For the Quarter Ending March 2025
North America
The hydrochloric acid (HCl) market in North America displayed a strong bullish trend in Q1 2025, driven by a combination of tight supply conditions and consistent demand. In January, supply constraints, worsened by manufacturing slowdowns, trade tariff concerns, and weather-related shutdowns at major production facilities, led to significant price increases. Despite mixed construction sector performance, steady demand from the steel manufacturing industry provided further support for higher prices.
The upward momentum continued in February, with supply-side disruptions intensifying due to force majeure events at key producers like Vestolit and Olin Corporation. Despite the ongoing challenges, the manufacturing sector-maintained growth, and strong demand from the steel industry, particularly in motor vehicle and parts production, contributed to the price rally.
By March, HCl prices remained high, supported by continued supply limitations, rising chemical producer prices, and a resilient demand base from sectors like steel and municipal utilities. The combination of constrained domestic supply, limited imports, and global trade uncertainties further reinforced the price surge. Overall, the first quarter experienced consistent upward pressure on HCl prices, with the U.S. market witnessing a 12.8% increase during this period.
Europe
In Q1 2025, the Hydrochloric Acid (HCl) market in Europe experienced a generally bullish trend, especially in March. January and February saw stable prices due to tight supply and subdued demand, while March witnessed a notable price increase driven by improved demand and ongoing disruptions in supply chains. In January, prices remained steady as European demand for HCl was limited, primarily due to weak consumption in the steel sector, impacted by high energy costs and increased competition from low-cost imports. Supply conditions remained tight in Northwest Europe, influenced by a strike at Vencorex’s Pont de Claix facility in France and reduced chlor-alkali production in late 2024. Despite the end of the strike, supply improvements were minimal, contributing to market tightness. In February, prices held steady as the supply situation remained manageable, although port congestion in major European hubs like Hamburg and Bremerhaven caused logistical delays, affecting cargo movements. Demand remained subdued, particularly from the steel sector, which continued to face weak domestic consumption. By March, however, the market turned bullish. The European Union's new trade protection measures on steel imports from overseas reduced competition and boosted local production, increasing the demand for HCl. Additionally, logistical issues persisted, with severe congestion at Northern European ports further constraining supply and supporting higher prices. By Quarter's end, prices were higher, price in Germany reached at USD 164/MT FOB Hamburg, reflecting the strengthened demand for locally produced HCl.
APAC
In Q1 2025, Hydrochloric Acid (HCl) prices in the APAC region experienced a bullish trend, driven by supply constraints and sustained demand across key sectors. In January, prices rose significantly due to limited imports, as availability was tight, pushing procurement costs higher. Demand from the steel and automotive sectors supported this price surge, driven by increased steel production and growth in automotive sales. By February, prices stabilized as supply remained moderate and inventories ample, with procurement activity slowing amidst cautious buying sentiment. However, the global recovery in steel production and economic resurgence in key markets maintained a balanced market environment. In March, prices increased once again, fueled by continued supply tightness. Limited inventory, a reduction in overseas imports, and logistical delays, including port congestion and a maintenance shutdown at a major facility, further tightened supply chains. Despite these challenges, demand remained robust, particularly from the automotive and steel industries, ensuring steady consumption of HCl. In the APAC region, the South Korean market experienced notable fluctuations, with prices increasing by 5.6% during the quarter, reaching USD 196/MT CFR Seoul.
South America
In Q1 2025, hydrochloric acid (HCl) prices in South America demonstrated a bullish trend, with consistent increases across January, February, and March. In January, tight supply conditions, exacerbated by North American market challenges, drove prices up. The slowdown in Canada's manufacturing sector, coupled with trade uncertainties and looming U.S. tariffs, added pressure to the supply chain. Meanwhile, steady demand from the steel sector, bolstered by a rise in crude steel production, supported the price surge. February saw further upward momentum, with supply constraints tightening due to disruptions in North America, and logistical bottlenecks at major ports in Latin America. The market was further impacted by force majeure declarations and increased production costs. Despite uncertainties in the steel sector, steady demand from food and pharmaceutical industries provided support. In March, a significant price hike was observed, as logistical disruptions continued to strain supply chains. Strong growth in the steel sector, fueled by increased production and exports, ensured robust demand for HCl. Despite slower manufacturing growth due to high interest rates and currency depreciation, HCl prices rose sharply as supply remained constrained.
