For the Quarter Ending September 2025
North America
• In the USA, the Insoluble Sulphur Price Index rose by 5.20% quarter-over-quarter in Q3 2025, supported by supply.
• The average Insoluble Sulphur price for the quarter was USD 1686/MT, reflecting stable demand and supply.
• In Insoluble Sulphur Spot Price terms, price stability reflected balanced inventories and resilient downstream demand.
• In the Insoluble Sulphur Price Forecast, analysts note cautious optimism amid seasonal demand and steady supply.
• In Insoluble Sulphur Production Cost Trend, energy and feedstock costs remained stable, supporting margins today.
• In Insoluble Sulphur Demand Outlook, tyre uptake remains robust, underpinning steady offtake through Q3 2025.
• In the Insoluble Sulphur Price Index, the level mirrors the supply-demand balance while export activity stays limited.
• In the Insoluble Sulphur Price Index, Gulf Coast inventories suggest range-bound pricing moving into Q3 2025.
• In Insoluble Sulphur Spot Price, deliveries into Q3 2025 amid seasonal demand supported stability marketwide.
Why did the price of Insoluble Sulphur change in September 2025 in North America?
• Supply remained balanced with steady production and imports offset by modest demand, limiting price moves.
• Costs for feedstock and energy remained stable, supporting producer margins and a neutral Price Index overall.
• Seasonal tyre demand and post-summer restocking supported steady offtake, though imports tempered gains in the region.
APAC
• In Malaysia, the Insoluble Sulphur Price Index fell 1.31% quarter-over-quarter in Q3 2025, as markets stayed range-bound.
• The average Insoluble Sulphur price for the quarter was approximately USD 1131.67/MT, supported by steady demand.
• Insoluble Sulphur Spot Price traced a narrow range in APAC amid ample supply and stable port logistics.
• Insoluble Sulphur Price Forecast remains cautiously neutral given balanced supply and measured regional demand conditions.
• Insoluble Sulphur Production Cost Trend stayed flat as feedstock costs and energy tariffs remained stable.
• Insoluble Sulphur Demand Outlook showed cautious recovery as the tyre and rubber sectors resume restocking in the near months.
• Insoluble Sulphur Price Index reflected mixed signals with minor macro factors influencing landed costs on balance.
• Insoluble Sulphur supply chain remained sensitive to regional maintenance and port congestion, shaping near-term prices.
Why did the price of Insoluble Sulphur change in September 2025 in APAC?
• Subdued regional demand from the tyre and rubber sectors constrained near-term upside despite steady production levels.
• Persistent oversupply and inventory buildup weighed on sentiment, offsetting currency support and softer import costs.
• Logistics improvements and port congestion eased, sustaining steady export flow and dampening price volatility slightly.
Europe
• Insoluble sulphur Spot Price in Europe softened in September 2025, reflecting reduced demand from tire manufacturing and industrial rubber sectors, particularly in Germany and Poland.
• The Insoluble sulphur Price Index for Q3 2025 showed a mild downward trend, driven by oversupply conditions and cautious procurement behavior across key downstream applications.
• Insoluble sulphur Demand Outlook remained subdued, with macroeconomic uncertainty and slower automotive production dampening consumption. The footwear and industrial rubber segments also saw limited growth, contributing to weaker spot activity.
• The Insoluble sulphur Production Cost Trend remained stable throughout the quarter, supported by steady feedstock sulphur prices and contained energy costs. However, rising freight and compliance expenses slightly offset margin stability.
• September’s price decline was primarily due to sluggish tire manufacturing, elevated inventories at distribution hubs, and competitive offers from Asian suppliers, which pressured domestic pricing.
• The Insoluble sulphur Price Forecast for Q4 2025 suggests a potential rebound, supported by seasonal restocking and anticipated demand recovery in automotive and industrial rubber applications.
• Key downstream uses of insoluble sulphur in Europe include tire manufacturing, industrial rubber goods, footwear production, and high-performance vulcanized rubber components.
Why did the price of Insoluble Sulphur change in September 2025 in Europe?
• Reduced production in the automotive sector, especially in Germany and Poland, led to lower demand for insoluble sulphur used in tire vulcanization.
