For the Quarter Ending September 2025
North America
• In USA, the Bentonite Price Index fell by 1.27% quarter-over-quarter, reflecting marginal demand softness overall.
• The average Bentonite price for the quarter was approximately USD 207.33/MT delivered in Wyoming hubs.
• Logistics-driven landed costs tightened and influenced the Bentonite Spot Price and regional Price Index trajectory.
• The Bentonite Price Forecast signals weakening as ample inventories meet subdued drilling and construction demand.
• Elevated freight and intermodal constraints pushed Bentonite Production Cost Trend higher, pressuring margins for suppliers.
• The Bentonite Demand Outlook remains steady but localized, driven by Permian and infrastructure project activity.
• Spot availability tightened during maintenance windows yet imports buffered supply, influencing the Price Index dynamics.
• Traders expected modest promotional discounts as distributors clear stocks, tempering Bentonite Price momentum into autumn.
Why did the price of Bentonite change in September 2025 in North America?
• Maintenance-induced mine downtime constrained domestic supply while imports partly offset shortfalls and distribution delays persisted.
• Port congestion and intermodal imbalances raised landed costs, prompting earlier buying and inventory accumulation patterns.
• Drilling activity softened modestly in summer reducing immediate offtake while construction demand remained project specific.
Europe
• In Turkey, the Bentonite Price Index rose by 1.81% quarter-over-quarter, driven by strong export flows.
• The average Bentonite price for the quarter was approximately USD 187.33/MT, supported by steady shipments.
• Bentonite Spot Price showed volatility as Mersin port congestion intermittently disrupted loading and delivery schedules.
• Bentonite Production Cost Trend remained muted with stable input sourcing and no energy cost escalation.
• Bentonite Demand Outlook benefitted from reconstruction projects and steady tunneling activity across key European importers.
• Moderate freight competitiveness and lean stocks inform the Bentonite Price Forecast for near term stability.
• Balanced inventories and vessel rotations kept the Bentonite Price Index relatively firm despite seasonal headwinds.
• Normalization of port operations could lift exports, enabling sellers to firm offers, reduce discounting pressures.
Why did the price of Bentonite change in September 2025 in Europe?
• Supply stayed relatively steady from Turkish quarries, but port congestion and rerouting heightened delivery uncertainty.
• Reduced vessel wait times and improved freight rates lowered logistical costs, supporting exporters' USD offers.
• Strong regional infrastructure restocking and steady drilling activity offset seasonal weakness, keeping price momentum constructive.
APAC
• In China, the Bentonite Price Index rose by 3.76% quarter-over-quarter, supported by export demand recovery.
• The average Bentonite price for the quarter was approximately USD 211.67/MT, reflecting steady demand flows.
• Bentonite Spot Price showed limited upside as exporters timed sailings to minimize freight disruptions overall.
• Bentonite Price Forecast indicates modest corrections into autumn given seasonal drilling lulls and inventory normalization.
• Bentonite Production Cost Trend remained steady supported by ample raw ore and disciplined operating rates.
• Bentonite Demand Outlook stays constructive from tunneling, HDD and export restocking across Southeast Asian markets.
• Bentonite Price Index fluctuated as domestic construction softened while export orders helped maintain FOB stability.
• Logistics constraints from typhoons and port delays pressured FOB offers, influencing Bentonite Spot Price competitiveness.
Why did the price of Bentonite change in September 2025 in APAC?
• Seasonal drilling slowdowns and reduced domestic construction softened demand, leading to modest downward price pressure.
• Eased port congestion and improved vessel turnaround supported exports, offsetting domestic weakness and stabilizing offers.
• Stable raw ore supply and disciplined producer run rates limited cost-driven volatility despite freight disruptions.
For the Quarter Ending June 2025
North America
• The Bentonite Price Index (DEL Wyoming) had a bit of a mixed story during the second quarter of 2025: prices decreased by 2.82% in May to USD 207/tonne followed by a positive gain of 1.45% in June to USD 210/tonne as oilfield service activity picked back up and summer construction projects loomed.
• Why did the price of Bentonite change in July 2025?
Price changes were limited as June’s recovery momentum plateaued. Supply resumed post-maintenance, but demand from drilling and HDD held steady rather than improving, capping further price upside.
• Bentonite spot price movements were shaped by shifts in U.S. rig count (up 3.2% in June), and stable imports from China, despite minor West Coast port congestion.
• Infrastructure projects under the U.S. Infrastructure Investment and Jobs Act will likely sustain Bentonite consumption in civil engineering and HDD. However, foundry demand may stay muted.
