For the Quarter Ending June 2025
North America
• The Aspirin Spot Price in the USA declined sharply in April 2025, with the Price Index registering a -6.91% decrease due to high inventory levels, tariff frontloading, and reduced downstream demand.
• In April, large-scale inventory buildup, triggered by pre-emptive procurement ahead of the 145% tariff implementation, suppressed immediate demand, leading to limited restocking and significant Price Index erosion.
• Despite steep tariffs on Chinese imports, many U.S. market participants absorbed the initial impact, contributing to a soft Product Price Forecast for April as buyers cut prices to reduce overstocked inventory.
• In May 2025, the Price Index increased marginally by 0.39% as a temporary 90-day suspension of tariffs until August 14 prompted a surge in shipments from China, creating freight and port congestion issues.
• Peak Season Surcharges and logistic bottlenecks in May intensified the Product Production Cost Trend, pushing up freight expenses and influencing a short-lived upward movement in prices.
• On the demand front, U.S. pharmaceutical buyers accelerated purchases in May to beat the August tariff deadline, reflecting a robust Product Demand Outlook and precautionary inventory buildup.
• June 2025 saw another modest 0.39% Price Index increase as buyers continued forward procurement under favorable tariff conditions, compounding short-term pressure on the supply chain.
• Rising inflation in June led firms to hedge against future cost hikes by purchasing early, tightening availability and influencing a firmer Product Price Forecast.
• Overall, Q2 witnessed alternating pricing patterns: April marked a price correction due to oversupply, while May and June rebounded slightly on logistical disruptions and inflation-adjusted buying.
• In July 2025, Aspirin prices are likely to decrease, as the inventory built up from Q2 forward buying starts to stabilize. Traders are expected to offer discounts to move excess stock before August restocking begins, reducing near-term pricing strength.
APAC
• In April 2025, the Price Index of Aspirin (USP, FDA) FOB Shanghai dropped by 3.92%, primarily due to weak international demand, a sharp contraction in China’s manufacturing PMI to 49.0, and heavy port congestion affecting pharmaceutical logistics.
• The Aspirin Spot Price decline was amplified by a steep 145% U.S. tariff on Chinese pharmaceuticals, triggering mass cancellations and order delays, as foreign buyers slashed offtake in favor of alternative markets or existing inventories.
• High Aspirin production costs from previous manufacturing upswings remained unrecovered due to poor sales performance, forcing suppliers to offer deep discounts amid bloated inventories and subdued Product Demand Outlook.
• By May 2025, the market recovered slightly, with the Price Index increasing by 0.41% month-on-month as overseas buyers rushed to frontload orders before the U.S. tariff reprieve ends in August, triggering a surge in shipping rates and a spike in demand.
• The rebound in Product Spot Price was also supported by rising raw material (salicylic acid) costs and limited container availability, which caused distribution lead times to contract and improved turnover for Chinese exporters.
• Exporters benefited from General Rate Increases (GRIs) in ocean freight and peak season surcharges beginning June 1, incentivizing advance bookings, leading to stronger pricing confidence and improved Product Price Forecast for the near term.
• In June 2025, the Price Index again rose marginally by 0.41%, as international buyers accelerated purchases to meet summer formulation schedules and mitigate against future price hikes once tariff benefits expire.
• Product Demand Outlook in June remained stable, backed by sustained U.S. interest and consistent procurement from downstream pharma manufacturers, encouraging modest increases in factory utilization and export-driven production.
• Despite the short-term uplift, manufacturers remained cautious, avoiding overexpansion amid uncertain global trade policies and volatile freight conditions, maintaining a measured stance on Product Production Cost Trend.
• In July 2025, a mild price decrease is expected, as some international buyers pause purchasing after fulfilling forward orders in Q2. The market may see a temporary correction as players adopt a wait-and-watch strategy ahead of the August tariff deadline.
Europe
• The Aspirin Spot Price in Germany declined by 6.30% in April 2025, as the Price Index was pressured by oversupply stemming from US-bound cargo diversions and pre-holiday stockpiling.
• A consistent stream of Asian imports, strong shipping capacity, and advance purchases before the May Day break amplified the supply glut, weakening the Product Price Forecast.
• Subdued Product Demand Outlook and port congestion at Hamburg and Rotterdam delayed offtake, prompting sellers to cut prices to stimulate buying interest.
• In May, the Price Index rebounded by 0.40% as worsening Northern European port congestion and reduced vessel space restricted supply.
• Carriers redirected vessels to the Trans-Pacific route after US tariff adjustments, reducing capacity on Asia–Europe routes and tightening German imports.
• Rising bookings in late May, ahead of June GRIs, fueled spot buying, reinforcing bullish sentiment in the Product Price Forecast.
• By June, continued port delays and Rhine River logistics hurdles pushed the Price Index up by another 0.39%, despite Germany's easing inflation (2%).
• Early restocking and supply disruption fears led to short-term tightening, despite steady end-use demand from pharmaceutical buyers.
• The Product Production Cost Trend remained stable, but importers paid higher landed costs to secure timely delivery amid unpredictability.
