For the Quarter Ending June 2025
North America
• H-Acid Price Index in North America declined by 2% quarter-on-quarter, ending at USD 5,078/MT CFR Texas. This decrease was largely attributed to lower export prices from China, amid sluggish procurement level.
• Why did the price of H-Acid change in July 2025 in the USA? In early July 2025, H-Acid prices remained steady but under upward pressure due to extended delivery timelines, higher Chinese export prices, and a fragile supply chain. Although domestic demand remained sluggish, high feedstock costs and continued logistical disruptions kept overall pricing firm.
• The H-Acid Production Cost Trend remained elevated—driven by sharp increases in feedstock prices in China, including a 2.2% rise in Naphthalene and a 10% surge in Sulphuric Acid. Heavy flooding in China’s Hunan province and significant port congestion lengthened supplier delivery times and raised freight rates, all contributing to increased delivered costs in the U.S. market.
• H-Acid Demand Outlook weakened further, despite a rise in U.S. business and consumer confidence during June. Downstream textile and polyester segments remained muted, affected by hot weather, tariff concerns, and high fabric inventories. Import inquiries were largely limited to small lots, with bulk orders remaining rare.
• Export momentum of H-Acid from China to the U.S. remained weak during the quarter, as container volumes to the U.S. dropped by 28.3% year-on-year in June. Despite the temporary halt in U.S. tariffs, exporters were reluctant to engage in bulk trade amid uncertain policy environments and higher logistics costs.
• Domestic procurement in the USA stayed cautious, with textile converters avoiding large orders due to shrinking margins and high inventory levels. The polyester filament industry operated at low production and sales rates, further limiting upstream demand for H-Acid. A seasonal slowdown and adverse weather additionally weighed on trade sentiment.
Asia-Pacific (APAC)
• H-Acid Price Index in APAC decreased by 2% quarter-on-quarter, settling at USD 4,890/MT FOB Qingdao. However, a modest price uptick was driven by significant cost-push factors amid disrupted logistics and rising raw material prices during June, despite persistently low demand from the downstream textile and polyester sectors.
• Why did the price of H-Acid change in July 2025 in China? In early July 2025, H-Acid prices remained under pressure, as terminal demand continued to lag due to high inventories, curtailed textile output, and seasonal lull following the Dragon Boat holiday. Meanwhile, persistent flooding and heatwaves in central China affected production stability and logistics, reinforcing cost-side constraints.
• The H-Acid Production Cost Trend remained elevated, feedstock prices saw steep hikes, with Naphthalene rising by 2.2% and Sulphuric Acid surging 10% in June 2025. Flooding in Hunan and port congestion at key hubs further exacerbated logistical bottlenecks, lengthening delivery timelines and increasing conversion costs.
• H-Acid Demand Outlook turned sluggish, as the dyes and polyester industries cut operating rates. The monsoon season, Dragon Boat Festival, and weak export sentiment in key regions, including the US and Europe, limited new trade inquiries. Buyers remained conservative, focusing on short-term replenishment only.
• Export momentum of H-Acid weakened during the quarter, with container volumes to the US from China falling by over 28% year-on-year in June, reflecting prolonged trade complexity and tariffs. Despite a mild increase in textile exports during May, overseas demand remained subdued amid tariff uncertainties and cautious sentiment.
• Domestic procurement in China’s key provinces, including Hunan and Guangdong, was disrupted by severe flooding, which affected both upstream and downstream activity. Weaving operation rates fell due to extreme heat, accumulating inventory in polyester and conventional fabrics, and weakening H-Acid trade volumes in both domestic and regional markets.
Europe
• H-Acid Price Index in Europe declined marginally by 2.3% quarter-on-quarter, ending at USD 4,985/MT CFR Antwerp, driven by weak downstream demand.
• Why did the price of H-Acid change in July 2025 in Europe? In early July 2025, H-Acid prices in Europe held firm due to persistent cost-push pressures from upstream feedstocks and elevated freight rates from Asia. However, market activity was restrained as summer holiday demand lull, sluggish procurement, and high inventories limited purchasing activity across the region.
• The H-Acid Production Cost Trend remained elevated—with upstream Naphthalene and Sulphuric Acid prices in China rising by 2.2% and 10% respectively. Severe flooding in China’s central provinces and port congestion significantly lengthened lead times, while a 27.1% spike in freight rates from Asia to Europe in June added further cost layers to imported H-Acid.
• H-Acid Demand Outlook weakened across Europe, as downstream consumption slowed during the summer holiday season. Textile and polyester sectors remained under strain with low order volumes, reduced operating rates, and high inventories. Purchasing enthusiasm was dampened further by deteriorating consumer confidence and slowing industrial sentiment.
• Export momentum of H-Acid from China to Europe remained weak during the quarter, with China-origin container volumes to Belgium falling by 28.3% year-on-year in June 2025. Despite temporary pauses in U.S. tariff escalations, overall trade activity remained sluggish due to broader geopolitical tensions and rising transport costs.
