For the Quarter Ending June 2025
APAC
• India's Boric Acid Price Index recorded a mixed trend during Q2 2025 as it went up by 2% compared to Q1 and closed at INR 95,900/MT, CFR JNPT, due to gains during April and May being reversed by a fall during June with changing demand and supply patterns.
• The Boric Acid Price rose in April and May on account of strong demand from pharmaceuticals, glass, and agriculture, together with limited raw material cost pressures from sulfuric acid and consistent upstream production costs.
• The Boric Acid Demand Outlook was still positive in early Q2, with increasing needs in healthcare, electronics, and micronutrient formulations, particularly before the Kharif season, while construction and ceramics provided base support.
• The Boric Acid Production Cost Trend was influenced by both falling sulfuric acid prices in April and rising costs in May, but efficient domestic operations and unimpacted port logistics ensured stable market availability.
• In June, the Price Index declined due to an oversupplied market—strong import flows from the U.S. and Chile, stable domestic output, and steady freight created inventory pressure amid muted agricultural and pharma demand.
• The downturn was further driven by lackluster procurement in key sectors like pharmaceuticals and ceramics, normalized seasonal activity, and price competition from global suppliers offering at discounted rates.
• Although long-term consumption trends remained strong, especially from glass, renewable energy, and agrochemicals, the short-term imbalance between supply and measured offtake led to downward pricing correction.
• Why did the price change in July 2025? A price increase is expected due to renewed seasonal demand from agriculture and improved momentum in pharmaceutical procurement.
• The Boric Acid Price Forecast for July 2025 anticipates a firming trend, supported by tighter inventories, rising feedstock values, and stronger downstream pull from fertilizers, antiseptics, and specialty glass.
North America
• The Boric Acid Price Index in North America showed a mixed trend in Q2 2025, with price firmness in early Q2 supported by agricultural and industrial demand, followed by easing momentum in June amid inventory drawdowns and slower procurement cycles.
• The overall Boric Acid Price during Q2 reflected periods of strength from fertilizer applications and stable industrial usage, but this was balanced by weather-related planting variability and cautious demand from downstream sectors like ceramics and fiberglass.
• The Boric Acid Demand Outlook fluctuated across Q2 due to shifting crop schedules, changing farmer sentiment, and staggered distributor purchases; industrial demand in glass, cleaning products, and ceramics showed moderate consistency but softened in June.
• Domestic supply remained steady, supported by robust U.S. Borax operations and stable logistics; however, fluctuations in import availability from regions like Turkey influenced short-term Price Index trends and local supply tightness at times.
• The Boric Acid Production Cost Trend was stable to slightly variable, with manageable raw material and energy costs; any marginal adjustments in boron ore prices or freight rates were absorbed without causing sharp price volatility.
• End-user inventory strategies played a critical role in the mixed Q2 outcome, with many buyers front-loading purchases during April-May and reducing offtake in June, contributing to short-term oversupply and downward price movement late in the quarter.
• Export market shifts and muted external demand also contributed to more material being retained domestically, amplifying the supply-demand mismatch and keeping price gains in check by the end of Q2.
• Why did the price change in July 2025? A price increase is expected due to reduced inventories, modest industrial restocking, and firming expectations for input costs.
• The Boric Acid Price Forecast for July 2025 anticipates a mild rebound, supported by fresh industrial orders post-summer holiday planning and tighter domestic availability after Q2 inventory clearance.
Europe
• The Boric Acid Price Index in Europe exhibited a mixed trend in Q2 2025, influenced by variable industrial activity and shifting input costs, with the average quarterly Boric Acid Price assessed up 1.5% from Q1 but marked by fluctuations across months.
• The Boric Acid Demand Outlook remained uneven due to alternating consumption patterns in the glass, ceramics, and detergent sectors, affected by construction project pacing, consumer cycles, and subdued electronics output.
• Demand from agriculture showed seasonal support during Q2, particularly in micronutrient fertilizers, but intensity varied by region and crop stage, contributing to demand volatility.
• Regulatory shifts and modest restocking in flame retardants and specialty textile applications added sporadic industrial pull, but high energy costs and economic headwinds in early 2025 curbed broader downstream confidence.
• The Boric Acid Production Cost Trend was influenced by fluctuating energy prices and minor shifts in boron ore procurement rates; costs remained manageable but exerted periodic pressure on producer margins.
• Europe’s heavy dependence on imports—especially from Turkey and the U.S.—created sensitivity to global freight rates and trade policy developments, while logistical disruptions within the continent added to landed cost variability.
• Inventory strategies by key producers and traders, combined with varying shipment timings, led to supply bulges or temporary gaps, contributing to the Q2 mixed Price Index behavior.
• Why did the price change in July 2025? An increase is expected due to rising landed costs, modest tightening in supply, and consistent procurement from industrial buyers.
• The Boric Acid Price Forecast for July 2025 points to a price incline, underpinned by logistical constraints, firmer producer pricing, and steady offtake from glass, ceramics, and late-stage agricultural uses.
