For the Quarter Ending September 2025
North America
• In USA, the Carbon Black Price Index fell by 3.8% quarter-over-quarter, reflecting muted downstream demand.
• The average Carbon Black price for the quarter was approximately USD 1225.00/MT, indicating balanced inventories.
• Carbon Black Spot Price held flat amid steady domestic flows while Price Index remained range-bound.
• Carbon Black Price Forecast signals slight downside into autumn given persistent inventories and cautious procurement.
• Carbon Black Production Cost Trend remained muted as softer crude balanced firmer natural gas costs.
• Carbon Black Demand Outlook points to tepid tire and industrial buying, replacement demand marginally supportive.
• Carbon Black Price Index faced pressure from elevated inventories and weak export interest reducing bids.
• Major Gulf Carbon Black producers ran at capacity, supporting supply and marginally limiting upward pressure.
Why did the price of Carbon Black change in September 2025 in North America?
• Abundant domestic production and minimal Gulf maintenance increased availability, reducing price pressure during September month.
• Mixed feedstock pricing, with softer crude offsetting firmer gas, stabilized production cost trends for producers.
• Strong distribution networks and weaker export demand constrained upward momentum for domestic spot prices overall.
APAC
• In Japan, the Carbon Black Price Index fell by 11.89% quarter-over-quarter, reflecting weak tyre demand.
• The average Carbon Black price for the quarter was approximately USD 991.00/MT, reflecting CFR imports.
• Carbon Black Spot Price remained range-bound as imports matched muted downstream buying and port throughput.
• The Carbon Black Price Forecast signals near-term volatility driven by terminal disruptions and tyre demand.
• Carbon Black Production Cost Trend eased as crude softened and freight declines lowered landed costs.
• Carbon Black Demand Outlook remains weak with OEM tyre orders subdued and buyers managing inventory.
• Elevated inventories and steady inbound shipments pressured margins, reflecting in the Carbon Black Price Index.
• Major producers maintained output; origin disruptions briefly tightened supply, supporting localized Carbon Black Spot Price.
Why did the price of Carbon Black change in September 2025 in APAC?
• Tightened terminal operations and blank sailings in September compressed throughput, temporarily restricting inbound CFR volumes.
• Soft domestic tyre demand and cautious restocking reduced spot buying, amplifying downward pressure on indices.
• Eased crude and lower intra-Asia freight lowered production costs, limiting justification for higher CFR offers.
Europe
• In Germany, the Carbon Black Price Index fell by 20.24% quarter-over-quarter, Q3 2025, reflecting weak demand.
• The average Carbon Black price for the quarter was approximately USD 1103.33/MT, reflecting weak offtake.
• Regional Carbon Black Spot Price weakened; distributors reduced offers to clear elevated warehouse stocks during quarter.
• Carbon Black Production Cost Trend slightly eased because natural gas and coal tar input costs moderated.
• Current Carbon Black Demand Outlook remains muted owing to subdued tyre manufacturing and OEM procurement plans.
• Carbon Black Price Forecast suggests limited upside unless unexpected kiln outages or significant tyre restocking occurs.
• Monitoring shows Carbon Black Price Index trending lower with ample domestic supply and import parity pressure.
• Sellers prioritized volume, adjusting domestic offers aligned with Carbon Black Production Cost Trend and logistics.
Why did the price of Carbon Black change in September 2025 in Europe?
• Weak tyre and rubber demand reduced offtake, leaving distributors with elevated inventories and subdued purchase intent.
• Eased feedstock costs from lower gas and coal tar modestly lowered production costs, pressuring spot sellers.
• Port and rail congestion intermittently delayed deliveries, yet improved freight parity and import competition weighed on prices.
MEA
• In United Arab Emirates, the Carbon Black Price Index rose by 0.29% quarter-over-quarter, reflecting imports.
• The average Carbon Black price for the quarter was approximately USD 1285.33/MT, reflecting steady imports.
• Balanced inventories and steady buying kept the Carbon Black Spot Price range-bound despite feedstock signals.
• Freight easing and import reliability influenced the Carbon Black Price Forecast, suggesting limited near-term volatility.
• Lower residual fuel and coal tar costs moderated the Carbon Black Production Cost Trend quarter-over-quarter.
• Moderate automotive and tyre activity shaped the Carbon Black Demand Outlook, sustaining predictable regional offtake.
• Port operations at Jebel Ali maintained continuity, stabilizing the Carbon Black Price Index and delivery.
