Raw Materials Monthly May: Steel Up Modestly, Which Has Cont’d So Far in June; Base Metals Mostly Up, Petchems Mixed

Research evidence excerpt

Raw Materials Monthly May: Steel Up Modestly, Which Has Cont’d So Far in June; Base Metals Mostly Up, Petchems Mixed

J P M O R G A N North America Equity Research

10 June 2026

Raw Materials Monthly

May: Steel Up Modestly, Which Has Cont’d So Far in

June; Base Metals Mostly Up, Petchems Mixed

As raw materials are key input costs for the building products sector, we provide Homebuilders & Building Products

ACpricing trends across a variety of commodities in this report as well as a historical Michael Rehaut, CFA

perspective on how material costs have affected profitability. (1-212) 622-6696

michael.rehaut@jpmorgan.com

• Steel: Up Modestly; June So Far Also Up Modestly. Following a modest rise Nisarg Kalra

in May, with hot-rolled and cold-rolled steel up 3% and 5%, respectively, steel 1-212-622-0132

prices have risen modestly so far in June, with hot-rolled and cold-rolled up 2% nisarg.kalra@jpmchase.com

each vs. May's average prices (cold-rolled, across our universe, is mainly used J.P. Morgan Securities LLC

for appliances). According to J.P. Morgan's Metals and Mining team, pricing

continues to trend higher on limited spot availability amid fewer imports

alongside relatively steady demand. Additionally, hot-rolled and cold-rolled

prices are up 28% and 24%, respectively, on a YOY basis, so far in June.

• Base Metals: Mostly Up Seq., Up Strongly YOY. Specifically, aluminum,

copper and zinc rose 7%, 5% and 5%, respectively, while nickel fell 2%. On

a YOY basis, aluminum, copper, zinc and nickel rose 55%, 42%, 35% and 25%,

respectively.

• Petrochemicals: Mixed Seq., Mostly Up YOY. Specifically, benzene and

ethylene rose 15% and 2%, respectively, while PVC and polypropylene fell

41% and 8%, respectively. On a YOY basis, benzene, polypropylene and