In September 2025, Hydrochloric Acid (HCl) prices registered a diverse trend across the key global markets. This is mainly associated with the supply demand interplay, emerging trade complexities and the trade shift across the key downstream markets, shaping the HCl prices during the month.
In the United States market, prices for the HCl remained steady with only 0.9% declination. This is mainly associated with the weak cost support from the feedstock side and the soft demand dynamics. Prices for the key feedstock liquid chlorine declined by 3.14% during the month. Demand for HCl, particularly across the downstream steel industries, were limited, as the US domestic steel production remained weak from the second half of the month. Data from the American Iron and Steel Institute (AISI) revealed that the US domestic raw steel production declined by 1.7% on September 13, 2025, and on September 20, 2025, it again declined by 0.6%, week-on-week basis.
In the European market, prices for the HCl mirrored the same trend observed in the US market. German market experienced a 2.2% declination in HCl prices amidst the high supply and weak demand conditions. Eurochlor reported the steady feedstock Chlorine production in August 2025 while it remained high by 2.6% compared to the August 2025, indication the ample availability during the period. On the demand side, demand for the HCl remained soft across the downstream steel manufacturing industry in the German market, supported the price to declined. German Steel Federation Wirtschaftsvereinigung Stahl (WV Stahl) reported that the Germany steel production declined by 11.9% year on year basis, in the first eight month of the year 2025, limiting the HCl construction across the key downstream market.
Across the Asian Pacific market, HCl prices witnessed a bearish trend in September 2025. This is mainly attributed to the low production costs and the weak demand dynamics. Prices for the key feedstock Liquid Chlorine prices trended downward across the Asian market. On the downstream front, Asian steel plant activity showed a significant decline, coupled with the rising global trade concern and its impact on the regional steel market. Key steel producer, FE West Japan Works experienced a significant fall in production during the period. The existing trend across the steel market is also aligned with the METI (Ministry of Economy, Trade and Industry) Japan, who forecasted previously that the domestic steel output is expected to fall during July-September due to the weak demand across the domestic as well as in the export market, influencing the HCl consumption.
However, across the Middle Eastern market, HCl prices noticed a bullish trend, with 1.77% increase in Saudi Arabian market in September 2025. This is mainly attributed to the significant downstream pull. World Steel Association reported that the Arab countries crude steel production output increased by 6.1% y-o-y, from January to August 2025.