MEA
In Q1 2025, the Hydrochloric Acid (HCl) market in the MEA region experienced a consistent bullish price trend, with prices rising each month due to various supply and demand factors. In January, prices increased significantly, driven by pre-Ramadan stocking activities and heightened industrial demand, particularly from the steel sector. Although maintenance shutdowns had limited supply in the prior month, stable domestic production and robust steel output in helped maintain market this price trend. In February, prices continued to rise due to constrained supply, further exacerbated by manufacturers adjusting operations for Ramadan, which led to reduced production and logistical challenges. Strong demand, particularly from both domestic and export markets, kept procurement high. By March, HCl prices rose again, propelled by seasonal production slowdowns during Ramadan and Eid, combined with continued strong demand from both domestic steel production and seasonal consumption. Despite some production declines, the industrial and steel sectors remained steady, supporting price stability. In the MEA region, the Saudi Arabian market saw significant fluctuations, with prices rising by 8.5% over the quarter, reaching USD 105/MT Ex-Riyadh by the end of the period.
For the Quarter Ending December 2024
North America
In Q4 2024, Hydrochloric Acid (HCl) prices in the North American market followed an upward trajectory, starting with stable levels early in the quarter. During this phase, prices saw minimal fluctuations, as moderate demand balanced out with consistent supply. However, by mid-quarter, an observable shift began, with prices rising due to growing logistical challenges and tightening supply conditions. Increased transportation issues, including port congestion, and rising production costs, created upward pressure on HCl prices.
As the quarter progressed, particularly in the later stages, the price trend became more pronounced, fueled by persistent supply chain disruptions and higher production costs. Limited inventory levels, coupled with increased tariffs on overseas imports, compounded the supply issues, pushing prices even higher. The market saw a notable increase in prices during this period, driven by the continued strain on domestic supply and the persistent rise in operational costs.
By the end of the quarter, HCl prices had surged by approximately 3.0% particularly in the US market, reflecting the cumulative impact of these supply and cost pressures, marking a strong upward trend in the North American market throughout Q4.
Germany
In Q4 2024, the European Hydrochloric Acid (HCl) market experienced a notable upward price trend driven by several key factors. Tight supply conditions were prevalent throughout the quarter, with limited feedstock availability and disruptions in production due to reduced output in the chlor-alkali sector. Logistical challenges, including port congestion and labor shortages, further exacerbated the situation, resulting in longer lead times for deliveries. Despite these supply constraints, demand for HCl remained moderate, with the steel manufacturing sector showing inconsistent purchasing behavior. The water treatment sector also saw lower demand due to seasonal factors. Additionally, inflation in the Eurozone added upward pressure to HCl prices, as cost pressures in production continued to rise. As the quarter progressed, logistical disruptions, particularly in December, intensified the price hike, with extended vessel delays and holiday-related closures impacting the supply chain. By the end of December, HCl prices in Germany reached USD 158/MT FOB Hamburg, reflecting a 1.28% increase. This price surge marked a clear response to supply-side pressures and broader market dynamics.
South America
The Hydrochloric Acid (HCl) market in South America exhibited a rising trend throughout Q4 2024. In the early quarter, prices remained stable, supported by sufficient imports and moderate downstream demand, particularly from the steel manufacturing sector. However, global logistical disruptions, such as port delays and rising container rates, began creating supply uncertainties. By mid-quarters, prices showed an upward trajectory as import costs increased due to higher production expenses in exporting regions. These costs were driven by surging feedstock prices and inflationary pressures. Demand from downstream sectors, including steel, continued to grow, adding further pressure to the market. Supply chain challenges, including reduced availability of imports, exacerbated the rising price trend. In the later quarter, South American HCl market experienced a significant price increase due to constrained imports from overseas market, worsened by trade disputes and tariffs. Strong demand from the domestic steel and automotive sectors further intensified supply shortages. As a result, HCl prices in Brazil rose by 3.23%, reaching USD 224/MT Ex-Works Cubatão, reflecting a bullish market close for the year.
