We analyze the February Commodity and Transportation Indices note, which you can download from the CoLAB > Studies and publications.

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Industrial raw materials: diverging trends

The metals market has different dynamics depending on the material. Copper prices remain high, driven by structural demand for electrification and energy transition. European steel stabilized in line with moderate construction activity on the continent. Aluminum and zinc are relatively stable.

Plastics continue their decline from the highs reached during the pandemic. This price moderation eases cost pressures for plastics-intensive industrial sectors.

Energy: major European divergence

The energy context shows notable differences between European countries. Spain has experienced a 96% year-on-year decrease in the wholesale price of electricity, at extraordinarily low levels compared to the United Kingdom, Germany or Italy. This gap represents a significant competitive advantage for the energy-intensive industry located in Spain.

Crude oil remains at moderate levels, contributing to generally controlled production and transportation costs.

Agricultural and food raw materials

Prices of basic grains such as wheat and corn, as well as sugar, are stable. Cocoa prices remain high due to structural supply constraints. This outlook suggests sustained activity in the food processing industry.

International logistics: noticeable relief

Containerized shipping costs are down 38% year-on-year. The main routes between Asia and Europe recorded significant drops, while transatlantic connections remained more stable. This normalization substantially improves the predictability of logistics costs.

Dry bulk transportation also reflects solid activity, a sign of healthy international trade in raw materials.

Exchange rate: euro strengthened

The euro has appreciated against the dollar, reaching levels that may affect the competitiveness of European exports to dollarized markets in America, Asia and other regions where the U.S. currency is traded.

Inflation and cost pressure

In Spain, headline inflation (January 2026) stood at 2.1%, while core inflation (January 2026) reached 2.9%. Industrial prices (December 2025) have fallen by 3% year-on-year, reflecting the easing in energy and raw material costs.

In the Euro Zone, inflation (December 2025) moderated to 2.4% and industrial production prices (December 2025) showed stabilization after the peaks of previous years. This environment of controlled inflation, close to monetary policy targets, reduces uncertainty for business activity.

Semiconductors: stress on technological components

The semiconductor index is at record highs, signaling pressure on prices and potentially lead times for advanced electronic components. This may impact industries that incorporate sophisticated technology into their products.

Summary of the current situation

The environment combines several positive elements: normalized logistics costs, controlled inflation, competitive energy in certain European markets and moderation in some key industrial inputs.

The main focus is on the exchange rate implications for international operations and the availability of electronic components for technologically intensive sectors.

Overall, the current scenario offers greater stability and predictability than in recent years, facilitating medium-term business planning.