For the Quarter Ending June 2025
North America
• The Fly Ash Price Index in North America declined by 5.3% quarter-over-quarter in Q2 2025, as muted residential construction demand and stable supply levels kept market fundamentals soft despite brief supply-side tightness.
• Domestic fly ash supply remained largely consistent across the quarter, supported by inventory pre-builds and alternative sourcing from Canada, Japan, and Turkey, offsetting the reduction in Chinese imports following the 145% tariff implementation.
• Freight rates from Asia to the U.S. remained relatively low throughout the quarter, helping control landed costs. However, mid-May witnessed a temporary spike in transpacific shipping costs, increasing procurement expenses.
• Construction-sector offtake showed uneven performance—non-residential and infrastructure projects provided support, while high interest rates and persistent inflation curbed housing starts and led to conservative cement and fly ash procurement.
• Contractors and cement producers relied heavily on earlier stockpiles, exercising caution in placing new orders due to policy uncertainty and shifting timelines around U.S.–China trade negotiations.
• In conclusion, Q2 2025 for fly ash in North America was characterized by weakening downstream demand and surplus availability, leading to sustained pricing pressure across the region.
Why did the price of Fly Ash change in July 2025 in North America?
• In July 2025, the Fly Ash Price Index in North America fell compared to June, as excess availability continued to outweigh patchy construction-sector demand.
• Prices declined due to soft cement production activity, with contractors relying on previously stocked material and remaining hesitant to purchase fresh volumes amid fiscal tightening and project delays.
• Demand provided little support, with mid-season civil and highway works contributing modest offtake, while residential demand stayed subdued due to high mortgage rates.
• Looking ahead, prices are expected to come under further pressure in August, as fly ash inventories remain ample and end-use demand from the building materials segment shows no firm signs of recovery.
Europe
• The Fly Ash Price Index in Europe rose by 2.5% quarter-over-quarter in Q2 2025, as early-quarter supply tightness and improved infrastructure sentiment in April gave way to softening demand and price stability in May and June.
• Coal-fired power generation declined in April due to lower gas prices and seasonal shifts, curbing fly ash output. Coupled with logistical bottlenecks—such as low Rhine water levels—this constrained spot availability and supported price gains early in the quarter.
• Demand showed marginal recovery in April, led by public infrastructure activity and stabilizing construction sentiment. However, May and June saw a return to subdued offtake as weak housing starts, low cement production, and regional project delays dampened fly ash consumption.
• Export demand stayed muted throughout Q2, with eurozone construction sluggish and neighbouring markets also facing similar headwinds, limiting foreign procurement interest.
• In conclusion, Q2 2025 for fly ash in Europe was marked by early price firmness due to supply constraints and tentative demand recovery, followed by steady-to-soft market fundamentals as oversupply and persistent construction weakness capped further price momentum.
Why did the price of Fly Ash change in July 2025 in Europe?
• In July 2025, the Fly Ash Price Index in Europe declined compared to June, as ample supply and sluggish construction activity continued to weigh on market dynamics.
• Prices fell due to steady production and high inventory carryover, while downstream sectors remained cautious with limited procurement amid fiscal tightening and lack of public project momentum.
• Demand provided little support, with mid-summer civil works contributing only modest offtake; residential and commercial construction remained slow due to persistent financing challenges.
• Looking ahead, prices are likely to stay under pressure through August, as inventory levels remain elevated and demand from cement and construction sectors shows no clear signs of revival.
APAC
• The Fly Ash Price Index in APAC increased by 6.0% quarter-over-quarter in Q2 2025, driven by mid-quarter supply disruptions and modest construction-led demand recovery, despite demand weakness resurfacing in June.
• Domestic supply in China fluctuated through the quarter—tight coal availability and regulatory constraints in May limited fly ash output, while easing costs and steady power generation in June restored production, leading to oversupply.
