Monthly commodity prices update for July 2025

The monthly update of PricePedia commodity prices for July 2025 has been released. After last month’s increase, euro-denominated quotations of raw materials have resumed the downward trend of the past two years, registering a month-over-month decline of -2.6%.

The chart below shows the price trends, in euros, of raw materials in the European market for the main PricePedia aggregates: Total Commodities^[1], Industrial^[2], Energy, and Food, all indexed to January 2022 = 100.

Compared to June 2025, all main aggregates recorded a decline in euro prices, once again reflecting the widespread effects of the high level of macroeconomic uncertainty on commodity markets.

As for industrial raw materials, since December 2024 euro prices have fallen by around -2%, and in July they hit their lowest level in the last four years. When considering prices in US dollars, however, there has been a +10% increase since the end of last year, driven by a 13% depreciation of the dollar against the euro.

The weakening of the dollar reflects growing concerns over the direction of U.S. trade policy, which has seen a substantial rise in restrictive measures against partner countries compared to the period before the new administration took office.
In recent days, an agreement was reached between the European Union and the United States (anticipated in the article Optimism in Chinese markets fueled by favorable news and formalized today), which provides for a 15% tariff on U.S. imports from the EU for all products except steel, aluminum, and pharmaceutical goods. While this agreement marks a step forward in relations between the two economic areas - after measures introduced and then paused by the same U.S. administration on Liberation Day - it does not entirely eliminate the risk of a global economic slowdown and, consequently, continued weakness in global commodity demand.

Industrial raw material prices in July 2025

The price trend observed in the industrial commodities index is confirmed across almost all product categories within it.
The following graph shows the month-over-month percentage changes in euro prices for July 2025 by product group.

With the exception of Pharmaceutical Chemicals, which rose by +2%, and Inorganic Chemicals and Specialty Chemicals, which remained essentially stable compared to the previous month, all other commodity groups showed a decline.
The most marked decreases in euro prices were recorded for raw materials strongly linked to energy feedstocks, such as Organic Chemicals (-3.7%) and Plastics and Elastomers (-2.6%). Prices for Textile Fibers and Non-Ferrous Metals also fell by -2.2%.