For the Quarter Ending March 2025
North America
In Q1 2025, the North American Boric Acid market, particularly in the United States, faced a challenging quarter characterized by price volatility and subdued demand. A significant downturn in construction activity—especially in cement production, a key application area for Boric Acid—was a central factor impacting market performance.
The quarter began under the shadow of ongoing supply chain disruptions, including port congestion, adverse weather conditions, and labour strikes, which created logistical challenges and led to erratic supply patterns. This added layers of uncertainty to the market, resulting in inconsistent pricing behaviour throughout the quarter.
The construction sector, a major consumer of Boric Acid, exhibited signs of weakness. Although the U.S. economy added 143,000 jobs in January, the construction sector's momentum slowed, with only 8,000 jobs added in December 2024. Regional disparities—such as job gains in Texas versus losses in California and New York—further reflected uneven sector performance. Additionally, persistent inflation and the Federal Reserve’s cautious approach to interest rate cuts weighed heavily on project financing and new construction activity, further limiting Boric Acid demand.
As a result, Boric Acid prices in North America remained under downward pressure, driven by weakened demand and inventory adjustments. Market participants exercised caution in procurement, focusing on managing stock levels amid an uncertain economic and demand environment.
APAC
During Q1 2025, Boric Acid prices in the APAC region exhibited a mixed but ultimately upward trend, marked by an initial decline in January followed by a steady recovery through February and March. In India, which acts as a major regional hub, prices fell by 2.41% in January, largely due to temporary market adjustments and competitive pricing strategies. However, this decline was short-lived, as stable supply chains and strong end-use demand, particularly from the glass, ceramics, pharmaceutical, and agricultural sectors, helped prices rebound.
In February, prices saw a modest increase of 0.96%, with consistent industrial and agricultural demand—especially during the peak of the Rabi season—playing a pivotal role in supporting the market. The recovery gained further momentum in March, with prices rising by 0.95%, reflecting growing procurement activity and positive market sentiment across Asia.
Throughout the quarter, supply conditions across the region, including India and other key APAC economies, remained stable with no significant disruptions to logistics or production. This ensured timely availability of Boric Acid and bolstered market confidence.
Overall, Q1 2025 closed with a net positive price movement for Boric Acid in the APAC region, driven by resilient industrial consumption, seasonally strong agricultural demand, and uninterrupted supply chains. The outlook remains cautiously optimistic, with expectations of continued price stability or moderate growth in the near term.
Europe
In Q1 2025, the European Boric Acid market exhibited a cautious and subdued trend, primarily influenced by persistent weakness in the regional construction sector—one of the key end-use industries for the product. While the pace of decline in construction activity moderated compared to late 2024, the sector remained in contraction, limiting downstream demand for Boric Acid across major economies.
Germany, Europe’s largest construction market, continued to underperform, with projections indicating a 0.5% decline for 2025—marking the fifth consecutive year of negative growth. High inflation, surging input costs, and elevated interest rates weighed heavily on project starts and material procurement, resulting in muted demand for Boric Acid. The residential construction segment, in particular, saw a sharp downturn, with building permits falling . France mirrored this softening trend, while only Italy registered marginal growth, providing limited support to regional demand.
In addition to sluggish end-use consumption, intensified supply chain challenges—such as lengthened input delivery times and rising raw material costs—exerted upward cost pressure. However, these increases were not strongly reflected in Boric Acid prices due to weakened buying interest and cautious inventory strategies by downstream manufacturers.
Despite isolated areas of resilience, such as Portugal’s real estate sector showing double-digit property price growth, broader market sentiment remained pessimistic. Buyers refrained from aggressive procurement amid high financing costs and regulatory uncertainties across the European construction and real estate landscapes.
For the Quarter Ending December 2024
North America
The North American Boric Acid market in Q4 2024, particularly in the USA, experienced fluctuating conditions. Weak demand from the construction sector, particularly in cement production, was a key driver, influencing Boric Acid's overall market performance.
Several factors influenced the market. Weak demand from the construction sector, particularly in cement production, was a major driver, affecting Boric Acid. Supply chain disruptions (port congestion, weather-related delays, and labor strikes) caused significant volatility, with potential spillover effects on Boric Acid. Seasonal slowdowns in construction activity towards the end of the year further dampened demand for Boric Acid. The overall economic climate might have also played a role, impacting investment and purchasing decisions in the construction sector.
Market participants faced several challenges. Fluctuating demand in the construction sector created pricing instability. Supply chain disruptions led to price volatility and increased uncertainty. Seasonal slowdowns and economic headwinds further complicated the market outlook. The need to manage inventory levels in the face of fluctuating demand and supply remained a significant concern.
APAC
The APAC Boric Acid market in Q4 2024, particularly in Japan, experienced a price decline driven by weak demand, especially in the construction sector. While supply remained relatively stable, the overall economic climate, particularly in Japan, contributed to the downward pressure on prices.
October saw a 2.5-3% price decline in both India and Japan due to moderate demand and steady supply. November witnessed a sharper 3.5% price drop in Japan, impacting India with a 2% reduction due to cheaper imports. December showed contrasting trends: a slight 0.5% price increase in India due to rising procurement costs, and a further 3.5% decline in Japan due to global competition.