• Demand showed a mixed trend: while construction activity supported moderate offtake in May, persistent rainfall, energy curbs, and monsoon-related delays led to a sharp pullback in June, especially from key export markets like Southeast Asia.
• Export flows remained uneven as the U.S. tariff disruption in April reduced shipments, followed by restocking activity in May and shipment slowdowns again in June amid high inventories and seasonal disruptions.
• Producers responded to shifting fundamentals by adjusting prices mid-quarter, with sharp increases in May giving way to significant discounts in June to remain competitive in a saturated market.
• In conclusion, Q2 2025 for Fly Ash in APAC was defined by a brief rally in May on the back of constrained supply and improved demand but ended with weaker fundamentals and downward pressure from oversupply and cautious buying.
Why did the price of Fly Ash change in July 2025 in APAC?
• In July 2025, the Fly Ash Price Index in APAC declined compared to June, as ample availability combined with reduced construction activity to drive prices lower.
• Prices dropped as producers continued operating at normal rates despite subdued offtake, resulting in excess supply and intensified market competition.
• Demand provided little support, with seasonal mid-year construction slowdowns and import reluctance from Southeast Asia curbing consumption.
• Looking ahead, prices are expected to remain soft in August, with weak end-user sentiment and persistent surplus conditions keeping market fundamentals bearish.
For the Quarter Ending March 2025
North America
In Q1 2025, the U.S. fly ash market experienced a quarter-on-quarter price decline of 1.86%, driven by a persistent supply-demand imbalance. The quarter opened with a stable supply supported by lower freight rates and strategic inventory built by suppliers anticipating tariff changes. While early procurement activity provided temporary stability, construction demand remained soft due to seasonal weather, high borrowing costs, and cautious capital spending.
Midway through the quarter, an influx of imports from Asia, combined with falling freight costs, led to increased availability. Despite moderate support from infrastructure projects and job growth within construction, demand failed to keep pace with supply levels. This was further exacerbated by subdued residential and commercial construction momentum, affected by delayed permitting and elevated mortgage rates.
By the end of the quarter, inventories had outpaced consumption, especially as downstream sectors remained hesitant to place large orders. The market sentiment turned bearish, with buyers prioritizing inventory management over new purchases amid economic uncertainty and policy concerns.
APAC
During Q1 2025, the fly ash market in China registered a quarter-on-quarter price increase of 2%, reflecting a shift from earlier stability to moderate price gains as demand gradually improved. January began with stable prices, supported by high inventories and subdued demand from a sluggish construction sector. Supply remained steady, driven by consistent output from coal-fired power plants, even as coal mine shutdowns ahead of the Spring Festival curbed coking coal availability. In February, prices rose by 6.3% month-on-month due to a rebound in construction demand, especially infrastructure projects backed by government funding. This increase in cement consumption tightened the market balance, despite stable supply levels. However, persistent weakness in the real estate sector limited sharper price increases. By March, the market stabilized again, with supply and demand reaching equilibrium. Consistent production, smooth logistics, and favorable weather supported steady operations, while post-holiday construction recovery sustained moderate demand. Overall, Q1 2025 reflected a cautiously optimistic outlook with improving demand fundamentals, primarily driven by infrastructure activity.
Europe
In Q1 2025, the German fly ash market recorded a quarterly price increase of 2.58%, despite subdued demand conditions across the construction sector. The price uptick was largely driven by elevated production costs during February, particularly due to rising feedstock coal and natural gas prices. While supply remained stable throughout the quarter, thanks to strategic scheduling and improving logistics, the market balance leaned towards tightness mid-quarter due to cost-driven supply adjustments. Demand for fly ash stayed muted across all three months, reflecting Germany’s continued construction sector contraction. High inflation, elevated interest rates, and ongoing economic uncertainty limited new project initiations and procurement appetite. Although there were early signs of stabilization in residential construction by March, it was not enough to drive significant fly ash offtake. Overall, steady and efficient supply chains, combined with improved production economics in March, helped prevent supply disruptions. However, with demand still restrained, the price trend for the quarter was shaped primarily by supply-side cost pressures rather than robust market consumption.