• Exports and regional re-exports, coupled with adequate inventories, limited abrupt Carbon Black Spot Price volatility.
Why did the price of Carbon Black change in September 2025 in MEA?
• Elevated regional crude production increased feedstock availability, easing landed costs and pressuring CFR offers downward.
• Stable port operations and soft freight rates ensured predictable imports, reducing spot discount urgency for sellers.
• Muted downstream tyre demand and adequate inventories limited buying intensity, effectively keeping prices broadly range-bound.
For the Quarter Ending June 2025
North America
• The Carbon Black Price Index FOB Texas exhibited a mixed trend as of Q2 2025, exhibiting a slight decline during April, followed by moderate recoveries in May and June. The quarter closed at about USD 1,610/tonne, under pressure from low tyre sector offtake and high inventory levels.
• Why did the price of Carbon Black change in July 2025?
July saw downward pressure on the Carbon Black Spot Price due to excess inventory build-up in Texas and Louisiana, and subdued restocking activity across tyre and mechanical rubber goods manufacturers. Freight cost stability failed to stimulate demand recovery.
• Carbon Black Demand Outlook for Q3 2025 remains cautious. Tyre replacement demand is expected to remain soft, and while OEM recovery might slightly lift volumes, overall sentiment is neutral.
• Inland trucking conditions remained fluid; no major congestion was reported at U.S. Gulf Coast ports. However, buyers were seen negotiating harder on delivered cost amid competitive imports.
• Carbon Black Production Cost Trend remained mostly stable due to steady coal tar feedstock values. Natural gas input costs were relatively benign, but margins were thin due to discounting pressure.
• Prices may stabilize in Q3, although a strong rebound is unlikely unless tyre orders improve or import disruptions occur.
Europe
• The Carbon Black Price Index (FD Northwest Europe) declined by 1.9% over Q2 2025, closing near USD 1,740/tonne. FD Rotterdam prices were especially pressured by soft tyre and industrial rubber consumption.
• Why did the price of Carbon Black change in July 2025?
The decline continued into July due to weak OEM tyre offtake and excess imports, particularly from Eastern Europe. Additionally, reduced output from the auto sector in Germany weighed on bulk carbon black usage.
• The Netherlands saw the sharpest dip due to high coal tar inventories and sluggish demand from inland EU buyers. Exporters were seen rerouting excess stock to Turkey and North Africa.
• A flat trajectory is anticipated. The construction sector offered limited support, while OEMs stayed cautious amid high interest rates and geopolitical disruptions.
• Carbon Black Production Cost Trend was moderately bearish. Natural gas prices eased during Q2, but freight normalization increased landed cost for imports.
• Prices may remain subdued or dip slightly in Q3 unless tyre replacement rates improve in Central and Eastern Europe.
APAC
• The Carbon Black Price Index (FOB Qingdao) dropped consistently across Q2 — down 2.4% in April, 3.6% in May, and 1.2% in June, ending around USD 1,280/tonne, driven by soft overseas buying and domestic overcapacity.
• Why did the price of Carbon Black change in July 2025?
The spot market stayed under pressure as Chinese exports slowed, impacted by tariffs and lower US and EU restocking interest. Inland demand weakened further due to muted tyre production during the off-season.
• Carbon Black Demand Outlook: Southeast Asia may see modest recovery, but China’s export volumes are likely to remain capped by Western trade tensions and excessive inland inventory.
• Spot price pressure was aggravated by logistics slowdowns at Qingdao Port, restricting warehouse throughput and delaying shipments to South Asia and Latin America.
• Feedstock coal tar pitch and RFO costs declined, tightening producer margins. Several small producers reduced run rates due to unviable spreads.
• Q3 pricing is likely to stay soft, with occasional upticks if exports to India or Southeast Asia pick up.
Middle East & Africa
• The Carbon Black Price Index (CFR Jebel Ali) edged down by 1.8% over Q2, closing around USD 1,380/tonne. Soft regional tyre compounder demand and stable logistics defined the quarter.
• Why did the price of Carbon Black change in July 2025?
Prices dipped further in July as importers from India and East Africa reduced bookings, and UAE compounders opted for deferred procurement. Sluggish oil-based downstream sectors also played a role.
• could remain flat as infrastructure-linked rubber demand in GCC is yet to rebound. Heatwaves and delayed public works dampened domestic usage.
• No major shifts in July. However, U.S.-China tariff disputes had indirect impact on UAE buyers relying on re-export flows via China.
