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.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American carbon black market witnessed a decline in prices from the beginning of the quarter, with significant factors influencing this trend. Market conditions were primarily influenced by lower crude oil prices, reduced demand in the automotive sector, and heightened competition from imports, particularly from Asia. The decrease in tire demand domestically, coupled with higher inventory levels, led to a downward pressure on prices.
In the USA specifically, price changes were most pronounced, reflecting overall trends in the region. Notably, there was an 8% drop in the quarter’s ending prices compared to the same quarter last year, while the quarter-on-quarter change in 2024 showed a decline of 4.5%. The prices peaked in the middle driven by higher freight as well as import prices, while the second half observed gradual decline in prices and stabilization. The quarter ended with Carbon Black Hard Grade N220 FOB Texas priced at USD 1850/MT, underscoring the negative pricing environment prevalent throughout Q3 2024.
Cabot faced technical difficulties in the month of September and several plant outages and lower refinery runs has kept the cost pressures up for the next quarter. US will be facing a general election due in Q4 which has kept the suppliers holding on to the present prices.
APAC
In Q3 2024, the APAC region witnessed increasing prices for Carbon Black, driven by a combination of factors. The market was influenced by ample supply, stable production costs due to lower coal tar and crude prices, and sluggish demand from tire and rubber manufacturers. These factors created an oversupply situation, leading to stable prices. However, Japan experienced the most significant price changes in the region. A 10% drop of the quarter ending price compared with last year reflect, price deflationary pressure persists in APAC due to weaker demand and easing RFO, coal tar and other feedstock prices and 1.5% gains in carbon black N220 grade prices from the previous quarter’s ending price in 2024. Japan saw a price drop in the first half of the quarter, followed by a bullish rally in the second half. This trend indicates a mixed sentiment driven largely by plant outages and Autumn festivities celebration in the latter half. The latest quarter-ending price for Carbon Black Hard Grade N220 CFR Tokyo in Japan stood at USD 1380/MT, reflecting a positive sentiment towards increasing prices in the region.
Europe
In Q3 2024, the Europe region witnessed a decline in the prices in the third quarter driven by lower import prices, especially from India and Thailand. Several factors influenced this downward trend. Slowing demand for tires, reduced car sales, and easing crude and naphtha prices were key drivers. In this context, the market in Netherlands saw the most significant price changes, with a 7% decrease from the previous quarter. While the 24% increment in the quarter end price compared to previous year. Elevated Carbon black N220 grade prices were driven largely by EU sanctions on Russia and longer lead times for imports from APAC Seasonality played a role, with the second half of the quarter showing a decline of 8%. The first half remained relatively stable with price bullishness of 1.2% at the peak trading season in August. This overall trend of decreasing prices in the Carbon Black market in Europe reflected a negative sentiment. The latest quarter-ending price for Carbon Black Hard Grade N220 FD Rotterdam in Netherlands stood at USD 1440/MT, indicating supply stabilization. The market outlook suggests continued moderation in prices as demand softens and supply stabilizes, leading to a challenging pricing environment for Carbon Black in the region.
MEA
In Q3 2024, the MEA region witnessed a decline in the prices in the third quarter driven by lower import prices, especially from India and Thailand. Several factors influenced this downward trend. Slowing demand for tires, reduced car sales, and easing crude and naphtha prices were key drivers. In this context, the market in United Arab Emirates saw the most significant price changes, with a 7% decrease from the previous quarter. While the 24% increment in the quarter end price compared to previous year. Elevated Carbon black N220 grade prices were driven largely by EU sanctions on Russia and longer lead times for imports from Russia as well as APAC. Seasonality played a role, with the second half of the quarter showing a decline of 8%. The first half remained relatively stable with price bullishness of 1.2% at the peak trading season in August. This overall trend of decreasing prices in the Carbon Black market in Europe reflected a negative sentiment. The latest quarter-ending price for Carbon Black Hard Grade N220 CFR Jebel Ali in United Arab Emirates stood at USD 1440/MT, indicating supply stabilization. The market outlook suggests continued moderation in prices as demand softens and supply stabilizes, leading to a challenging pricing environment for Carbon Black in the region.
For the Quarter Ending June 2024
North America
The second quarter of 2024 for the North American Carbon Black market has been characterized by a mixed trend driven by a combination of factors. Prominently, rising crude oil prices have cascaded through the supply chain, inflating production costs. Additionally, labor strikes, particularly in railway sectors, have disrupted supply routes, thereby constrained availability and fostering a tighter market. Increased global freight costs have further exacerbated the situation, deterring imports and compelling local suppliers to adjust prices upwards. Moreover, robust demand from tire manufacturers, buoyed by a recovering automotive sector, has enhanced market dynamics.
