For the Quarter Ending March 2025
North America
The North American GGBFS market in Q1 2025 is characterized by balanced supply and demand amid a subdued construction environment. Stable domestic production and robust supply chains have maintained inventory levels, preventing shortages or overstocking.
Demand is primarily driven by single-family homebuilding, offsetting weakness in multi-family projects due to elevated mortgage rates. Overall, market sentiment remains cautiously optimistic with expectations of steady demand and potential growth as economic conditions improve. In the USA, GGBFS prices increased modestly by 0.69% from Q4 2024 to Q1 2025, averaging USD 48.33/MT.
The intra-quarter price trend was relatively flat, with minor fluctuations month-to-month reflecting stable demand and supply dynamics. Price stability is supported by consistent domestic production and steady construction spending, particularly in single-family housing. The market outlook remains stable, anticipating steady demand in the near term with potential upside as mortgage rates ease.
Asia
In the APAC region during Q1 2025, the GGBFS market experienced a generally stable to moderately positive demand environment, underpinned by steady construction activity and infrastructure development. Supply chains remained resilient despite some sector-specific challenges, with manufacturing output supporting consistent availability of GGBFS. Urban housing demand and infrastructure spending continued to drive consumption, while seasonal and economic factors moderated growth momentum. Inventory levels were managed effectively, contributing to balanced market conditions across the region. In Vietnam, GGBFS prices rose by 5.04% from Q4 2024 to Q1 2025, averaging USD 48.67/MT. The intra-quarter price trend was bullish, with monthly prices steadily increasing from January through March. This upward movement was supported by robust cement production growth and sustained construction activity, despite some manufacturing sector contractions. The overall market trend in Vietnam is bullish, with a near-term outlook indicating continued demand stability driven by ongoing infrastructure projects and industrial expansion.
Europe
The European GGBFS market in Q1 2025 is characterized by subdued demand amid persistent economic headwinds impacting the construction sector. Despite ongoing challenges such as declining new orders and employment, supply has remained stable with consistent production outputs across key regions. Inventory growth remains constrained due to localized supply chain bottlenecks, while pockets of recovery in southern markets provide limited uplift. Overall, market sentiment is cautious with minimal price volatility expected as the quarter progresses. In Germany, GGBFS prices rose modestly by 1.2% from Q4 2024 to an average of 56.0 USD/MT in Q1 2025, maintaining a flat intra-quarter trend. This stability reflects subdued construction activity and steady supply conditions amid broader economic pressures. The market remains stable with no significant bullish or bearish shifts anticipated near term, as demand is expected to stay constrained until supportive policy measures stimulate sector recovery.
For the Quarter Ending December 2024
North America
In Q4 2024, the price trend for Ground Granulated Blast Furnace Slag (GGBFS) in North America remained relatively stable, despite varying dynamics in the market.
In October, prices saw an increase, driven by strong demand from infrastructure and public construction projects. Government investments in sustainable building practices and the growing adoption of GGBFS as a green construction material supported this uptick. However, challenges like transportation costs and labor shortages impacted the broader construction sector.
By November, prices stabilized, as the construction sector showed moderate growth despite high interest rates and economic uncertainties. The steady flow of GGBFS was supported by a resilient domestic supply chain, and demand remained consistent, particularly from infrastructure projects. In December, prices held steady, as demand for GGBFS was primarily supported by single-family homebuilding, despite a slowdown in the residential real estate market due to elevated mortgage rates.
Overall, while the market faced challenges, steady demand for GGBFS in key sectors like infrastructure and housing provided stability. Looking ahead, the outlook for 2025 is cautiously optimistic, with expectations for a gradual recovery in construction activity.
APAC
In Q4 2024, the price trend for Ground Granulated Blast Furnace Slag (GGBFS) in the APAC region exhibited a fluctuating yet overall stable pattern. In October, prices rose by approximately 2.4%, driven by increased demand in China, where government stimulus measures spurred activity in the construction and industrial sectors. This surge was particularly prominent in major cities like Beijing and Shanghai, although demand from smaller cities remained subdued.
