For the Quarter Ending June 2026
GGBFS Prices in North America
- In USA, the GGBFS Price Index rose by 17.06% quarter-over-quarter, reflecting tight domestic slag generation.
- The average GGBFS price for the quarter was approximately USD 66.33/MT, reflecting tightened inventories regionally.
- GGBFS Spot Price firmed amid low onshore stocks and delayed imports, pushing immediate premiums higher.
- GGBFS Price Forecast indicates modest monthly variability with seasonal easing offset by sporadic logistics-driven upticks.
- GGBFS Production Cost Trend rose slightly as higher electricity and demurrage increased processing costs regionally.
- GGBFS Demand Outlook remains robust due to infrastructure lettings and low-carbon mandates sustaining substitution volumes.
- GGBFS Price Index volatility reflected concentrated grinder inventory control, construction pull and import disruptions recently.
- Export delays from Brazil and Canadian maintenance tightened Gulf inventories, prompting buyers to secure supplies.
Why did the price of GGBFS change in June 2026 in North America?
- Tight domestic slag generation reduced fresh granulate supply, directly tightening availability and lifting delivered prices.
- Import congestion, labour shortages increased demurrage and landed costs, extending lead times to Gulf terminals.
- Seasonal construction demand and infrastructure spending elevated procurement, depleting inventories and supporting bullish pricing environment.
GGBFS Prices in APAC
- In Vietnam, the GGBFS Price Index rose by 3.85% quarter-over-quarter, reflecting firmer import-parity costs overall.
- The average GGBFS price for the quarter was approximately USD 63.00/MT, reflecting market conditions domestically.
- GGBFS Spot Price slipped in May, firmed in June as Price Index adjusted to supply.
- GGBFS Price Forecast suggests volatility; GGBFS Production Cost Trend remains steady under unchanged electricity tariffs.
- GGBFS Demand Outlook supported by infrastructure projects, yet Price Index reflected buyer negotiation power persisting.
- High domestic granulation and imports boosted inventories, weakening the GGBFS Price Index despite export gains.
- Formosa Ha Tinh and Hoa Phat operated, sustaining supply; GGBFS Production Cost Trend remained insulated.
- Port scheduling and handy diversions influenced arrivals, affecting GGBFS Price Forecast and spot market liquidity.
Why did the price of GGBFS change in June 2026 in APAC?
- Abundant domestic slag and uninterrupted Northeast Asian imports created supply surplus, pressuring ex-works quotations lower.
- Stable electricity tariffs contained grinding costs, enabling traders to reduce offers and clear port inventories.
- Infrastructure procurement remained steady but did not absorb surplus supply, enabling buyers to press discounts.
China
- In China, the GGBFS Price Index fell by 0% quarter-over-quarter, reflecting offsetting supply and demand influences.
- GGBFS Spot Price softened in June as elevated inventories and subdued cement demand pressured mill gate quotations.
India
- In India, the GGBFS Price Index fell by 23.3% quarter-over-quarter, reflecting greater domestic availability and subdued seasonal procurement.
- Tighter yard inventories supported a modest uptick in GGBFS Spot Price despite broader quarterly softness across regions.
GGBFS Prices in Europe
- In Germany, the GGBFS Price Index rose by 10.95% quarter-over-quarter, reflecting higher energy-driven production costs and firm demand.
- The average GGBFS price for the quarter was approximately USD 74.33/MT, weighted across Hamburg spot and contract transactions.
- GGBFS Spot Price volatility eased in June while the Price Index reflected lower trading volumes and elevated inventories.
- GGBFS Price Forecast anticipates mild monthly oscillations as high energy costs sustain production premiums and logistical premiums abroad.
- GGBFS Production Cost Trend remained upward because electricity and natural-gas tariffs kept grinding cash costs materially higher throughout.
- GGBFS Demand Outlook shows steady civil-engineering uptake but weaker residential construction limits overall absorption of available stocks seasonally.
- GGBFS Price Index weakness was amplified by elevated inventories, benign imports and cautious procurement ahead of summer peak.
