Canada Raw Materials Prices Plunge 6.9%

2026-07-24 12:39 By Joana Taborda 1 min. read

Canada’s raw materials prices decreased 6.9% mom in June 2026, the largest monthly decline for the index since July 2022 and the first since August 2025, compared to forecasts of a 1.5% fall.

The largest downward contribution came from prices for crude energy products (-13.7%) which declined for the second consecutive month.

Both conventional crude oil (-15.7%) and synthetic crude oil (-9.8%) posted monthly decreases as a tentative deal between the US and Iran was announced.

Excluding energy crude, the raw materials price index decreased 2.7%.

Meanwhile, metal ores, concentrates and scrap (-5.1%) posted its largest monthly decline since June 2023.

The driver of the decrease was the gold, silver, and platinum group metal ores and concentrates product group (-8.4%), which registered its largest drop since July 2017.

Lower prices for nickel ores and concentrates (-4.3%) made an impact as well.

Year-on-year, prices for raw materials increased 20.7%, slowing from a 33.4% gain in May.



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Canada Raw Materials Prices Plunge 6.9%
Canada’s raw materials prices decreased 6.9% mom in June 2026, the largest monthly decline for the index since July 2022 and the first since August 2025, compared to forecasts of a 1.5% fall. The largest downward contribution came from prices for crude energy products (-13.7%) which declined for the second consecutive month. Both conventional crude oil (-15.7%) and synthetic crude oil (-9.8%) posted monthly decreases as a tentative deal between the US and Iran was announced. Excluding energy crude, the raw materials price index decreased 2.7%. Meanwhile, metal ores, concentrates and scrap (-5.1%) posted its largest monthly decline since June 2023. The driver of the decrease was the gold, silver, and platinum group metal ores and concentrates product group (-8.4%), which registered its largest drop since July 2017. Lower prices for nickel ores and concentrates (-4.3%) made an impact as well. Year-on-year, prices for raw materials increased 20.7%, slowing from a 33.4% gain in May.
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