• While mining remained cost-stable, labor and inland freight rates exerted mild inflationary pressure. Rail logistics helped mitigate broader transport issues.
• Prices are expected to remain steady to slightly firm, with forecast range around USD 210–215/tonne DEL Wyoming, assuming no drilling slowdown or major transport disruptions.
Europe
• The Bentonite Price Index (FOB Mersin) rose steadily across Q2 2025, up by 2.78% in May and 1.08% in June, closing the quarter at USD 187/tonne.
• Why did the price of Bentonite change in July 2025?
Price stability was observed as exporters fulfilled prior contracts while new inquiries slowed. Domestic infrastructure works continued but did not accelerate further, leading to plateaued pricing.
• Strong exports to Germany, Italy, and Romania and urban redevelopment in Istanbul and Izmir underpinned price firmness. Turkey benefited from lower vessel wait times at Mersin and shorter EU freight lanes.
• Expected to stay firm, especially in Eastern and Central Europe, where tunneling, rail, and landfill sealing projects continue.
• Input prices for soda ash and fuel stayed steady; no major cost surges were reported. Operational efficiency improved post-port modernization at Mersin.
• Expected to remain in the USD 185–190/tonne FOB Mersin range, supported by active EU demand and efficient logistics.
Asia-Pacific
• The Bentonite Price Index (FOB Tianjin) rose 0.98% in June, following a 2.50% increase in May, closing Q2 2025 at USD 207/tonne, reflecting strong export interest and a mild domestic infrastructure rebound.
• Why did the price of Bentonite change in July 2025?
Price growth softened as export momentum into the U.S. and Southeast Asia cooled and domestic offtake plateaued after Q2 infrastructure stimulus waned.
• Bentonite spot price pressure remained low due to stable supply from Inner Mongolia and Xinjiang. Port operations at Tianjin and Ningbo normalized, supporting timely export flows.
• Chinese infrastructure activity may decelerate mildly; however, demand from Belt & Road countries (e.g., Vietnam, Malaysia) is expected to stay supportive.
• Costs stayed flat; however, thin margins and low domestic pricing discouraged aggressive production expansion. Capacity utilization remained conservative.
• Expected to hover around USD 205–208/tonne FOB Tianjin, with upside risks tied to overseas demand and potential domestic stimulus.
For the Quarter Ending March 2025
North America
Bentonite prices in North America showed consistent upward movement in Q1 2025. In the U.S., prices rose by 8.54% in January, 6.74% in February, and 2.11% in March with USD 194/Tonne. This growth was fueled by rising drilling costs, strong demand from the oil & gas sector, and increased mining expenses. Despite a decline in non-residential construction, drilling activities in Texas drove demand. Compared to Q4 2024, when prices dropped due to weak demand and oversupply, Q1 2025 saw stronger market conditions, with steady demand from drilling and infrastructure projects.
Bentonite supply in the U.S. was constrained due to rising operational costs and transportation expenses linked to crude oil prices. Canada saw increased exploration but faced regulatory challenges. Supply conditions were tighter in Q1 2025 compared to Q4 2024, where oversupply and lower drilling activity led to price declines.
Demand in the U.S. remained strong, supported by robust drilling and infrastructure activity. Canada’s demand was stable, while Mexico’s construction sector faced a downturn. Unlike Q4 2024, where weak demand and oversupply dampened prices, Q1 2025 saw steady growth, particularly in the U.S., reinforcing a bullish market outlook.
APAC
In Q1 2025, Bentonite prices in APAC showed significant volatility, influenced by supply constraints and varying demand from key sectors. A +6.72% price rise in China was driven by increased energy sector demand and rising production costs. February followed with a +10.49% increase due to supply bottlenecks and consistent demand from drilling and construction. And at the end of Q1 saw a sharper 12.66% rise with USD 178/Tonne, fueled by strong demand from industrial and energy sectors, along with regulatory constraints. Overall, the market sentiment remained bullish.
Supply challenges were prominent, particularly in China, where logistical delays and regulatory measures limited export availability. Production in India and South Korea remained stable, but local disruptions and rising operational costs added pressure on supply, driving prices higher. Southeast Asia, especially Thailand and Malaysia, faced moderate supply constraints due to mining regulations and trade tensions. Demand was strongest in energy and infrastructure sectors, particularly in China, Malaysia, and Vietnam. Despite setbacks in South Korea's construction sector, India's and Thailand's steady demand helped sustain overall price increases in Q1 2025.
In contrast to Q4 2024, where prices fluctuated, Q1 2025 saw consistent price increases driven by supply constraints and strong demand, particularly from energy and industrial sectors.