Why did the price of GGBFS change in June 2026 in Europe?
- Abundant domestic and imported pre-ground slag increased availability, pressuring spot prices despite steady blast-furnace production.
- Persistently high electricity and natural-gas tariffs sustained grinding cost inflation, underpinning negotiated spot prices higher.
- Rhine logistics charges and occasional import freight changes reduced discounting of foreign offers, limiting downward price movement.
For the Quarter Ending March 2026
GGBFS Prices in APAC
- In Vietnam, the GGBFS Price Index rose by 6.43% quarter-over-quarter, driven by tighter import availability.
- The average GGBFS price for the quarter was approximately USD 60.67/MT, reflecting steady procurement by infrastructure projects.
- GGBFS Spot Price strengthened on reduced Japanese and Korean export volumes, pressuring ex-warehouse offers upward.
- GGBFS Price Forecast indicates modest further gains in April as seaborne offers remain elevated and inventories tighten.
- GGBFS Production Cost Trend remained stable domestically due to low electricity tariffs, limiting local milling cost inflation.
- GGBFS Demand Outlook stays firm with mandatory clinker substitution and public infrastructure disbursements supporting baseline offtake.
- GGBFS Price Index volatility increased as higher origin FOB offers and freight premiums elevated landed cost parity.
- Limited inventories at Hanoi grinding plants and steady export flows to Cambodia sustained seller discipline and upward pricing.
Why did the price of GGBFS change in March 2026 in APAC?
- Reduced imports from Japan and Korea tightened supply, lifting CIF and ex-Hanoi quotations in March 2026.
- Higher origin FOB offers and increased bunker and insurance costs pushed landed costs higher across North Asia-Vietnam trade.
- Sustained public infrastructure procurement and mandatory 15% clinker substitution maintained strong demand, preventing price correction in March.
GGBFS Prices in Europe
- In Germany, the GGBFS Price Index rose by 8.06% quarter-over-quarter, driven by tighter supply and higher grinding costs.
- The average GGBFS price for the quarter was approximately USD 67.00/MT, supported by port buying and stable orders.
- GGBFS Spot Price hardened at Hamburg as terminal inventories tightened and import arrival schedules remained delayed further.
- GGBFS Price Forecast stays constructive near term given maintenance outages and persistent high electricity-driven conversion costs ongoing.
- GGBFS Production Cost Trend reflected elevated power tariffs and Rhine logistics surcharges, lifting conversion and landed costs.
- GGBFS Demand Outlook remains firm as low-clinker procurement mandates and infrastructure projects sustain steady industrial offtake volumes.
- GGBFS Price Index strength was supported by two-week terminal cover and exporters prioritising domestic German netbacks thereby.
- Major grinding maintenance and selected mill idlings tightened prompt availability, reinforcing sellers pricing power in Hamburg ports.
Why did the price of GGBFS change in March 2026 in Europe?
- Maintenance at a major grinder removed merchant capacity, directly tightening supply and elevating prompt market premiums.
- High wholesale electricity tariffs increased grinding conversion costs, enabling producers to pass through higher landed charges.
- Rhine and Hamburg logistics surcharges plus import frictions raised landed costs and limited incremental pre-ground arrivals.
GGBFS Prices in North America
- In USA, the GGBFS Price Index rose by 8.28% quarter-over-quarter, driven by tight slag supply.
- The average GGBFS price for the quarter was approximately USD 56.67/MT, delivered to Houston terminals.
- GGBFS Spot Price tightened as terminal stocks fell, lifting Price Index and shortening negotiation windows.
- GGBFS Price Forecast revised upward as Production Cost Trend flat while freight and insurance rose.
- GGBFS Demand Outlook stayed firm with infrastructure projects sustaining offtake, preventing winter Price Index decline.
- Thin merchant inventories and port handling delays reduced export availability, increasing lead times and urgency.
- Limited blast-furnace operations constrained granulate supply, prompting grinding plants to rely more heavily on imports.
- Stable electricity and diesel costs limited inflation, yet higher freight and insurance sustained upward momentum.
