For the Quarter Ending December 2025
APAC
• In Japan, the Boric Acid Price Index fell by 11.4% quarter-over-quarter, due to subdued demand.
• The average Boric Acid price for the quarter was approximately USD 970.00/MT, based on assessments.
• Boric Acid Spot Price softened in December as port stocks rose and buyers delayed restocking.
• Boric Acid Demand Outlook muted, ceramics and glass procurement subdued, inventories remained marginally above normal.
• Boric Acid Production Cost Trend remained flat as feedstock and energy costs stayed broadly stable.
• Boric Acid Price Forecast reflects seasonal restocking and limited demand pickup into early next year.
• Boric Acid Price Index stayed pressured as exporters eased offers and buyers maintained hand-to-mouth procurement.
• Major import origins operated normally, freight remained stable, and downstream shutdowns temporarily reduced immediate offtake.
Why did the price of Boric Acid change in December 2025 in APAC?
• December import arrivals and year-end distributor liquidation increased port stocks, producing oversupply and softer bids.
• Stable feedstock and energy costs removed conversion-driven support, allowing supply-driven discounts to influence market pricing.
• Seasonal maintenance and muted export demand reduced offtake, encouraging cautious procurement and limiting spot liquidity.
Europe
• In Turkey, the Boric Acid Price Index rose by 1.17% quarter-over-quarter, reflecting export restocking activity.
• The average Boric Acid price for the quarter was approximately USD 865.00/MT, market FOB assessments.
• Boric Acid Spot Price eased in December as Mediterranean ceramic and fiberglass buyers cut enquiries.
• Boric Acid Production Cost Trend remained stable due to steady colemanite supply and on-site cogeneration.
• Boric Acid Demand Outlook expects post-winter restocking by ceramics and revived fiberglass procurement supporting recovery.
• Boric Acid Price Forecast indicates range-bound Price Index movement, underpinned by balanced supply and exports.
• Adequate Derince inventories and disciplined long-haul allocations limited spot availability, pressuring the Price Index downward.
• Eti Maden ran near nameplate capacity, prioritising long-haul contracts, supporting export parity and shipment discipline.
Why did the price of Boric Acid change in December 2025 in Europe?
• Softer Mediterranean ceramic and fiberglass spot enquiries reduced export appetite, weakening seaborne demand, FOB signals.
• Stable colemanite deliveries and rolled-over natural-gas tariffs kept production costs steady, removing support for offers.
• Adequate Derince inventories and disciplined vessel scheduling maintained availability, forcing discounts on surplus exportable tons.
North America
• In North America, the Boric Acid Price Index showed a mixed trend in Q4 2025, with early-quarter softness followed by stabilization and mild firming toward the end of the quarter.
• The average Boric Acid price for the quarter remained largely stable, supported by contractual demand from glass and ceramics, agriculture, detergents, and specialty chemical applications.
• Boric Acid Spot Price softened in October due to comfortable inventories and cautious buying from downstream industries, but improved in December as year-end restocking activity increased.
• The Boric Acid Production Cost Trend remained steady, with limited volatility in borate ore input costs, energy prices, and transportation expenses.
• Boric Acid Demand Outlook remained balanced, with consistent consumption from fiberglass insulation, ceramics, and agricultural micronutrient segments, while construction-linked demand showed seasonal moderation.
• The Boric Acid Price Forecast indicates range-bound movement, with upside potential tied to recovery in construction and insulation demand and downside risks capped by stable production economics.
• Adequate domestic supply and uninterrupted operations at major production facilities helped limit volatility, contributing to the mixed movement in the Price Index.
• Import availability and steady logistics further restrained sharp price increases during the quarter.
Why did the price of Boric Acid change in December 2025 in North America?
• The Price Index firmed modestly in December 2025 as agricultural buyers and industrial users increased year-end procurement.
• Improved spot buying supported firmer prices following mid-quarter softness.
• With the Production Cost Trend remaining stable, the December price increase was driven primarily by demand-side factors rather than input cost inflation.
• Year-end inventory balancing by distributors and manufacturers helped stabilize the market toward the close of the quarter.