• In July 2025, prices are likely to decrease slightly as excess June inventory stabilizes and resellers offer markdowns to clear stock ahead of August.
For the Quarter Ending March 2025
North America
In Q1 2025, Aspirin prices in the USA experienced significant fluctuations due to various factors. In January, prices rose as U.S. importers rushed to stockpile ahead of the proposed 10% tariff on Chinese goods, set to take effect in February. The Chinese Lunar New Year also contributed to increased demand, while rising energy costs added to inflationary pressures, escalating operational expenses. Port congestion in Los Angeles worsened logistical delays, further straining supply chains and driving up prices.
February saw additional price hikes, with the 10% tariff coming into effect and concerns about a potential 25% tariff on pharmaceuticals. Buyers accelerated procurement to avoid higher future costs, exacerbating supply chain issues. However, by March, prices declined as demand weakened and oversupply became a concern. The weakening of the U.S. dollar increased import costs, but distributors held high inventory levels, reducing the need for further procurement. Growing tariff concerns led suppliers to adopt more aggressive pricing strategies to move excess stock, resulting in lower prices.
Overall, Q1 2025 was marked by price volatility driven by tariffs, logistical challenges, and shifting market dynamics.
Asia Pacific
In Q1 2025, Aspirin prices in China saw a steady upward trend, driven by a combination of demand and supply-side factors. In January, prices rose due to increased demand from the pharmaceutical and healthcare sectors, coupled with reduced manufacturing output ahead of the Lunar New Year. The anticipation of new U.S. tariffs on Chinese exports further strained supply, as manufacturers rushed to fulfill export orders. This added upward pressure on prices. In February, prices continued to rise due to supply disruptions caused by the holiday break, inventory shortages, and delayed production. Demand from the healthcare sector remained robust, with seasonal weather boosting the need for pain relief and cold remedies. Additionally, the expectation of further U.S. tariffs in March encouraged foreign buyers to increase their orders. In March, prices rose slightly, as demand remained strong while supply gradually improved. However, production could not fully meet the growing demand, leading to supply tightness. The rising cost of salicylic acid, a key raw material, also contributed to the overall price increase during the quarter.
Europe
In Q1 2025, Aspirin prices in Germany showed mixed trends, influenced by supply chain factors and fluctuating demand. In January, prices increased moderately due to improved business sentiment and higher demand from the healthcare sector. The positive economic outlook, combined with inventory restocking efforts, pushed prices higher. By February, supply chain challenges, including port congestion and labor disputes, led to delays in pharmaceutical imports, raising costs. Despite these disruptions, stable demand supported prices, aided by easing inflation and political uncertainties. March saw a decline in prices as favorable import conditions emerged, including a stronger Euro and lower ocean freight rates. Despite some congestion at European ports, shipping capacity remained adequate, ensuring a steady flow of imports at competitive prices. On the demand side, however, activity remained sluggish following the Chinese New Year, with buyers clearing inventories toward the quarter's end. This imbalance between supply and demand led to downward price adjustments as suppliers sought to stay competitive. Overall, the quarter ended with a slight price decline after earlier increases.
For the Quarter Ending December 2024
North America
In Q4 2024, the U.S. Aspirin market experienced fluctuations driven by a mix of economic factors and market dynamics. October saw a decline in prices, primarily due to economic uncertainty, inflation concerns, and weakened consumer demand. The hesitation from businesses and consumers, coupled with external disruptions like hurricanes and strikes, led to lower prices to stimulate sales.
In November, prices continued to decrease as demand softened further, with reduced inflationary pressures and the appreciation of the U.S. dollar making imports cheaper. The resolution of supply chain disruptions, combined with healthy inventories, helped maintain stable prices, while a drop in Salicylic acid prices also supported the downward trend.
However, December marked a rebound in Aspirin prices, driven by strong demand, proactive purchasing, and the easing of interest rates, which boosted consumer confidence. The fear of supply disruptions, such as potential strikes and tariffs on Chinese imports, led to increased stockpiling, further driving prices up as businesses prepared for potential cost surges. Overall, Q4 saw a dynamic shift in prices, beginning with a decline, followed by stabilization, and ending with a notable increase. As of the end of Q4, Aspirin was priced at USD 2820 per metric ton (USP, FDA) CFR Los Angeles.
Asia Pacific
In Q4 2024, Aspirin prices in China saw notable volatility, shaped by various market dynamics. October saw a price decline, driven by weak domestic demand, excess supply, and heightened competition among suppliers. External geopolitical uncertainties, particularly related to the U.S. elections and rising protectionist policies, further dampened international demand, intensifying the downward pressure. In November, the trend continued due to sluggish domestic demand, high distributor inventories, and weak global sales, compounded by tariff concerns. Falling raw material and crude oil prices contributed to reduced production costs, allowing suppliers to adjust prices downward. However, December marked a shift with prices rising sharply, fueled by strong demand in the pharmaceutical and healthcare sectors. Proactive stockpiling ahead of the Chinese Lunar New Year and a weaker yuan, which made exports more competitive, further stimulated the market. In summary, the Q4 market saw a significant drop followed by a rebound, driven by shifting domestic demand, export activity, and production cost adjustments. By the end of Q4, Aspirin was priced at USD 2500 per metric ton in China.