Saudi Arabia
The overall trend for Hydrochloric Acid (HCl) prices in the Middle East during Q4 2024 was mixed, with fluctuations observed throughout the quarter. These price movements were influenced by varying supply chain challenges, regional economic factors, and shifts in demand across key industries. In the early quarter, HCl prices saw an upward trend, driven by logistical challenges and regional tensions that disrupted supply chains. However, demand remained moderate, especially from the steel sector, which experienced limited growth due to reduced production. In the mid-quarter, prices faced a significant decline. This was largely due to oversupplied in the market, supported by ample inventory levels and subdued demand from the steel sector, which continued to show sluggish activity. The economic slowdown further added to the pressure on prices. By the end of the quarter, prices rebounded, the rise was driven by constrained supply conditions, low inventory levels, and maintenance shutdowns at production facilities, while demand remained stable from industries such as mining and construction. Price increased by 3.23% particularly in Saudi Arabia and reached toto USD 96/MT Ex-Riyadh.
APAC
In Q4 2024, the APAC region experienced a mixed trend in Hydrochloric Acid (HCl) prices, with fluctuations primarily driven by regional supply-demand dynamics and economic factors. Early in the quarter, prices remained steady due to stable feedstock costs and moderate demand, especially from sectors such as textiles, water treatment, and metal processing. While consumption remained relatively balanced, the steel manufacturing industry showed subdued activity, limiting price movements. The mid-quarter, however, saw a noticeable upward shift in prices as demand from the steel and industrial sectors picked up. Tight supply conditions, worsened by logistical disruptions and shipping delays caused by Typhoon Kong-Rey, further exacerbated the price increase. As production struggled to meet rising demand, supply constraints intensified, driving prices higher. By the end of the quarter, HCl prices in Japan surged, primarily due to limited inventory, rising production costs, and steady demand from downstream industries. This price increase underscored the impact of constrained supply and a strong recovery in industrial demand in key sectors, particularly steel manufacturing. During the period, Japan experienced a major fluctuation, with prices rising by 6.11%, reaching USD 139/MT FOB Tokyo.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American Hydrochloric Acid (HCl) market experienced a notable rise in prices, particularly in the USA. Initially, the quarter saw robust demand, positively influencing market prices. However, as the quarter progressed, several key factors began to impact pricing dynamics. Production disruptions and supply chain challenges, primarily due to hurricanes, resulted in significantly low inventory levels, which in turn prompted price increases. Port Congestion and shutdowns at critical manufacturing facilities hindered the flow of goods to the market.
Additionally, the downstream demand, especially from the steel sector, remained subdued, creating a limited demand environment characterized by moderate to low activity. When comparing prices, HCl experienced a 1% increase from the previous quarter. Furthermore, year-on-year, prices surged by 17%, indicating a strong upward trajectory.
By the end of the quarter, Hydrochloric Acid was priced at USD 160/MT Ex-Works USGC, highlighting the persistent upward pricing trend in the region. This trend underscores the challenges faced by the market in navigating supply disruptions while addressing fluctuating demand levels.
APAC
In Q3 2024, the APAC region saw a significant decline in Hydrochloric Acid (HCl) prices, primarily due to weak demand from downstream steel manufacturing industries and a sluggish construction sector. However, key sectors such as textiles, metal processing, and water treatment, which typically rely on HCl, reported moderate consumption levels. This dip in demand in major industries contributed to bearish market sentiment, where expectations for recovery diminished. Concurrently, chlor-alkali production in the region remained robust, leading to an oversupply of HCl. High production rates ensured that inventory levels were ample, further intensifying the downward pressure on prices. Producers faced the challenge of balancing supply with the weakened demand; consequently, many were compelled to lower prices to stimulate sales. China emerged as a notable player in this trend, experiencing a substantial price decline of 13.5% compared to the previous quarter. This drop highlighted the regional impact of diminished consumption coupled with excessive inventory. As a result, the overall pricing trajectory for HCl reflected a consistent downward trend.
