11.1% over the last four weeks and increased 12.8% y/y. Offsetting this rise, natural rubber prices declined 2.6% (+4.9% y/y) in four weeks. Hide prices held steady over the same period (+7.8% y/y).
Offsetting these gains, prices in the Crude Oil & Benzene group declined 3.7% (-12.6% y/y) in the latest four weeks. The cost of West Texas Intermediate crude oil slumped 5.8% to $67.81 per barrel and was 14.1% lower y/y. The cost of the petro-chemical benzene, used for making plastics & synthetic fibers, fell 7.5% (-33.1% y/y) in the last four weeks. Excluding crude oil, the industrial commodity price index rose 1.0% (1.3% y/y).
Textile group prices weakened 0.6% (-4.9% y/y) in the latest four weeks. Burlap costs fell 2.2% (+11.7% y/y) in four weeks and the cost of cotton fell 2.0% (-32.5% y/y).
The Foundation for International Business and Economic Research (FIBER) develops economic measurement techniques as applied to business cycles and inflation in the U.S. and other market economies. The commodity price data can be found in Haver's DAILY, WEEKLY, USECON and CMDTY databases.
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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