For the Quarter Ending September 2025
North America
• In United States, Bentonite Sulphur Price Index rose in Q3 2025, driven by robust agricultural demand and rising production costs.
• Production costs increased due to 3.0% CPI (September 2025) and 2.6% PPI (August 2025) year-over-year.
• Demand was supported by strengthening agricultural fertilizer demand and robust bentonite demand in Q3 2025.
• Upward price pressure stemmed from elevated freight and logistics expenses for bentonite production in Q3 2025.
• A 4.3% unemployment rate (September 2025) and 5.42% retail sales growth supported agricultural demand.
• Moderated U.S. natural gas prices in Q3 2025, due to improved supply, offered relief to energy-related expenses.
• Declining consumer confidence (94.2 in September 2025) and low 0.1% industrial production growth reflected economic conditions.
• Increased U.S. elemental sulfur exports/imports (July 2025) and recovered Canadian sulfur supply influenced market dynamics.
Why did the price of Bentonite Sulphur change in September 2025 in North America?
• Rising production costs, evidenced by 3.0% CPI (September 2025) and 2.6% PPI (August 2025), exerted upward pressure.
• Strong agricultural fertilizer demand, supported by 5.42% retail sales growth in September 2025, boosted consumption.
• Elevated freight and logistics expenses for bentonite production, plus increased refinery margins, contributed to higher costs.
APAC
• In China, Bentonite Sulphur Price Index fell quarter-over-quarter in Q3 2025, driven by weak domestic demand.
• Production costs decreased in Q3 2025 due to downward pressure on crude oil and natural gas prices.
• Domestic agricultural product demand showed weakness in Q3 2025, influenced by negative CPI of -0.3% in September.
• International demand for Chinese fertilizers strengthened in July 2025, supporting Bentonite Sulphur exports.
• The Manufacturing Index contracted in September 2025, signaling an economic slowdown impacting demand.
• Industrial production grew 6.5% in September 2025, yet domestic demand exhibited softness.
• Retail sales grew 3.0% in September 2025, indicating consumer spending supporting agricultural demand.
• Global oil inventories surged in Q3 2025, contributing to persistent oversupply and downward price trajectories.
• China's fertilizer exports surged in July 2025, while imports declined, reflecting strong international engagement.
• Bentonite Sulphur price forecast remains bearish due to macroeconomic headwinds and ample global supply.
Why did the price of Bentonite Sulphur change in September 2025 in APAC?
• Declining PPI of -2.3% in September 2025 reduced input costs for Bentonite Sulphur producers.
• Weak domestic agricultural demand and contracting Manufacturing Index in September 2025 pressured prices.
• Persistent global oil oversupply and softening natural gas prices lowered energy and feedstock expenses.
Europe
• In Germany, the Bentonite Sulphur Price Index rose quarter-over-quarter in Q3 2025, driven by surging elemental sulfur feedstock costs.
• Bentonite Sulphur production costs increased in Q3 2025 due to higher elemental sulfur and bentonite expenses.
• Agricultural demand for Bentonite Sulphur remained robust in Q3 2025, supported by strengthened grain crop output.
• Industrial demand for bentonite, crucial for Bentonite Sulphur, strengthened in Europe during Q3 2025.
• Elemental sulfur supply faced potential tightening in September 2025 due to intensified European refinery maintenance.
• Bentonite supply tightened in Europe in Q3 2025, exacerbated by global transportation challenges and import disruptions.
• Producer prices declined 1.7% in September 2025, driven by lower energy costs, impacting overall production expenses.
• Germany's Manufacturing Index was contracting in Q3 2025, alongside a 1.0% industrial production decline.
• Retail sales in Germany rose 0.2% in September 2025, offering modest support for agricultural product demand.
Why did the price of Bentonite Sulphur change in September 2025 in Europe?
• Elemental sulfur feedstock costs surged in Q3 2025, directly increasing Bentonite Sulphur production expenses.
• Bentonite supply tightened in Europe during Q3 2025 due to transportation challenges and import disruptions.
• Robust agricultural and industrial demand for bentonite and sulfur-based fertilizers sustained in Q3 2025.