Europe
In Q4 2024, the Aspirin market in Germany experienced fluctuating price trends influenced by various economic and logistical factors. In October, prices declined due to weak consumer demand, driven by inflation concerns, and reduced shipping costs as Asia-Europe routes saw a 60% drop in container prices. Businesses adjusted their logistics, maintaining adequate supply levels, which helped stabilize prices. Furthermore, the decrease in salicylic acid prices supported the downward trend.
In November, the price decline continued as weak demand and fading inflation concerns persisted. Germany’s economic downturn, alongside a 1.9% reduction in energy prices, further contributed to subdued price pressures. Well-maintained inventories allowed suppliers to offer more competitive rates, reinforcing the downward trend.
December saw a price rise as demand from key sectors, coupled with supply chain challenges ahead of the Chinese Lunar New Year, fueled upward pressure. The weakening Euro and congestion at European ports added to the cost burden, leading to higher prices for Aspirin. The quarter was marked by a mix of price reductions followed by increases driven by demand and logistical constraints. By the end of Q4, Aspirin was priced at USD 2750 per metric ton (USP, FDA) CFR Hamburg.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American region experienced a significant uptrend in Aspirin pricing, with the USA exhibiting the most pronounced changes. A multitude of factors influenced this market dynamic, including robust consumer demand driven by economic optimism, supply chain disruptions, such as port congestion and shipping delays, and proactive inventory management strategies employed by market participants.
These dynamics culminated in a remarkable 13% price increase from the previous quarter, with a notable 12% price variance observed between the first and second halves of the quarter. Despite ongoing challenges, such as disruptions at overseas ports and the looming threat of impending tariffs, the pricing environment for Aspirin remained decidedly positive. Market sentiment was largely skewed towards an upward trajectory, reflecting confidence among buyers and sellers alike.
By the end of the quarter, the price of Aspirin reached USD 3,380 per metric ton in the USA, underscoring the culmination of a quarter marked by bullish pricing trends. Overall, Q3 2024 demonstrated a resilient market characterized by rising prices and heightened activity, supported by a combination of demand-side optimism and persistent logistical challenges.
Asia Pacific
Throughout Q3 2024, the Aspirin market in the APAC region witnessed a pronounced trend of increasing prices. Several significant factors contributed to this shift. Robust demand both domestically and internationally played a key role, with manufacturers struggling to meet the surge in orders. Additionally, logistical disruptions, geopolitical uncertainties, and increasing input costs further propelled prices upwards. The market in China, experiencing the most substantial price changes, reflected these overall trends. As the largest player in the region, China's market dynamics heavily influenced APAC pricing. Seasonal variations and a strong correlation in price changes were observed, with a noticeable 5% increase from the previous quarter. The comparison between the first and second half of the quarter revealed a substantial 14% price difference, highlighting the dynamic nature of the market. Noteworthy disruptions such as severe weather events and production challenges were reported. The quarter concluded with Aspirin priced at USD 2835/MT FOB Shanghai, indicating a consistently positive pricing environment driven by escalating demand and market conditions.
Europe
Throughout Q3 2024, the pricing environment for Aspirin in Europe has been characterized by a significant uptrend, driven by multiple key factors. The market has experienced notable price increases, particularly in Germany, where prices saw the highest fluctuations. Demand for Aspirin remained robust, supported by improved consumer sentiment and proactive inventory stockpiling by businesses amidst supply chain disruptions caused by global shipping challenges, including the Red Sea crisis. Additionally, the easing of inflation in the region and the European Central Bank's interest rate adjustments have indirectly contributed to the upward pressure on prices. The correlation in price changes between the first and second half of the quarter was evident, with a recorded 12% increase. This trend reflects the ongoing challenges and uncertainties in the global supply chain, leading to constrained availability and heightened competition among buyers. As a result, the quarter-ending price for Aspirin (Acetylsalicylic Acid) (USP, FDA) CFR Hamburg in Germany stood at USD 3135/MT, marking a substantial increase from the previous quarter and the same period last year.
FAQs
1. Why did Aspirin prices in the USA fall sharply in April 2025 despite high tariffs?
The price drop (-6.91%) was mainly due to large inventory buildup before the 145% tariff took effect. Buyers stocked up early, creating oversupply and reducing new demand, which pushed prices down even though tariffs were high.
2. What factors caused a slight price increase for Aspirin in China during May and June 2025?
Prices rose modestly (+0.41%) as buyers rushed to frontload orders before the tariff suspension ended in August. Rising raw material costs and higher freight charges also contributed to the price increase.
3. How did logistics issues influence Aspirin prices in Germany in Q2 2025?
Port congestion and Rhine River delays limited supply despite steady demand. This caused prices to rebound slightly in May and June after an April decline caused by oversupply and stockpiling.
4. What is the expected Aspirin price trend for July 2025 across key regions?
Prices are likely to decline as the excess inventory from Q2 buying is cleared. Buyers are expected to pause new purchases, prompting sellers to offer discounts to reduce stock before the next restocking cycle.