• High stock volumes at distribution hubs limited fresh procurement, prompting sellers to adjust prices downward to stimulate buying.
• Lower-priced imports from Asia intensified market competition, pressuring domestic producers to revise pricing and maintain market share.
For the Quarter Ending June 2025
Asia-Pacific (APAC)
• Insoluble Sulphur Price Index in China rose 2.8% quarter-on-quarter, reaching USD 1,026/MT FOB Qingdao in June 2025.
• Why did the price of Insoluble Sulphur change in China in July 2025?
Despite softening sulphur feedstock costs, prices held firm due to stable domestic demand, mild supply tightening, and cautious sentiment ahead of potential tariff reinstatements.
• Insoluble Sulphur Price Forecast for Q3 2025: Prices are likely to remain range-bound, with bullish risks tied to upstream sulphur volatility and logistical constraints around the August 14 U.S.-China tariff deadline.
• Insoluble Sulphur Production Cost Trend: Feedstock sulphur prices declined slightly, but rising container costs and port congestion—especially in Qingdao and Ningbo—added indirect cost pressure. The 12-week moving average price for insoluble sulphur was USD 1004.44/MT.
• Insoluble Sulphur Demand Outlook: Demand remained stable, driven by the tyre industry’s post-holiday recovery and increased OEM production. However, India’s imposition of anti-dumping duties on Chinese insoluble sulphur dampened export expectations.
• Trade Policy Impact: India’s June announcement of anti-dumping duties (up to USD 307/MT) introduced export uncertainties. Meanwhile, U.S.-China tariff suspensions encouraged short-term export bookings, straining logistics infrastructure.
• Automotive Sector: Chinese tire output rose in Q2, led by NEV and OE segments. However, bearish signals in natural rubber inventories and rubber futures markets reflect a cautious downstream sentiment.
North America
• Insoluble Sulphur Price Index in the U.S. rose by 2.9% quarter-on-quarter, settling at USD 1,660/MT DEL Texas in June 2025.
• Why did the price of Insoluble Sulphur change in July 2025 in North America?
A well-balanced market with strong downstream demand and steady domestic production maintained price stability, even as freight and geopolitical uncertainties persisted.
• Insoluble Sulphur Price Forecast for Q3 2025: A moderate upward bias exists due to increased global freight rates and a possible oil-driven sulphur cost uptick.
• Insoluble Sulphur Production Cost Trend: Feedstock sulphur prices declined slightly, but domestic production costs were stable due to reliable energy and feedstock supply. Eastman’s Kingsport and Nitro lines ran uninterrupted.
• Insoluble Sulphur Demand Outlook: Resilient domestic tire demand and strong exports to China and India supported healthy offtake. EV trends and high-performance tire adoption kept consumption firm.
• Trade Policy Impact: Temporary easing of U.S.-China tariffs sustained strong trans-Pacific trade flows. However, buyers remain watchful ahead of the next tariff review in August.
• Automotive Sector: Seasonal replacement demand, rising EV adoption, and run-flat tire proliferation continued to support insoluble sulphur consumption, even amid cost pressures in the commercial construction sector.
Europe
• Insoluble Sulphur Price Index in Europe rose marginally in Q2 2025, in June 2025.
• Why did the price of Insoluble Sulphur change in June 2025 in Europe?
Prices firmed slightly due to increased import costs from Asia, higher inland freight surcharges, and steady tire sector demand in Germany and Eastern Europe.
• Insoluble Sulphur Price Forecast for Q3 2025: Prices are expected to remain firm, with modest upside risk due to constrained availability from China and U.S. exporters prioritizing Asia.
• Insoluble Sulphur Production Cost Trend: Europe remains largely dependent on imports, especially from China. Inland logistics costs increased due to low Rhine water levels and higher energy tariffs in Eastern Europe.
• Insoluble Sulphur Demand Outlook: Tire manufacturing across Central and Eastern Europe remained robust, driven by OEM orders and growing EV output. Replacement tire sales in Southern Europe rebounded moderately with summer travel.
• Trade Policy Impact: EU-China trade tensions remain muted, but increasing competition for Asian volumes has prompted early bookings and container shortages.
• Automotive Sector: European EV sales surged in Q2, lifting tire additive demand. However, inflationary pressures and subdued private vehicle registrations in France and Italy capped broader consumption.