For the Quarter Ending September 2025
APAC
• In Japan, the Boric Acid Price Index fell by 1.41% quarter-over-quarter, due to import oversupply.
• The average Boric Acid price for the quarter was approximately USD 1095.00/MT, reflecting subdued purchasing.
• Boric Acid Spot Price weakened as discounted imports and stable freight enabled lower landed-cost offers.
• Boric Acid Price Forecast projects range-bound movement, supported by adequate inventories and modest seasonal procurement.
• Boric Acid Production Cost Trend eased with lower feedstock and freight, marginally reducing cost-driven pressure.
• Boric Acid Demand Outlook remains subdued as glass, ceramics, and pharma buyers prioritize inventory drawdown.
• Exporters' discounted volumes pressured the Boric Acid Price Index, compelling domestic suppliers to reduce offers.
• Inventory accumulation and smooth logistics capped upside, limiting rallies despite seasonal restocking in Boric Acid.
Why did the price of Boric Acid change in September 2025 in APAC?
• Surging discounted imports increased supply availability, overwhelming domestic demand and pressuring prices during September 2025.
• Softer freight rates lowered landed costs, allowing importers to offer more competitive pricing versus suppliers.
• Muted procurement from glass, ceramics and pharma limited import absorption, maintaining oversupply and suppressing recovery.
Europe
• In Europe, the Boric Acid Price Index displayed a mixed trend during Q3 2025, firming in July and August due to steady industrial demand, followed by mild softening in September.
• Boric Acid Spot Price rose mid-quarter, driven by consistent off-take from the glass and ceramics industries.
• By September, Spot Price eased slightly as inventories replenished, and some end-users postponed new procurement.
• Boric Acid Production Cost Trend remained relatively stable, with minor fluctuations in boron ore feedstock prices and modest reductions in energy and logistics costs.
• Boric Acid Price Forecast indicates continued mixed movement into Q4 2025, with stable demand from industrial applications offsetting softening in seasonal fertilizer orders.
• Boric Acid Demand Outlook in Europe remains healthy, primarily fueled by construction materials, chemical intermediates, and agriculture segments.
• Strong domestic production in Italy, Turkey, and Spain, along with adequate imports from Turkey, helped maintain supply balance, limiting volatility in the Price Index.
• Stable freight rates and energy costs allowed producers to maintain margins without passing significant cost fluctuations to end-users.
Why did the price of Boric Acid change in September 2025 in Europe?
• In September 2025, the Boric Acid Price Index decreased slightly, as seasonal demand from the fertilizer sector slowed after mid-year peaks.
• Sufficient inventory levels and steady feedstock prices contributed to the softening of Spot Prices.
• With the Production Cost Trend largely unchanged, the price adjustment was primarily demand driven.
North America
• In North America, the Boric Acid Price Index showed a mixed trend in Q3 2025, firming during July and August before experiencing slight easing by September.
• Boric Acid Spot Price strengthened mid-quarter due to steady orders from glass manufacturers and industrial chemical producers.
• By late September, Spot Price softened slightly as industrial buyers moderated procurement and inventories normalized.
• Boric Acid Production Cost Trend remained stable, with consistent boron feedstock availability and modest energy cost fluctuations.
• Boric Acid Price Forecast suggests a mixed movement into Q4 2025, with potential firmness from construction and chemical sectors but mild softness from seasonal fertilizer demand.
• Boric Acid Demand Outlook remains positive, fueled by industrial, chemical, and agricultural applications, with minor seasonal moderation in fertilizer consumption.
• Sufficient domestic supply and steady imports from South America helped maintain equilibrium, preventing major swings in the Price Index.
• Improved logistics efficiency and stable energy prices supported stable production costs and market balance.
Why did the price of Boric Acid change in September 2025 in North America?
• In September 2025, the Boric Acid Price Index decreased slightly, following a slowdown in fertilizer-related demand.
• Adequate inventory levels and stable feedstock prices contributed to the mild decline in Spot Prices.
• The steady Production Cost Trend confirms the price adjustment was primarily influenced by short-term demand moderation rather than cost pressures.
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.