In November, however, prices declined by about 2.3%, as the construction sector faced a downturn, with a contraction in business activity and weak market demand. Despite this, the supply chain remained stable, with efficient logistics ensuring the steady availability of GGBFS. By December, prices stabilized as demand saw a modest recovery, especially in infrastructure projects, supported by ongoing government policies in China. The rise in China's PMI signaled a rebound in the non-manufacturing sector, further boosting the consumption of GGBFS. Overall, while challenges persisted, the region showed cautious optimism for recovery, with prospects dependent on continued fiscal support in 2025.
Europe
In Q4 2024, the price trend for Ground Granulated Blast Furnace Slag (GGBFS) in Europe showed a stable yet subdued performance, influenced by ongoing economic challenges and varying regional dynamics. In October, prices saw a moderate increase, driven by steady demand, particularly from infrastructure and large-scale civil engineering projects. Despite the broader contraction in the construction sector, investments in sustainable construction and the growing use of GGBFS in high-performance applications supported the price rise. However, global economic uncertainties and logistical costs remained a concern.
In November, prices experienced a slight decline as the construction sector faced headwinds, with political instability and higher borrowing costs dampening demand. Economic slowdowns in the Eurozone contributed to cautious market sentiment, though the domestic supply chain remained stable, ensuring consistent availability of GGBFS. By December, prices stabilized as the market continued to grapple with sluggish demand, particularly in countries like Germany and France. However, localized growth in Spain and Italy provided some support, although the broader outlook for GGBFS demand remained cautious. Moving into 2025, expectations of interest rate cuts could potentially stimulate demand, but a significant recovery will depend on sustained fiscal measures across the region.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American GGBFS market experienced a mixed market situation, with the USA showcasing the most significant fluctuations. The quarter was characterized by an uptrend in the early quarter, which later traced a decline, influenced by various factors.
Supply stability, with active furnace operations and ample inventory, played a crucial role in pricing dynamics. However, challenges in the supply chain, including freight issues, added pressure on prices during the first half of the quarter. Demand remained stable but equal to available supplies, contributing to the pricing downturn in the later half.
Seasonal factors, typically optimistic for construction materials, did not buoy prices due to the balanced market conditions. The correlation between price changes in the first and second half of the quarter showed a notable decrease of 6%, indicating a clear downward trajectory. Amidst disruptions due to hurricanes, the market continued its negative sentiment, leading to a quarter-ending price of USD 47/MT for GGBFS (SiO2– 35%) DEL Houston in the USA.
APAC
In Q3 2024, the APAC region experienced an overall decline in GGBFS prices, with China being the most impacted market. In China, prices of the product showcased an initial rise which later turned into a continuous downtrend, the overall trend of decreasing prices can be attributed to several key factors. Weak demand in the construction sector, particularly in real estate, played a significant role in driving prices down. Additionally, the ongoing economic challenges, such as reduced industrial activity and cautious investor sentiment, contributed to the downward pressure on prices. Supply chain disruptions and increased shipping costs further exacerbated the pricing situation during the quarter. China, with the most pronounced price changes, saw a -2% decrease from the previous quarter. The correlation between price changes in the APAC region and China indicates a overall downward trend. Comparing the first and second half of the quarter, prices dropped by -7%, reflecting the sustained negative sentiment in the market. The quarter ended with GGBFS prices at USD 42/MT Ex- Xinjiang in China, highlighting the persisting bearish pricing environment.
