For the Quarter Ending December 2025
North America
• In the USA, the Bentonite Price Index rose by 2.41% quarter-over-quarter, reflecting firmer domestic demand.
• The average Bentonite price for the quarter was approximately USD 212.33/MT on delivered Wyoming basis.
• Bentonite Spot Price remained stable while the Price Index showed upward pressure from logistics constraints.
• Bentonite Price Forecast shows gains as Bentonite Production Cost Trend reflects contained energy and freight.
• Bentonite Demand Outlook remains steady with consumption across drilling, foundry, construction sustaining the Price Index.
• Tight inventories and export demand supported the Bentonite Production Cost Trend via inland transportation rates.
• Producers operated at stable utilization; disciplined supply allocations restrained volatility in the Bentonite Price Index.
• Seasonal drilling slowdown may temper demand, inventory normalization and transport improvements shape Bentonite Price Forecast
Why did the price of Bentonite change in December 2025 in North America?
• Steady domestic mining output with firm drilling and foundry offtake supported upward pricing in December.
• Marginally higher rail logistics costs increased delivered expenses, enabling producers to pass through price increases.
• US net exporter status limited global freight influence; local supply-demand fundamentals drove December price movement.
APAC
• In China, the Bentonite Price Index rose by 2.20% quarter-over-quarter, reflecting firm export demand conditions.
• The average Bentonite price for the quarter was approximately USD 216.33/MT, reflecting steady contractual offtake.
• Exporters cited delayed loadings supporting Bentonite Spot Price while Bentonite Price Index remained marginally firmer.
• Energy costs constrained Bentonite Production Cost Trend, leaving margins intact and Bentonite Demand Outlook subdued.
• Near-term Bentonite Price Forecast indicates marginal upside as export bookings continue and port efficiency improves.
• Lean inventories and stable mine output kept the Bentonite Price Index range-bound despite shipment delays.
• Rail flows restored on Baotou-Qinhuangdao corridor improved dispatches, supporting timely shipments and reducing Bentonite Spot Price pressure.
• Seasonal Lunar New Year slowdowns may tighten export flows influencing Bentonite Price Index and availability.
Why did the price of Bentonite change in December 2025 in APAC?
• Sustained Southeast Asian contractual demand lifted export offtake, tightening immediate supply for FOB Tianjin shipments.
• Port congestion and longer vessel waiting times constrained prompt cargo readiness, supporting marginal price increases.
• Stable energy and rail logistics contained production cost pressures, preventing sharper price movements despite pockets.
Europe
• In Turkey, the Bentonite Price Index rose by 1.6% quarter-over-quarter, reflecting marginal supply tightening from higher mining costs.
• The average Bentonite price for the quarter was approximately USD 190.33/MT, reflecting export-weighted FOB valuations.
• Bentonite Spot Price remained firm as port-side inventories stayed lean, supporting disciplined seller quotes into Europe.
• Bentonite Price Forecast shows modest upside potential driven by year-end bond recalculations and sustained export demand.
• Bentonite Production Cost Trend increased after rehabilitation bond re-indexation, raising mining cash costs and compressing margins.
• Bentonite Demand Outlook remains stable as European foundry and Middle East drilling orders offset weaker domestic construction.
• Bentonite Price Index displayed steady-to-firm behaviour amid logistical constraints and disciplined export allocations at Mersin.
• Shipment delays from port congestion temporarily tightened availability, supporting FOB offers and limiting room for aggressive discounting.
Why did the price of Bentonite change in December 2025 in Europe?
• Re-indexed rehabilitation bonds raised mining cash costs roughly USD 46/ton, prompting producers to raise FOB offers.
• Steady European and Middle East export demand absorbed production, preventing inventory accumulation and supporting prices.
• Port-side congestion and loading delays reduced short-term availability, tightening supply despite normal milling throughput levels.
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.