Europe
In Q3 2024, the Hydrochloric Acid (HCl) market in Europe exhibited a mixed pricing trend. During the initial months of the quarter, prices remained elevated, primarily due to strong demand from downstream sectors. However, limited availability of feedstock chlorine necessitated adjustments in manufacturing processes, resulting in increased production costs. Additionally, production disruptions, including plant shutdowns in certain regions, further altered the supply dynamics. As the quarter progressed into its middle weeks, a noticeable decline in prices began. This downturn was largely influenced by a slowdown in industrial production across the EU and eurozone, which adversely affected the demand for HCl. Notably, France experienced significant price fluctuations, with prices rising by 15% compared to the previous quarter. When compared to the same quarter from the previous year, prices in France surged by 34%. By the end of the quarter, the price for HCl in France reached USD 184/MT CFR Le Havre, underscoring the overall fluctuating pricing sentiment and the complex interplay of supply and demand factors in the region.
MEA
In Q3 2024, the Middle East and Africa (MEA) region saw a significant rise in Hydrochloric Acid (HCl) prices, influenced by several critical factors. Strong demand from downstream industries, particularly in steel and construction, played a crucial role in driving prices higher. This surge in demand was bolstered by favorable economic indicators, including increased steel production and a robust pipeline of construction projects, which collectively fostered bullish market sentiment. In Saudi Arabia, the market experienced the most pronounced price shifts, with a notable 9% increase compared to the previous quarter. This price surge can be attributed to heightened demand from the steel sector and increased industrial activity. Despite encountering challenges such as labor shortages and fluctuating shipping costs, the overall pricing environment remained optimistic. However, when comparing this quarter to the same period last year, the price change was modest at just 0.7%. The quarter concluded with HCl priced at USD 100/MT Ex-Riyadh, reinforcing the upward pricing trend observed throughout Q3 2024 and indicating a resilient market despite existing challenges.
South America
In Q3 2024, the South American region experienced a notable increase in Hydrochloric Acid prices, particularly in Brazil, where the most significant price fluctuations occurred. The market dynamics were heavily influenced by supply disruptions, including operational halts caused by severe weather events such as flooding, which resulted in low inventory levels and logistical challenges. These supply constraints, combined with strong demand from key industries like steel manufacturing, drove prices higher. The interplay between diminished supply and robust demand fostered a bullish pricing environment, reflecting positive market sentiment. In Brazil, Hydrochloric Acid prices rose steadily throughout the quarter, indicating a consistent upward trend. The quarter saw a 1% increase compared to the previous quarter, with the latter half of Q3 performing better than the first half, suggesting strengthening market conditions. Year-on-year comparisons revealed a significant 17% rise in prices. The quarter concluded with Hydrochloric Acid priced at USD 211/MT Ex-Works Cubatão, highlighting a substantial increase from the same period last year.
For the Quarter Ending June 2024
North America
In the second quarter of 2024, the North American Hydrochloric Acid market witnessed a substantial price rise, driven by several key factors. Firstly, robust demand from diverse sectors such as steel production, water treatment, and agriculture exerted pressure on supply, pushing prices upwards. Furthermore, production costs for Hydrochloric Acid escalated during this period. Increased prices of raw materials like liquid chlorine, influenced by elevated energy costs and supplier fees, translated into higher production expenses passed on to consumers, thereby contributing to the overall price surge.
Additionally, seasonal variations played a role in the price hike. Q2 typically sees heightened demand for Hydrochloric Acid, driven by increased construction and manufacturing activities, further bolstering prices during this period. Specifically in the USA, the price hike was notably pronounced. Market data indicated a 13% increase from the previous quarter in 2024 and a substantial 22% rise compared to the same quarter the previous year.
In summary, the pricing landscape for Hydrochloric Acid in North America during Q2 2024 was characterized by a positive trend marked by rising prices, fueled by strong demand, increased production costs, and seasonal demand patterns. The quarter concluded with Hydrochloric Acid 35-37% Ex-Works USGC in the USA recorded at USD 168/MT.
Europe
During the second quarter of 2024, the Hydrochloric Acid market in Europe saw a notable rise in prices. This upward movement was influenced by several factors, including heightened production costs, robust demand from downstream sectors, and inflationary pressures. The quarter recorded an overall price increase of 13%, with Germany experiencing the most significant changes in pricing. Specific year-over-year comparisons were not detailed. Moreover, there was an observed 8% price differential between the first and second halves of the quarter, indicating a consistent upward trajectory.