• Feedstock RFO and coal tar pricing saw no major spike. Refinery-linked producers retained some cost competitiveness, but operating rates remained flexible.
• Prices are expected to remain under pressure in Q3 unless North African demand improves or GCC compounders increase spot intake.
For the Quarter Ending March 2025
North America
In Q1 2025, the North American carbon black market exhibited a largely stable price trend, with quotations fluctuating narrowly between USD 1980 to 2010 per MT FOB Texas during January and settling at around USD 2000/MT through February. The market was primarily shaped by an oversupply situation and a subdued demand outlook, prompting suppliers and traders to maintain steady prices while awaiting stronger buying signals.
Despite this apparent stagnancy, cost-side pressures persisted throughout the quarter—driven notably by elevated natural gas and oil prices—which continued to influence the overall production cost structure. Demand from the automotive sector, particularly replacement tires and electric vehicles, remained consistent, while the agricultural tire segment showed resilience due to favourable weather. Although factory activity ended 2024 on a softer note, domestic production levels remained stable, reflecting operational resilience amid economic headwinds.
Meanwhile, supply chain conditions gradually normalized following Q4 congestion, though minor logistical delays were still reported. Geopolitical developments, including proposed U.S. tariffs on automotive and EU-imported goods, introduced a layer of uncertainty into the market outlook. As Q1 concluded, while prices remained firm, the combination of rising input costs, cautious downstream sentiment, and looming trade risks suggested potential price volatility ahead, positioning the market for a cautiously bullish tone moving into Q2 2025.
APAC
In Q1 2025, the APAC carbon black market experienced a turbulent yet gradually stabilizing price trajectory, influenced by a complex mix of demand-side weakness and persistent cost-side pressures. The quarter began with prices on a downward slope, driven largely by tepid demand from the automotive sector—particularly for internal combustion engine (ICE) vehicles and hybrid electric models—as well as tightening credit conditions that constrained vehicle financing and reduced tire sales. As a result, carbon black prices in Malaysia hovered around USD 1210–1250/MT CFR Penang through January and early February.
However, the trend reversed mid-quarter as a surge in natural gas and oil prices significantly inflated production costs. This upward pressure, combined with ongoing global shipping disruptions—especially port congestion in East Asia and Africa—further strained supply chains, making logistics costlier and less predictable. By the end of February, prices had firmed to USD 1250/MT, with levels inching up to USD 1260/MT by mid-March.
Despite muted overall demand, especially from the tire and consumer electronics sectors, the market maintained stability in March. This was supported by consistent procurement from domestic tire manufacturers, a moderate rebound in electrified vehicle imports, and the conclusion of stocking cycles ahead of regional holidays. Furthermore, Malaysia’s carbon black exports faced headwinds due to volatile intra-Asia shipping routes, prompting suppliers to adopt a cautious pricing stance in anticipation of further market clarity.
By quarter's end, while prices showed signs of stabilization, the APAC carbon black market remained delicately balanced. Supply chain uncertainties, elevated raw material costs, and shifting automotive demand patterns continued to define the market landscape, suggesting that pricing in Q2 may remain firm but volatile, contingent on energy trends and regional automotive performance.
Europe
In Q1 2025, the European carbon black market exhibited a broadly stable to firm pricing trend, with prices ranging from USD 1430–1470/MT FD Hamburg. Early in the quarter, prices remained flat amid weak demand, ample supply, and mounting cost pressures tied to energy prices and geopolitical uncertainty.
As the quarter progressed, prices began to edge higher—driven by elevated natural gas costs, which reached a two-year high, raising production expenses for carbon black manufacturers. While overall demand from the automotive and tire sectors remained modest, a seasonal rebound in replacement and agricultural tire segments, along with a mild uptick in EV and hybrid vehicle registrations, lent some support.
Despite ongoing challenges such as geopolitical tensions, competitive pressure from imports, and a subdued industrial outlook, supply-side constraints—especially related to feedstock and energy—kept pricing firm. Shipping delays and residual port congestion early in the quarter also added to logistical complexities.
Looking ahead, the European market remains cautiously optimistic, with high energy costs likely to maintain upward pressure on prices, even as demand-side recovery continues at a slow pace.