Focusing on the USA, the market has experienced significant price volatility. Seasonal factors such as increased travel demand during the summer months have inherently bolstered tire sales, thereby escalating the demand for Carbon Black. Concurrently, market sentiment has been influenced by inventory adjustments and speculative buying in anticipation of further supply disruptions. Despite a 6% decrease compared to the same quarter last year and a -2% change from the previous quarter, the market environment has remained positive, with prices stabilizing towards the latter part of the quarter.
A comparative analysis within the quarter shows a 2% price increase from the first to the second half, reflecting heightened demand pressures and constrained supply. The quarter concluded with Carbon Black Hard Grade N220 prices at USD 1890/MT FOB Texas, underscoring a stable yet bullish pricing environment. Overall, the second quarter of 2024 has seen prices progressively stabilizing after initial fluctuations, setting a firm foundation for subsequent market movements.
APAC
During Q2 2024, the Carbon Black market in the APAC region has experienced an overall downward trend in pricing, primarily driven by several pivotal factors. Supply chain dynamics, notably inventory adjustments by rubber producers prioritizing exports to the US, have significantly influenced market prices. The imposition of additional tariffs on Chinese rubber goods by the US has led to regional oversupply as shipments are delayed, further pressuring prices. Additionally, easing feedstock price pressures, driven by lower crude and natural gas prices, have contributed to the bearish sentiment. The market has also been affected by high inventory levels and subdued demand for tire production, reflecting a broader sluggishness in the automotive sector. Japan, in particular, exhibited pronounced price changes in Carbon Black, making it the focal point of this trend. The overall market sentiment in Japan this quarter has been negative, with a 6% decline compared to the same quarter last year and a stable yet unfavorable price movement from the previous quarter of 2024, showing 0% change. Within the quarter, a further 3% price drop from the first to the second half underscores the persistent downward pressure on prices. Seasonal factors, such as weaker consumer demand and heightened inventories, have exacerbated this trend. The latest price for Carbon Black Hard Grade N220 CFR Tokyo at the quarter's end is USD 1360/MT. This persistent decrease in prices underscores a negative pricing environment, reflecting the broader challenges faced by the Carbon Black market in Japan and the APAC region during Q2 2024.
Europe
In Q2 2024, the European Carbon Black market experienced significant price increases, driven by multiple influential factors. The primary driver was heightened demand, especially from the tire manufacturing sector, which saw a seasonal uptick as automotive production geared up for summer. Additionally, geopolitical tensions and subsequent trade disruptions, particularly affecting supply routes and logistics from Russia, further tightened market availability. Crude oil price inflation also exacerbated cost pressures, leading to higher production and transportation costs for Carbon Black. Focusing on Germany, this quarter witnessed the most pronounced price changes within the region, reflecting an overall bullish sentiment. The replacement tire market's recovery, coupled with a robust industrial production rate and positive economic indicators, has sustained high demand levels. This strong demand was complemented by supply constraints due to geopolitical instability, which created a perfect storm for escalating prices. The price trend within the quarter showed a marked increase, with a 4% price differential between the first and second halves, highlighting the accelerating upward trajectory. Year-over-year, prices surged by 9%, while the increase from the previous quarter was a notable 14%, signaling a sharp rise in costs within a relatively short timeframe. By the end of the quarter, the price for Carbon Black Hard Grade N220 FD Hamburg closed at USD 1530/MT. Overall, the pricing environment for Carbon Black in Q2 2024 has been overwhelmingly positive, characterized by strong market demand and constrained supply, leading to sustained upward pressure on prices.
MEA
The second quarter of 2024 has witnessed a notable escalation in Carbon Black pricing within the Middle East and Africa (MEA) region, primarily driven by a confluence of supply chain disruptions, geopolitical tensions, and increased domestic production costs. The global supply tightness, exacerbated by logistical challenges and elevated freight costs, has been a pivotal factor influencing the market prices. Furthermore, rising energy costs and the strategic pricing by suppliers in response to robust demand have compounded the upward pressure on Carbon Black prices. In the United Arab Emirates (UAE), the impact has been particularly pronounced, with Carbon Black N220 Grade CFR Jebel Ali experiencing significant price volatility. The overall trend in the UAE has been characterized by a consistent upward trajectory, influenced by seasonal demand fluctuations associated with the summer travel and tourism surge. The correlation between heightened transportation needs and increased tire production has been a key driver of price increments. From a year-on-year perspective, the prices have surged by 22%, reflecting a substantial escalation from the same quarter last year. Compared to the previous quarter in 2024, there has been a recorded price increase of 13%, indicative of persistent upward momentum. Additionally, the price differential between the first and second half of the quarter stands at 4%, underscoring the sustained price elevation.
Conclusively, the latest quarter-ending price for Carbon Black N220 Grade CFR Jebel Ali in the UAE is USD 1550/MT, marking a robust pricing environment. The overall sentiment in the MEA region has been undeniably positive, characterized by a bullish market outlook driven by supply constraints and unwavering demand.