Europe
Bentonite prices saw a significant upward trend in Q1 2025, especially in Turkey, where strong domestic demand in oil drilling and construction led to a price rise of 9.09% in January and 20.00% in March with USD 150/Tonne. Global markets experienced mixed demand dynamics, with oil drilling and industrial applications driving the bullish market in Turkey. However, Europe faced challenges, with Germany and Italy showing weak demand in construction and high operational costs, leading to a stable-to-bearish market in key European regions. Compared to Q4 2024, which had a contrasting price shift from slight dips to surges in Turkey, Q1 2025 demonstrated more consistent growth driven by strong domestic demand in Turkey and regional variations in Europe.
Production in Turkey remained stable, although supply tightened due to increased local consumption. Europe faced logistical disruptions, including strikes and port delays, affecting supply chains, while Saudi Arabia’s Vision 2030 ensured a high Bentonite supply. The previous quarter saw stronger supply conditions with Turkey benefiting from stable export levels, while Q1 2025 experienced tightening exports amid growing domestic demand. In Turkey, oil drilling and construction activities fueled a significant surge in demand, driving the market higher. Spain saw moderate demand growth from mining, while Germany and Italy experienced weak construction sector performance. In comparison to Q4 2024, where Turkish demand was fueled by a boost in production and oil drilling, Q1 2025 showed continued strength in domestic demand, although European markets showed signs of stagnation and declining demand.
For the Quarter Ending December 2024
North America
The Sodium Bentonite market in Q4 2024, specifically USA, experienced a decline in prices, primarily due to subdued demand and increased supply. The first half of the quarter saw a price drop fueled by increased oil supply, reduced drilling activity (in response to moderate demand), and weak global economic conditions. The latter half continued to witness the same trend in the US, mirroring India's experience. Conversely, China and Turkey witnessed significant price increases due to strong demand in construction and drilling.
The decline in US Bentonite prices stemmed from a confluence of factors. Reduced drilling activity, driven by stable oil production and high inventories, significantly lowered demand for Bentonite-based drilling fluids. Simultaneously, consistent domestic production, primarily from Wyoming, created an oversupply situation. Weak global economic conditions further dampened demand, while competition from lower-priced international sources, particularly Turkey, impacted US export volumes. Although the resolution of the US east coast port strike improved logistics, the overall effect of these factors resulted in a downward pressure on prices.
Producers faced challenges from oversupply, reduced demand from the energy sector, and competition from lower-cost international suppliers. Maintaining profitability amidst weak demand required cost optimization and exploration of alternative market segments.
APAC
In Q4 2024, the Bentonite market in the APAC region, particularly in China demonstrated significant volatility. October saw a slight price decrease due to increased domestic energy production leading to higher supply and moderate demand across key sectors. Increased natural gas and power generation further reduced reliance on drilling additives, a major Bentonite consumer. Although post-Golden Week logistics improved, global shipping oversupply and lower crude oil imports contributed to the price dip.
November presented a contrasting picture with a sharp price increase driven by robust domestic demand from drilling and construction activities. This surge was fueled by government stimulus, increased crude oil imports, and heightened mining and production in key regions like Inner Mongolia and Shandong. Despite the increased production, export activity remained low as domestic needs took priority. Challenges included higher input costs, stringent environmental regulations, and rising labor expenses, resulting in tighter stock availability. Increased seasonal demand for coal-fired power generation further boosted Bentonite consumption.
In nutshell, Q4 2024 showed a market influenced by the interplay of increased domestic energy production, government policy, and global market trends. While October experienced a slight price decline due to surplus supply, November saw a sharp price increase driven by strong domestic demand. Market participants faced challenges related to fluctuating global prices, higher input costs, environmental regulations, and labor expenses.
Europe
The European Bentonite market, particularly in Turkey in Q4 2024 presented a contrasting picture compared to other global regions. While the first half of the quarter saw a slight price dip, the latter half experienced a significant surge, driven by robust domestic demand and increased production.
Turkey's Bentonite market in Q4 2024 saw a dramatic shift from October's slight price dip to November's surge. Record domestic oil and gas production, coupled with increased mining output and government infrastructure projects, fueled strong domestic demand. High-quality Turkish Bentonite's strategic location attracted significant export orders. While stable global crude oil prices initially supported drilling activity, the potential for future price increases further strengthens the market outlook. This interplay of domestic growth and strong international demand created the contrasting market performance between October and November.
While the strong domestic market presents opportunities, maintaining this momentum requires careful management of supply chains to meet both domestic and international demand. Continued investment in exploration and efficient mining practices will be crucial. Vulnerability to fluctuations in global energy prices and international demand remains a challenge for Turkish Bentonite producers.
