Monthly commodity prices update for November 2025

The November 2025 update of PricePedia's monthly European commodity prices has been published. Overall, on a monthly basis, a slight increase of +0.6% is recorded, interrupting the series of month-on-month declines that had been ongoing since last July.

The chart below shows the trend in euro prices of raw materials for the European market across the main PricePedia aggregates: Commodity^[1], Industrial^[2], Energy, and Food, all indexed to 100 in January 2022.

In November 2025, the only macro-category to record a month-on-month decline was food raw materials, down by -2.1%. This drop is also the sharpest of the past four months and brings prices back to levels similar to those of early 2023.

As for energy raw materials, in November 2025 prices increased by +1.7% compared to the previous month. Among the products with the strongest rises within the sector were medium and heavy oils, up by +4.5%, including gas oils: during November, Ukraine continued to attack Russian energy infrastructure and fuel depots, of which Russia is among the world's main exporters.

In month-on-month terms, the trend for industrial commodities once again shows substantial stability, with absolute changes almost always below one percentage point. In November, in fact, the variation remained limited at +0.3% compared to October 2025.
This trend is consistent with the notion that the European market has reached a price floor, despite strong downward pressures resulting from Chinese competition, as highlighted in the article China economic update October 2025, where the increasing gap, since 2022, between the corresponding industrial commodity indices of the two areas is examined.

Industrial raw material prices in November 2025

From the perspective of year-on-year dynamics (November 2025/November 2024) of European industrial commodities, the past month shows an overall average decrease of -3.6% compared to twelve months earlier.

This trend is also confirmed across all individual categories that make up the industrials index. The chart below shows the year-on-year changes in euro prices for these commodity groups in November 2025.

With the exception of Specialty Chemicals, which recorded an increase of +2.3%, all commodity categories show declines, more or less intense, compared to November 2024.
In particular, the sharpest reductions were recorded in categories where downward pressure from Chinese prices is strongest, namely Organic Chemicals (over -7%), Plastics and Elastomers (-5.8%), and Ferrous metals (-5.3%).
Meanwhile, Inorganic Chemicals and Non-Ferrous metals show substantial stability.