• Domestic procurement in key regions of Europe declined, as buyers maintained conservative inventories amid a downturn in production and export activity. Hot weather and soft demand in the polyester and textile sectors continued to suppress new H-Acid inquiries, while high inventories of conventional fabrics weighed on restocking decisions.
For the Quarter Ending March 2025
North America
H Acid prices in the USA experienced a marginal decline during the first quarter of 2025 due to a slump in demand from the downstream textile sector. In January 2025, the softness in demand persisted despite the traditional seasonal restocking period. Moreover, increased competition among shipping carriers alleviated supply chain bottlenecks which made cheaper imports from China.
Several consumers showcased cautious procurement within the downstream textile industry, leading to reduced offtake of H acid in February 2025. Even with the onset of the traditional spring buying season, new orders for h acid remained subdued. This tepid demand was largely attributed to market uncertainty stemming from the imposition of tariffs, which negatively impacted consumer procurement in the domestic markets, creating a cautious buying environment. in March 2025.
Despite a downward trend in H acid prices throughout the first quarter of 2025 in the USA, the average price for this period registered a marginal increase of 1.3% when compared to the average price during the last quarter of 2024. This situation arises primarily due to a significant price drop experienced in October 2024 which considerably lowered the overall average price for the fourth quarter of 2024, making the slightly higher average price observed in the first quarter of 2025.
APAC
H acid prices in Asia experienced a marginal decline during the first quarter of 2025 due to a drop in demand from the downstream textile sector. A decline in the feedstock Naphthalene and Sulfuric acid prices has further lowered the manufacturing costs during January 2025. Several units were kept under maintenance shutdown including Jiangsu Jihua Chemical in Jiangsu and Zhejiang RIWA CHEMICALS during the second half of January 2025 to align with the low demand. The subdued demand observed in February was significantly influenced by the prevailing uncertainty surrounding potential US tariff impositions on Chinese imports. The market vendors report comfortable inventory levels, enabling them to fulfill orders with minimal delays. However, a significant surge in the costs of key feedstocks, including Naphthalene and Sulphuric Acid, provided substantial cost support to H acid manufacturers in China to counteract the downward pressure from low demand which led to maintaining stable H acid prices during March 2025 to settle at USD 4950/MT (FOB-Qingdao).
Europe
During the first quarter of 2025, H acid prices in Europe experienced a slight decline, primarily driven by weakened demand from the downstream azo dyes industry. This sluggishness was evident right from the start of the year in January 2025, even during the usual post-holiday inventory replenishment period. Adding to this downward pressure was the increased competition among shipping companies, which eased supply chain bottlenecks and paved the way for more affordable H-acid imports from China. As February unfolded, downstream textile consumers continued to exhibit a cautious approach to purchasing, leading to a reduced intake of H-acid. Even with the arrival of the traditional spring buying season in March, the anticipated surge in new orders for H-acid failed to materialize. This muted demand was largely a ripple effect of the market uncertainty generated by the imposition of tariffs, creating a hesitant buying climate and dampening consumer procurement throughout the quarter. As per ChemAnalyst, H acid prices in Belgium settled at USD 5059/MT, CFR-Antwerp during March 2025.
For the Quarter Ending December 2024
North America
H Acid prices in the USA experienced a notable incline followed by a downtrend during the fourth quarter of 2024. During October 2024, the H Acid prices declined due to cheaper imports from China. The decline in the freight charges has made it easier to import the H Acid at a lower rate.
The price drop was mainly driven by reduced production costs due to falling feedstock prices, particularly Nitric Acid and Naphthalene. Demand for the commodity from the downstream textile sector also declined, further contributing to the bearish market sentiment. Ample inventory levels were sufficient to meet domestic requirements, limiting any upward pressure on prices.
However, the trend was reversed in December 2024, when H Acid prices showcased an upward trajectory despite the low performance of the downstream textile sector. The trading activity for H Acid has continued to increase due to a surge in new inquiries from several market players amid early restocking and the supply side remained tight from China which resulted in expensive imports.
APAC
H Acid's price trajectory showcased an upward trend followed by a decline during the fourth quarter of 2024. China, a major exporter of H Acid witnessed a downward trend during October 2024 following a decrease in the prices of key feedstocks, Nitric Acid and Naphthalene. Although China’s textile and apparel exports experienced strong growth, which could have boosted demand, the overall market sentiment remained bearish. The easing of port congestion at Qingdao played a significant role in reducing logistics bottlenecks and improving supply chain efficiency, allowing smoother operations. Additionally, sufficient inventory levels were available to meet demand, further dampening price increases. However, the price trend rebounded during December 2024 as several consumers initiated efforts to replenish their inventories, leading to increased demand for H Acid amid early restocking. This surge in buying activity exacerbated the existing supply tightness. Suppliers' delivery times have consequently lengthened, further exacerbating the supply-demand imbalance. Furthermore, freight rates from Asia to major markets have surged significantly amid the pre-holiday rush leading to increased congestion during this timeframe.