Why did the price of GGBFS change in March 2026 in North America?
- Constrained domestic blast-furnace slag output reduced feedstock availability, tightening supplies ahead of spring construction demand.
- Port labour shortages and delayed discharge increased lead times, reducing spot availability and pressuring deliveries.
- Higher freight and insurance and import delays raised inbound costs, sustaining upward pressure on prices.
For the Quarter Ending December 2025
GGBFS Prices in North America
- In the USA, the GGBFS Price Index rose by 2.61% quarter-over-quarter, reflecting selective infrastructure demand.
- The average GGBFS price for the quarter was approximately USD 52.33/MT, supported by infrastructure volumes.
- GGBFS Spot Price stayed stable at Gulf terminals as imports offset constrained domestic slag production.
- GGBFS Price Forecast indicates modest upside early next year as logistics frictions support price strength.
- GGBFS Production Cost Trend showed diesel surcharge and grinding margin pressures, limiting suppliers' discounting flexibility.
- GGBFS Demand Outlook remains constructive for public infrastructure while residential weakness prevents broader market tightening.
- GGBFS Price Index shows Gulf terminal tightness contrasted by inland softness, reflecting transport, inventory differentials.
- Major producers maintained balanced selling, with limited spot availability reinforcing seller discipline amid thin inventories.
Why did the price of GGBFS change in December 2025 in North America?
- Tight domestic slag supply and infrastructure procurement pushed delivered prices higher despite seasonal demand slowdown.
- Labor disruptions, Gulf terminal congestion slowed import discharge, tightening spot availability and elevating freight-driven costs.
- Contractual purchases for low-carbon concrete and federal projects sustained demand, preventing typical year-end inventory builds.
GGBFS Prices in APAC
- In Vietnam, the GGBFS Price Index rose by 2.4% quarter-over-quarter, reflecting reduced imports and infrastructure demand.
- The average GGBFS price for the quarter was approximately USD 57.00/MT, reflecting freight-driven cost pass-through.
- GGBFS Spot Price firmed on lean northern port inventories, supporting the domestic GGBFS Price Index.
- GGBFS Price Forecast shows gains as GGBFS Production Cost Trend rises with higher freight fees.
- GGBFS Demand Outlook remains supported by public infrastructure disbursements and clinker-substitution mandates, underpinning the Price Index.
- Inventories at Cai Mep and Cua Lo remained lean, prompting forward buying, supporting the Price Index.
- Formosa Ha Tinh and Hoa Phat operated near nameplate rates, keeping supply stable, moderating pressure.
- Export demand remained secondary to domestic procurement; coastal market dynamics influenced the GGBFS Spot Price.
Why did the price of GGBFS change in December 2025 in APAC?
- Imported slag arrivals tightened late December, reducing immediate availability and pressuring ex-works quotations marginally higher.
- Year-end infrastructure disbursements accelerated procurement, sustaining demand even as private housing activity remained subdued slightly.
- Port-handling surcharges and freight volatility modestly raised landed costs, enabling sellers to pass through increases.
GGBFS Prices in Europe
- In Germany, the GGBFS Price Index rose by 2.76% quarter-over-quarter, reflecting steady procurement and elevated grinding costs.
- The average GGBFS price for the quarter was approximately USD 62.00/MT, reported by domestic mills and port import parity.
- GGBFS Spot Price advanced modestly as domestic grinding margins tightened from high electricity and conversion costs.
- GGBFS Price Forecast indicates marginal upside near-term given balanced supply and steady infrastructure procurement momentum.
- GGBFS Production Cost Trend remained elevated as high power and grinding intensity pressured mill breakeven levels.
- GGBFS Demand Outlook stays constructive where low-carbon mandates drive substitution, but sector caution keeps consumption patchy.
- GGBFS Price Index stability reflected steady inventories and normalised logistics after Rhine barge restrictions eased in autumn.
- Port import arrivals supplemented domestic supply, tempering local premiums while mills maintained operating rates near lows.