Elevated production costs, particularly for feedstock, played a pivotal role in driving prices upwards. This was driven by increased costs of raw materials and higher transportation expenses. Strong demand from downstream industries, particularly the steel sector, further bolstered the price surge. Inflationary pressures within the Eurozone, evidenced by rising consumer prices, also contributed to the overall upward trend in pricing.
By the end of the quarter, the price for Hydrochloric Acid 33% - 37% FOB Hamburg in Germany was noted at USD 138/MT. Overall, the pricing landscape for Hydrochloric Acid in Europe during Q2 2024 demonstrated positivity, characterized by steadily increasing prices influenced by various market dynamics and cost factors.
APAC
In the second quarter of 2024, there has been a notable price increase for Hydrochloric Acid (HCl) in the APAC region. Several factors have influenced these price dynamics, contributing to a generally favorable pricing environment. A significant driver has been strong demand from downstream industries, particularly the steel manufacturing sector, which has exerted upward pressure on prices as manufacturers strive to meet market demand. Additionally, improvements in the construction industry have further bolstered HCl demand.
Another contributing factor to the price rise has been the escalation in feedstock costs, such as liquid chlorine, a crucial component in HCl production. These increased input expenses have been passed on to consumers, resulting in higher chemical prices. Furthermore, supply constraints have played a role in the price surge. Despite efforts to increase production, manufacturers have struggled to keep pace with robust demand, leading to tightened supply conditions and further driving up prices.
Overall, the pricing environment for HCl in the APAC region during Q2 2024 has shown steady increases throughout the quarter. In Japan specifically, prices have experienced the most significant changes, reflecting broader regional trends. Compared to the same quarter last year, prices have seen a substantial percentage increase, indicating significant growth year-over-year. Moreover, compared to the previous quarter in 2024, prices have risen by 7%, highlighting a continuous upward trend. As Q2 draws to a close, the latest price for HCl in Japan stands at USD 128/MT of Hydrochloric Acid 33% - FOB Tokyo, underscoring the overall upward price movement observed throughout the quarter.
MEA
During Q2 2024, the Hydrochloric Acid (HCl) market in the Middle East and Africa (MEA) region saw a substantial rise in prices, driven by several key factors. Primarily, disruptions in ocean shipments and port congestion in Asian ports elevated export prices for HCl. Concurrently, high prices of feedstock Liquid Chlorine further bolstered production costs. Moreover, heightened demand from sectors like steel manufacturing and disinfectant production contributed significantly to the price upswing.
Among MEA nations, the United Arab Emirates (UAE) experienced the most notable price increases during the quarter. The UAE market exhibited a positive trend with prices climbing 6% from the first half of the quarter, driven by robust demand from the cleaning and steel industries. Economic expansion and increased developmental expenditures in the UAE also played pivotal roles in driving up HCl prices.
The second quarter typically witnesses heightened economic activities and demand, influencing the price surge. Compared to the same quarter last year, prices showed substantial growth, indicating a favorable pricing environment for HCl. The quarter-ending price for HCl in the UAE stood at USD 97/MT CFR Jebel Ali, underscoring the prevailing market sentiment of increasing demand and constrained supply dynamics in the region.
South America
In the second quarter of 2024, the Hydrochloric Acid market in South America saw a noticeable upward trend, marked by consistent price increases throughout the quarter. This rise was primarily driven by supply disruptions stemming from severe flooding in the region, which limited product availability. Furthermore, strong demand from downstream industries, particularly the steel sector, contributed significantly to the price hikes. Brazil's market dynamics played a pivotal role in driving these overall price increases, experiencing the most significant changes in the region.
The correlation between price movements in Brazil and across South America underscored a consistent pattern of rising prices, indicative of a favorable pricing environment. Despite challenges such as disruptions and plant shutdowns due to flooding in southern Brazil, the market demonstrated resilience, with prices showing a notable 12% increase compared to the previous quarter in 2024. A detailed comparison between the first and second halves of the quarter revealed a substantial 9% surge, culminating in a quarter-end price of USD 221/MT for Hydrochloric Acid 37% Ex-Works Cubatão in Brazil.
