For the Quarter Ending September 2025
North America
• In United States, the Bismuth Subsalicylate Price Index rose quarter-over-quarter in Q3 2025, driven by robust demand and rising production costs.
• Production costs increased due to a 2.6% year-over-year PPI rise in August 2025, impacting raw materials and operational expenses.
• Demand outlook remained strong, supported by a 5.42% retail sales increase and low 4.3% unemployment in September 2025.
• Consumer-level inflation, indicated by a 3.0% CPI increase year-over-year in September 2025, raised overall operational expenses.
• The pharmaceutical sector experienced notably increased FDA drug approvals in Q3 2025, boosting demand for active ingredients.
• Chemical inventories in the US shrank in Q3 2025, with raw materials inventory levels contracting due to destocking efforts.
• US chemical production activity appeared to contract in Q3 2025, with more firms reporting declining output levels.
Why did the price of Bismuth Subsalicylate change in September 2025 in North America?
• Rising production costs were driven by a 2.6% year-over-year PPI increase in August 2025.
• Strong consumer spending, evidenced by a 5.42% retail sales increase in September 2025, boosted demand.
• Shrinking chemical inventories in Q3 2025, coupled with contracting US chemical production, tightened supply.
APAC
• In China, the Bismuth Subsalicylate Price Index rose quarter-over-quarter in Q3 2025.
• Production costs for Bismuth Subsalicylate rose in Q3 2025 due to moderate upward pressure on salicylic acid feedstock in the quarter.
• Demand for Bismuth Subsalicylate was sustained by China's thriving pharmaceutical market and aging population.
• Retail sales increased 3.0% year-over-year in September 2025, yet consumer confidence remained low (89.6 index).
• Industrial production expanded 6.5% year-over-year in September 2025, indirectly supporting economic stability.
• Persistent oversupply in global chemical markets, including China, pressured Bismuth Subsalicylate prices downward.
• Chinese salicylic acid manufacturers tightened operating rates in Q3 2025 due to environmental inspections, curtailing supply.
Why did the price of Bismuth Subsalicylate change in September 2025 in APAC?
• Declining PPI (-2.3% YoY in September 2025) reduced input costs for Bismuth Subsalicylate production.
• Persistent oversupply in China's chemical markets during Q3 2025 exerted downward pressure on prices.
• Upward pressure on salicylic acid feedstock costs and energy tariffs increased production expenses.
Europe
• In Germany, Bismuth Subsalicylate Price Index rose in Q3 2025, due to surging raw material costs and tightened inventories.
• Production costs faced upward pressure in Q3 2025, despite a 1.7% PPI decrease in September.
• Demand for Bismuth Subsalicylate showed sustained growth in Q3 2025, supported by increased pharmaceutical manufacturing output.
• The Bismuth Subsalicylate price forecast indicates a firm trend, influenced by supply constraints and stable pharmaceutical demand.
• Germany's Manufacturing Index was contracting in Q3 2025; industrial production declined 1.0% in September.
• European natural gas prices moderated in Q3 2025, yet bismuth raw material costs surged due to export restrictions.
• Global bismuth inventories tightened significantly in Q3 2025, while German exports contracted.
• Consumer Price Index rose 2.4% in September 2025, impacting purchasing power; retail sales increased 0.2%.
Why did the price of Bismuth Subsalicylate change in September 2025 in Europe?
• Bismuth raw material costs surged in Q3 2025, driven by export restrictions and supply constraints.
• Global bismuth inventories tightened significantly in Q3 2025, following major stockpile depletion.
• Sustained German pharmaceutical demand, with retail sales up 0.2% in September 2025, supported prices.