For the Quarter Ending December 2024
North America
The Fly Ash market in North America exhibited a modest 2% increase in Q4 2024 compared to Q3, reflecting a fluctuating supply-demand balance and external logistical challenges. Early in the quarter, the market grappled with weak demand from the downstream construction and cement sectors. Prolonged rainfall and the lingering effects of a summer slowdown weighed on cement sales, while steady imports from overseas ensured sufficient Fly Ash supply. Declining freight rates from Asia to the U.S. West Coast also supported a bearish price trend in October, further exacerbated by manufacturing sector contractions.
As the quarter progressed, November saw a shift toward tighter supply conditions. Port disruptions on the U.S. East Coast, driven by the ILA strike and seasonal congestion, reduced port capacity by 10-17%, delaying shipments and limiting Fly Ash availability. Simultaneously, unfavourable weather across Asia, disrupted supply chains, contributing to price surges amidst moderate demand from the construction sector.
By December, the market softened again as suppliers liquidated inventories, driven by low procurement from the downstream cement industry. Improved weather in exporting regions restored supply flows, leading to inventory build-ups at U.S. ports. The quarter ended with Fly Ash prices at USD 109/MT CFR Louisiana, as cautious purchasing activity and subdued demand from the cement sector persisted.
APAC
The Fly Ash market in the APAC region experienced a 9% rise in Q4 2024 compared to Q3, driven by evolving supply and demand dynamics as the quarter progressed. Early in the quarter, Fly Ash prices gained upward momentum due to constrained availability and a modest revival in infrastructure projects. Chinese manufacturers increased production and inventory levels, supported by an uptick in new work inflows and improved economic sentiment. Export markets within Asia also contributed to demand, providing stability despite subdued domestic consumption. As the quarter progressed, the market continued to witness heightened price pressures as colder temperatures pushed up coal prices, limiting Fly Ash production. Supply constraints became a significant driver of price increases, even as the downstream cement industry displayed sluggish activity with reduced production rates and factory shutdowns in East China. The imbalance between limited supply and tepid demand kept prices elevated, reflecting the broader cost pressures in the energy sector. However, by the quarter ended, the market saw a shift toward correction. Destocking activities intensified, with suppliers offloading inventories in bulk, especially targeting Southeast Asian markets. The bearish trend emerged as procurement from the cement sector remained weak and export demand softened. However, despite this correction, the overall quarterly trend remained positive, with Fly Ash prices closing at USD 16/MT FOB Shanghai, underpinned by earlier supply constraints and seasonal demand recovery.
Europe
The European Fly Ash market showed a 5% increase in Q4 2024 compared to Q3, largely driven by fluctuating demand conditions and supply chain challenges. Early in the quarter, Fly Ash prices declined due to weak demand from the construction and cement industries. Persistent economic and political uncertainties across the Eurozone led to reduced orders in residential, commercial, and civil engineering projects. Although input costs eased, the overall market remained subdued, with several manufacturers scaling back operations to align with reduced demand. As the quarter progressed, Fly Ash prices stabilized in November. Ample supply of Fly Ash and disruptions at Hamburg’s port due to the ongoing modernization project caused inventory accumulation, further suppressing market activity. Export demand also remained limited, reflecting the lack of arbitrage opportunities. By quarter-end, the market remained bearish, with prices ending at USD 26/MT FOB Hamburg in December. Prolonged holiday-related slowdowns and cautious procurement compounded the demand slump. Overall, Q4 was marked by declining prices, oversupply, and persistent challenges in Europe’s construction sector, leaving participants grappling with weak offtakes and limited recovery prospects.