MEA
During Q1 2025, the Carbon Black market in the UAE exhibited a mixed price trajectory, shaped by rising production costs, moderate demand, and ongoing global supply chain disruptions. The quarter began with stable prices around USD 1370–1390/MT CFR Jebel Ali through January, as steady production levels and adequate stockpiles met a stable demand outlook, especially from the tire and automotive sectors. By February, prices rose to USD 1410/MT, driven largely by persistent cost pressures from rising natural gas and crude oil prices. Even though downstream demand did not spike significantly, these input costs—along with shipping delays and tight supply—kept prices elevated. The automotive industry, particularly the used car segment and growing EV adoption, indirectly supported carbon black consumption during this period. However, by mid to late March, the market experienced a notable shift, with prices dipping again to around USD 1390/MT, and sentiment turning bearish. This downturn was due to softened demand, especially from the automotive sector, combined with reduced stocking activity and overall market caution.
Despite the end-of-quarter correction, prices for Carbon Black in the UAE ended Q1 higher than they began, underscoring the influence of cost-driven pressures rather than robust demand. As the market moves into Q2, stakeholders are expected to closely monitor feedstock price movements and downstream activity to gauge further pricing direction.
For the Quarter Ending December 2024
North America
In Q4 2024, Carbon Black N220 prices in the U.S. experienced a bullish trend, largely driven by supply-side constraints. Hurricane-induced refinery closures and Canadian port strikes disrupted supply chains, creating significant logistical inefficiencies. These disruptions, combined with rising butadiene costs, contributed to higher production expenses.
Although demand softened due to slower automobile sales, reduced manufacturing activity, and labor challenges, seasonal tire demand during autumn and winter helped maintain a moderate market outlook. U.S. exports to Canada declined, exacerbating supply tightness, while imports from Canada rose as U.S. buyers placed higher volume orders.
Despite a decrease in new business orders and cautious buying behavior, inflationary pressures continued to support pricing power. The tire manufacturing sector showed resilience, with increased stocking in anticipation of seasonal demand. Overall, Q4 2024 saw elevated prices driven by logistical challenges, cost pressures, and tight supply, despite the weakening demand in other sectors.
APAC
In Q4 2024, the Carbon Black N220 market in Asia witnessed mixed market dynamics throughout the quarter. Initially following a bullish trend, driven by supply constraints and strong demand, particularly from the automotive and tire sectors. A reduction in refinery runs, along with shifts in feedstock allocation toward domestic production, limited availability in the market. This, combined with rising butadiene rubber prices, contributed to higher production costs, maintaining upward price pressure.
Additionally, the growing demand for new energy vehicles (NEVs) across the region boosted the consumption of specialized tires, further supporting the carbon black demand. However, by December, the market saw signs of softening. A decline in butadiene rubber prices, along with reduced global demand for tires and rubber, started to ease pricing pressures.
Additionally, concerns over trade tensions, particularly the potential impact of U.S. tariffs, diminished, leading to a decrease in export-oriented production. Despite this, export demand remained steady, but overall market conditions turned more cautious, signaling a shift from bullish to a more stable outlook.
Europe
In Q4 2024, Carbon Black N220 prices in Europe showed a downward trend, primarily due to higher stocks, moderating freight costs, and the influx of cheaper imports from India. The market observed a drop, as factors like declining demand, particularly in Germany, and lower coal tar prices contributed to the bearish outlook. Despite stable domestic stock building for winter consumption, the automotive sector's performance was mixed, with some decline in sales volumes and challenges from higher car prices.
Supply dynamics saw an increase in carbon black imports from South and Southeast Asia, compensating for the decreased supply from Russia.
Production in Europe faced pressure from rising factory costs and energy price volatility, notably natural gas, which significantly affects production costs. The ongoing geopolitical uncertainties and energy crises further influenced the market, dampening demand for carbon black across the automotive and tire sectors.
MEA
In Q4 2024, the Middle Eastern carbon black market, particularly in the UAE, experienced a bearish price trend due to several factors. Carbon black N220 prices dropped by USD 10/MT, driven by higher stocks, lower freight costs, and cheaper imports from India. Indian suppliers reduced their prices in response to weaker domestic demand, while Russian supply also decreased due to lower consumption. Additionally, geopolitical factors in the Persian Gulf further affected import sentiment.
Supply dynamics were stable, with ample stock-building for winter consumption, particularly from Indian imports. However, rising energy costs, especially for natural gas, and higher freight charges added pressure to production costs.
On the demand side, automotive sales grew by 20% YoY, driven by tourism and transport demand. However, overall carbon black demand remained weak due to affordability challenges and higher car prices. Demand showed some improvement in November, aligned with pre-Christmas activities.