Several factors affected the market. Weak construction sector performance in Japan, characterized by rising bankruptcies, subdued investor confidence, and high debt levels, significantly impacted demand. Rising costs in the construction sector (labor and borrowing) further dampened demand in both India and Japan. Stable supply and efficient production in Japan, coupled with robust export activities, contributed to the competitive pricing.
Market participants faced challenges including weak demand, particularly in the construction sector which affected both countries; the effect was amplified in Japan. Global competition and the need to maintain export volumes impacted Japanese pricing strategies. Overall economic uncertainty and inflation added to the challenges faced by businesses in Japan, impacting investment and growth in the Boric Acid market.
Europe
The European Boric Acid market in Q4 2024, particularly in Germany, experienced subdued conditions largely mirroring the trends in the Fly Ash market. Weak demand from the construction sector, coupled with ample supply, contributed to price stability or even potential slight decreases in the prices of Boric Acid.
Several factors played a key role in shaping the pricing trajectory of Boric Acid. Weak demand from the construction sector, driven by economic and political uncertainties, was a key driver impacting Boric Acid. Reduced construction activity and lower cement production led to diminished demand for construction materials. Ample supply further contributed to price stability. Port disruptions in Hamburg might have had a limited impact, on the supply chains for Boric Acid.
Market participants faced challenges including persistently weak construction demand, making it difficult to achieve optimal pricing. The need to manage inventory levels in a low-demand environment was a concern. Economic and political uncertainties created an environment of cautious purchasing decisions, further dampening demand.
For the Quarter Ending September 2024
North America
In Q3 2024, the Boric Acid prices fluctuated within a narrow range under the influence of multiple factors acting simultaneously. Meanwhile, the U.S. economy exhibited mixed signals, maintaining underlying strength despite persistent inflation concerns and geopolitical tensions. Supply dynamics were shaped by the interplay of steady manufacturing activity and evolving trade conditions.
The Producer Price Index (PPI) for manufacturing industries slightly declined from 249.624 in Q2 to 248.383 in Q3, reflecting minor cost reductions for producers. Inventory restocking after significant drawdowns in the first quarter contributed to a rebound in GDP growth, which reached 3.0% in Q2 and is projected to grow at 2.7% for the year. Consumer spending and business investments, fueled by supportive policies like the CHIPS Act, continued to drive demand, while inflationary pressures eased, with CPI inflation falling below 3.0% by July.
However, geopolitical uncertainties—such as the Ukraine and Middle East conflicts—along with potential tariffs on imports posed risks to supply chains, threatening to elevate costs and disrupt trade flows. Despite these challenges, the Fed’s expected rate cuts aim to bolster household spending and economic momentum, though labor market shifts and trade policy uncertainties may continue to impact the supply landscape into 2025.
Asia
In Q3 2024, Boric Acid prices in Japan remained stable in July and August at USD 1220/MT but declined by 4.1% in September, reflecting softening market dynamics. The initial stability was driven by a well-balanced supply chain, steady production rates, and stable demand from the construction and ceramics sectors. However, in September, easing global supply chain pressures, reduced freight costs, and weaker external demand contributed to the price drop. Despite stable end-use demand, economic challenges such as China’s real estate slowdown, high-interest rates in the US and Europe, and sluggish overseas markets tempered market momentum. Supply remained uninterrupted throughout the quarter, with fewer disruptions from logistics and freight markets. While demand remained steady, modest growth in Japan’s construction sector and cautious consumer sentiment limited any significant expansion. Overall, Boric Acid prices decreased by around 4% over the quarter, with global uncertainties expected to continue influencing market trends.
Europe
During Q3 2024, Boric Acid prices in Europe fluctuated within a narrow range, influenced by economic uncertainties linked to the ongoing conflict in West Asia and sluggish growth in both Europe and the U.S. Rising freight costs, container shortages, and logistical issues were prominent. Shipping giants such as MSC and CMA CGM raised FAK rates to as high as $6,500 per container, driven by space limitations and added operational fees. Delays due to Red Sea disruptions and Singapore port congestion further complicated the situation. Air freight rates from Northeast Asia to Europe also spiked, fueled by booming e-commerce and semiconductor demand, with spot rates rising 40% year-over-year. Despite efforts to expand capacity, the imbalance between outbound and return loads persisted. With rising geopolitical tensions and seasonal demand, freight market volatility is likely to extend into Q4. Economically, Europe experienced stagnation in Q3, as Germany’s industrial sector struggled with weak output, high energy costs, and falling exports, contributing to broader challenges across the eurozone.
FAQs
Why did Boric Acid prices show a mixed trend in Q2 2025?
Due to fluctuating demand across agriculture, industrial sectors, and varying import and inventory dynamics.
Why did Boric Acid prices increase in July 2025?
Because of seasonal demand rebound, tighter inventories, and firmer raw material or freight costs.
What is the Boric Acid Demand Outlook for the near term?
Steady to firm, supported by agriculture, pharmaceuticals, and glass industry consumption.
What factors are influencing the Boric Acid Production Cost Trend?
Mainly raw material prices, sulfuric acid trends, energy costs, and global freight conditions.