Why did the price of GGBFS change in December 2025 in Europe?
- Elevated grinding electricity costs increased conversion breakeven, prompting producers to pass costs into December quotations.
- Policy-driven clinker substitution and public infrastructure tenders strengthened procurement, supporting year-end GGBFS demand and pricing.
- Imports via Hamburg ports supplemented domestic supply after Rhine constraints, dampening sharper price spikes during December.
For the Quarter Ending September 2025
North America
- In USA, the GGBFS Price Index rose by 2.7% quarter-over-quarter, driven by infrastructure project demand.
- The average GGBFS price for the quarter was approximately USD 51.00/MT, underpinned by steady supply.
- GGBFS Spot Price remained broadly stable as domestic slag availability matched near-term consumption requirements effectively.
- GGBFS Price Forecast signals modest upside as demand recovery expectations slightly outpace supply growth projections.
- GGBFS Production Cost Trend showed upward pressure from higher steel inputs and tariff-related material inflation.
- GGBFS Demand Outlook remains constructive with public infrastructure and large industrial projects supporting medium-term consumption.
- Inventories and logistics were sufficient, while export interest and procurement supported the GGBFS Price Index.
- Domestic steel mill operations remained steady, enabling suppliers to meet demand, defending GGBFS Price levels.
Why did the price of GGBFS change in September 2025 in North America?
- Elevated steel input costs and tariff effects increased production costs, pressuring domestic GGBFS supply economics.
- Sustained demand from infrastructure and data center projects tightened availability, supporting GGBFS Price Index strength.
- Smooth logistics and adequate inventories limited disruption, while selective procurement limited downward pressure on prices.
APAC
- In Vietnam, the GGBFS Price Index rose by 1.8% quarter-over-quarter, reflecting balanced supply and seasonality.
- The average GGBFS price for the quarter was approximately USD 55.67/MT, reflecting stable supply conditions.
- GGBFS Spot Price remained muted as inventories stayed sufficient and logistics supported domestic deliveries efficiently.
- GGBFS Price Forecast anticipates limited near term upside, with seasonality and modest demand supporting stability.
- GGBFS Production Cost Trend edged up from higher imported input prices, underpinning domestic price resilience.
- GGBFS Demand Outlook stays constructive due to infrastructure spending; the Price Index reflected cement procurement.
- Export demand softened after tariffs, while domestic Price Index stability benefited from healthy inventories, deliveries.
- Major producers operated with limited maintenance; throughput remained consistent, supporting supply and Price Index stability.
Why did the price of GGBFS change in September 2025 in APAC?
- Balanced steel mill slag supplies and construction activity constrained price increases in September within APAC.
- Imported input cost increases and intermittent sourcing delays applied modest production cost pressures during September.
- Tariff uncertainty weakened export demand, reducing external offtake and supporting domestic Price Index stability recently.
Europe
- In Germany, the GGBFS Price Index rose by 4.6% quarter-over-quarter, reflecting supply tightening and seasonal demand.
- The average GGBFS price for the quarter was approximately USD 60.33/MT.
- GGBFS Spot Price held firm as constrained deliveries and targeted infrastructure purchasing limited spot availability.
- GGBFS Price Forecast projects slight increases driven by seasonal demand and measured procurement from cement producers.
- GGBFS Production Cost Trend reflects higher energy tariffs increasing processing costs, pressuring margins for some suppliers.
- GGBFS Demand Outlook remains cautious with civil engineering support offsetting weak residential construction activity.
- Inventory and export demand tightened availability regionally, helping lift the GGBFS Price Index modestly.
- Seasonal mill maintenance reduced shipments temporarily, while overall supply remained adequate for current GGBFS demand.
Why did the price of GGBFS change in September 2025 in Europe?
- Seasonal maintenance and constrained deliveries reduced available volumes, tightening regional supply and pushing prices upward.
- Elevated energy tariffs increased production costs, reflected in the GGBFS Production Cost Trend.
- Selective infrastructure procurement improved buying activity while muted residential demand limited broader market momentum and inventories balanced.