Europe
The European H Acid market witnessed a dynamic price movement in the fourth quarter of 2024, characterized by an initial decline followed by a sharp reversal. In October, prices dipped significantly due to cheaper imports from China exerted downward pressure. Declining freight charges facilitated the importation of H Acid at more competitive rates, making it difficult for domestic producers to maintain higher price points. Secondly, reduced production costs provided further impetus to the price decline. Key feedstock prices, notably Nitric Acid and Naphthalene, experienced a downward trend, allowing manufacturers to lower their production expenses. However, this downward trend reversed dramatically in December 2024. Despite the continued sluggish performance of the downstream textile sector, H Acid prices exhibited a sharp upward trajectory. This reversal was primarily driven by a surge in trading activity. Increased inquiries from various market players, likely driven by early restocking efforts, fueled demand. Simultaneously, supply-side constraints emerged from China, leading to a tightening of import availability and pushing up import costs.
For the Quarter Ending September 2024
North America
In the third quarter of 2024, the North American H Acid market exhibited a stable pricing environment, with the USA experiencing notable price fluctuations. Several factors influenced this stability, including consistent demand from the textile sector, variations in production costs, and ongoing supply chain disruptions. The region also faced plant shutdowns and other disruptions that affected market dynamics. Specifically in the USA, prices showed volatility throughout the quarter, yet the overall trend remained stable, indicating a correlation in price changes.
Seasonal factors played a significant role in influencing price movements, as the market reacted to global events and economic indicators. Compared to the same quarter last year, prices remained relatively steady, reflecting a stable market environment. The quarter recorded a 13% increase from the previous quarter in 2024, highlighting some price fluctuations while maintaining an overall consistent outlook. Notably, prices did not vary between the first and second halves of the quarter.
By the end of Q3, the closing price for H Acid CFR Texas in the USA was reported at USD 5250 per metric ton (MT). This price marked the culmination of a stable pricing environment amidst various market challenges. The interplay of steady demand from key sectors and production dynamics underscored a resilient market despite external pressures.
APAC
In the third quarter of 2024, the Asia-Pacific (APAC) region maintained a stable pricing environment for H Acid, influenced by several significant factors. Supply chain disruptions and logistical challenges played a crucial role in shaping market dynamics. At the same time, tight inventory levels and a reluctance among sellers to lower prices contributed to a bullish market sentiment. China experienced the most notable price fluctuations, demonstrating resilience despite variations in production costs and increased demand from international markets.
The widening price gap between Naphthalene, Ammonia, and H Acid underscored constrained supply conditions, further driving the bullish trend. Overall, the market exhibited stability, with a 13% increase in prices from the previous quarter and no significant price variance between the first and second halves of Q3. Despite facing challenges, the pricing environment remained positive and stable throughout this period.
Additionally, there were no reported plant shutdowns during the quarter, which further supported market resilience. By the end of Q3, the price for H Acid FOB Qingdao in China reached USD 5060 per metric ton (MT), indicating a consistent and stable pricing outlook amidst the prevailing market conditions.
Europe
In the third quarter of 2024, the H Acid market in Europe experienced a significant decline in prices, with Belgium facing the most notable fluctuations. This downward trend was influenced by several key factors, including reduced demand from downstream sectors. Severe weather events, such as torrential rains and floods, exacerbated supply chain disruptions, further contributing to the drop in market prices. Although lower production costs driven by decreased feedstock prices were present, they could not offset the impact of high import costs and low inventory levels.
The relationship between freight charges and market prices highlighted the logistical challenges encountered by market participants, which intensified the price decline. Belgium, as a crucial player in the market, witnessed a consistent negative pricing trend throughout the quarter, reflecting a challenging environment. Seasonal factors also played a role, with a 1% price difference observed between the first and second halves of Q3 underscoring the overall bearish sentiment.
By the end of the quarter, the price of H Acid CFR Antwerp in Belgium reached USD 5191 per metric ton (MT), marking the culmination of this downward pricing trajectory. The combination of weak demand, elevated import costs, and logistical difficulties created a difficult landscape for market players, reinforcing the prevailing negative sentiment in the H Acid sector during this period.
Frequently Asked Questions (FAQs):
1. What is the current price of H-Acid in APAC?
By the end of Q2 2025, H-Acid prices in India stood at approximately USD 4,890/MT CFR Nhava Sheva.
2. What is the current price of H-Acid in North America?
By the end of Q2 2025, H-Acid prices in the USA stood at approximately USD 5,078/MT CFR New York.
3. What is the current price of H-Acid in Europe?
By the end of Q2 2025, H-Acid prices in Belgium stood at approximately USD 4,985/MT CFR Antwerp.
4. Why did H-Acid prices change in July 2025?
• APAC: Prices remained stable as Chinese-origin H-Acid maintained steady cost levels, despite low seasonal demand and reduced exports due to port delays and weather-related supply chain issues.
• North America: Prices held firm as limited export availability from China and high freight rates balanced weak downstream textile demand and cautious procurement sentiment.
• Europe: Prices remained stable amid cost-push pressure from upstream feedstocks and surging freight rates, even as demand weakened due to summer holidays and sluggish activity in the textile and polyester sectors.