Europe
In Q3 2024, the European market for Ground Granulated Blast Furnace Slag (GGBFS) witnessed a similar trend observed in other regions, reflecting a challenging pricing environment. Similar to other region, prices initially rose, which declined in the latter half of the quarter. Several factors contributed to this downward trend. The ongoing weakness in the Eurozone construction sector, marked by reduced activity and demand, played a pivotal role in driving prices lower. The persistently low manufacturing activities underscored the subdued state of the construction industry, impacting both input costs and demand for GGBFS. Additionally, the contraction in new orders and purchasing within the sector further dampened price levels. Germany, experiencing the most significant price changes, saw a notable -5% decrease in prices between the first and second half of the quarter. This decline was emblematic of the broader negative sentiment prevailing in the market The quarter concluded with GGBFS prices in Germany standing at USD 55/MT, reflecting the overall downward trajectory observed throughout Q3 2024.
For the Quarter Ending June 2024
North America
In Q2 2024, Ground Granulated Blast Furnace Slag (GGBFS) prices in the North America region displayed a stable trend, primarily influenced by balanced demand and supply dynamics. Market stability was underpinned by consistent operating rates at furnaces, ensuring ample product availability across the region. The absence of significant plant shutdowns or supply chain disruptions further contributed to this equilibrium. Despite global freight market volatility and logistical challenges, the regional GGBFS market remained largely insulated, maintaining steady prices.
Focusing on the USA, the GGBFS market witnessed a notable price adjustment in Q2. The USA experienced the most significant price changes within the region, with a recorded price decrease of -2% from the previous quarter. The overall trend suggested a stable pricing environment, largely driven by moderate demand from the construction sector, which exhibited mixed performance amidst high interest rates and economic slowdown. Seasonality played a minor role, with the transition into the summer season temporarily boosting demand. However, this was effectively counterbalanced by high supply levels, ensuring no dramatic price fluctuations.
The USA experienced the most significant price changes within the region, with a recorded price decrease of -2% from the previous quarter. This quarter's stable pricing environment suggests a cautiously balanced market sentiment, neither overly positive nor negative, with supply and demand forces maintaining a delicate equilibrium.
APAC
In Q2 2024, the GGBFS market in the APAC region maintained a stable pricing environment, driven by a balance between supply and demand. This equilibrium was supported by ample product availability due to high operating rates of furnaces across key Asian economies. Despite fluctuations in the global freight market, the stability in the GGBFS market can be attributed to steady supply chains and robust production levels, mitigating any significant price volatility. There were no reported disruptions or plant shutdowns, further fostering a consistent market environment. Focusing on China, which experienced the most notable price movements, the quarter exhibited an overall stable trend. Seasonal factors, such as the onset of summer, slightly bolstered demand, yet this was effectively counterbalanced by abundant supply, resulting in subdued price fluctuations. The correlation between supply stability and demand resilience was evident as the market absorbed increased production without causing substantial price hikes. The percentage change from the previous quarter in 2024 was recorded at -2%, reflecting a marginal easing in prices. Overall, the pricing environment for GGBFS in Q2 2024 was predominantly stable, with balanced supply-demand dynamics fostering a positive market outlook.
Europe
In Q2 2024, the European market for GGBFS (Ground Granulated Blast Furnace Slag) exhibited remarkable stability, driven by a balanced demand-supply equation. This equilibrium was facilitated by ample product availability amidst consistent furnace operations. Despite fluctuations in global freight rates and occasional supply chain disruptions, the GGBFS market managed to maintain stable prices. The construction sector, while facing challenges, particularly in residential and public construction, did not significantly impact overall GGBFS demand. On the contrary, commercial construction showed a slight uptick, further supporting price stability. Focusing on Germany, which experienced the most notable price changes, the market dynamics were slightly more complex. After a price increase in April due to product scarcity and lower operating rates, the market stabilized in May and June. Seasonal factors, such as the onset of summer and subsequent rebound in construction activities, helped balance the demand-supply gap. Germany's construction sector faced a contraction, but this did not severely disrupt GGBFS pricing, showcasing a resilient market environment. No plant shutdowns were reported during this period, contributing to the stable supply. Compared to the previous quarter, there was a 4% increase, indicative of a minor yet significant adjustment.