For the Quarter Ending September 2024
North America
In Q3 2024, the Fly Ash market in North American region experienced a mixed trend, influenced by various significant factors. The initial quarter, the price rose by 12.7% due to increased freight rates, which have driven up the cost of the product. Prices for U.S. imports ticked up 0.1 percent in July, after being unchanged the previous month, the U.S. Bureau of Labor Statistics reported today. Higher nonfuel and fuel prices each contributed to the July. Despite an increase in price, the downstream construction activity only on moderate range in July. Rising interest rates and economic uncertainty are pressuring the U.S. housing market, hinting at a bearish short-term outlook.
The second and third month of quarter declined sharply due to the eased costs for imported materials from China. Demand from the construction sector remained weak due to a tight lending environment for construction projects and declining commercial property values. Meanwhile, ocean freight rates from Asia to the West Coast of North America fell by 15.04% compared to the previous month, reflecting declining demand.
Despite these challenges, the quarter ended with Fly Ash priced at USD 105/MT CFR Louisiana, signaling a persisting negative pricing environment.
APAC
The third quarter of 2024 for Fly Ash pricing in the APAC region has been characterized by stability, with prices holding steady throughout. Several factors have influenced market prices during this period. The balanced supply and demand dynamics, coupled with stable production levels, have contributed to the consistent pricing environment. Additionally, the overall subdued demand from the construction sector, impacted by various challenges such as heavy rainfall, property market struggles, and economic uncertainties, has kept prices unchanged.
In China, which has experienced the maximum price changes, the market trends have followed a similar pattern of stability. Despite facing disruptions such as heavy rains and a slowdown in construction activities, the Fly Ash market in China has remained relatively balanced. Seasonal fluctuations and the ongoing property crisis have influenced pricing trends, with minimal changes recorded compared to the same quarter last year.
The quarter-ending price for Fly Ash in China stands at USD 15/MT FOB Shanghai, reflecting the stable pricing environment that has prevailed throughout Q3 2024.
Europe
The third quarter of 2024 witnessed a significant decline in Fly Ash prices in the European region, with Germany experiencing the most substantial price changes. The market was influenced by several key factors, including weakened demand from the construction sector, surplus supply, and logistical disruptions in shipping routes. The ongoing downturn in new construction projects, coupled with reduced industrial activity and congested ports, contributed to the downward pressure on prices. Additionally, the European Fly Ash market faced challenges from elevated freight costs and economic uncertainties, further dampening demand.
In Germany specifically, the Fly Ash market saw a negative trend, with prices decreasing by 7% from the previous quarter. The correlation in price changes between the first and second half of the quarter was noted at -4%, reflecting a consistent downward trajectory. Despite these challenges, the quarter-ending price for Fly Ash FOB Hamburg in Germany stood at USD 27/MT, underscoring the prevailing negative pricing environment in the region. Plant shutdowns during the quarter further disrupted supply chains, exacerbating the pricing pressures faced by market participants.
FAQs
1. What is the current price trend of Fly Ash across major regions?
As of July 2025, fly ash prices declined in all major regions. North America witnessed a price drop due to soft cement production and excess availability. In Europe, prices fell amid steady supply and weak construction demand. Similarly, APAC experienced downward pressure as robust coal-based generation was offset by sluggish infrastructure activity, especially in Southeast Asia and India.
2. What are the primary drivers impacting Fly Ash prices globally?
Key price drivers include power generation patterns (especially coal-fired output), construction sector health, cement production trends, and logistics. Seasonal waterway disruptions in Europe, high inventories in North America, and weak infrastructure spending in APAC have all contributed to price softness.
3. How is construction activity influencing Fly Ash demand in July 2025?
Construction demand remained subdued across all regions in July 2025. Residential projects lagged due to high interest rates in the U.S. and Europe. Infrastructure activity in APAC and the eurozone was tepid, limiting offtake despite peak summer conditions typically favouring outdoor construction.
4. What is the short-term price outlook for Fly Ash in global markets?
Fly ash prices are expected to face continued pressure in August 2025. Weak downstream procurement, surplus inventories, and stable-to-soft cement production trends will likely limit any price recovery unless significant stimulus or project execution accelerates across key consuming sectors.