For the Quarter Ending March 2025
North America
In Q1 2025, the North American Insoluble Sulphur market exhibited a generally stable pricing trend, shaped by balanced supply-demand dynamics and consistent production fundamentals. Market activity remained subdued throughout the quarter as downstream demand from the automotive and tyre manufacturing sectors stayed moderate.
While demand for OEM and replacement tyres, particularly those used in electric vehicles, remained steady, broader consumption in industrial rubber goods was limited due to ongoing weakness in the construction and manufacturing sectors. Supply levels were adequate, with domestic production carefully managed to align with the pace of demand, avoiding oversupply despite challenges such as elevated labour costs and operational pressures within the chemical sector. Feedstock sulphur costs remained steady, and energy markets posed no major disruptions, allowing producers to maintain manageable production costs.
Although certain headwinds like plant closures and workforce reductions in the tyre industry weighed on sentiment, logistical operations and import flows continued without significant disruption. Overall, the market remained rangebound, with no major shifts in cost structures or demand fundamentals, resulting in minimal price volatility and a cautious but stable tone across the quarter.
APAC
In Q1 2025, the Malaysian Insoluble Sulphur market exhibited a clear downward pricing trend, driven primarily by weak demand fundamentals and persistent oversupply. The automotive and tyre manufacturing sectors—the core downstream consumers of Insoluble Sulphur—faced notable slowdowns, with vehicle production and commercial sales both declining significantly.
This led to cautious procurement behaviour and limited spot activity in the market, despite consistent supply availability and stable domestic production levels. High inventory levels, particularly among tyre manufacturers, further suppressed the urgency for new purchases. While rising global sulphur prices and stable construction activity provided some cost-side and demand-side support, they were insufficient to offset the broader softness in the automotive segment.
Feedstock availability remained adequate, supported by upstream projects, ensuring no major disruptions in supply. Overall, the market remained oversupplied, with subdued demand keeping prices under pressure across the quarter.
Europe
In Q1 2025, the European Insoluble Sulphur market continued to face downward pricing pressure, extending the bearish sentiment observed in late Q4 2024. The sluggish recovery in automotive demand, particularly in Germany—the region’s largest automobile market—weighed heavily on the sector. According to KBA data, German passenger car sales declined for three consecutive months, with year-on-year drops of 2.8%, 6.4%, and 3.9% in January, February, and March, respectively. This consistent contraction in vehicle registrations, driven by macroeconomic caution and reduced consumer spending, led to decreased demand for tire production, subsequently dampening the consumption of insoluble sulphur.
Despite a notable increase in hybrid and electric vehicle (EV) sales—up 22.1% and 35.5% respectively in March—the offset was insufficient to counteract the broader decline in conventional vehicle segments such as gasoline and diesel, which saw year-on-year drops of 29.4% and 21.7%. Moreover, the abolition of the EV environmental bonus in late 2023 had artificially suppressed prior-year numbers, inflating growth rates but not necessarily reflecting strong underlying demand growth.
From a supply-side perspective, energy cost fluctuations remained a factor, although the stabilization of natural gas prices eased production cost pressures compared to Q4. However, competition from efficient production hubs in Asia and the U.S. continued to impact European producers’ market share and pricing leverage. Additionally, the modest recovery in domestic production and exports reported by the German VDA—up 8% year-on-year in March—was largely export-driven and had limited trickle-down effect on local tire manufacturing.
As a result, Q1 2025 closed with a soft but stable market outlook, marked by weak downstream demand, slight relief in input costs, and persistent oversupply concerns. The market remains cautiously optimistic for gradual improvement in Q2 2025, contingent on broader economic recovery and sustained momentum in the EV and hybrid segments.
For the Quarter Ending December 2024
North America
In Q4 2024, the Insoluble Sulphur market in the USA showed mixed trends, with prices stabilizing at USD 1,663-1798 per MT FOB Texas in December after moderate increases in October and November.
Early in the quarter, prices rose due to higher feedstock sulphur costs, strong demand from the automotive and tire manufacturing sectors, and increased vehicle production and sales, particularly in light trucks and electric vehicles (EVs). However, by December, subdued end-user purchasing power, weaker demand in downstream industries, and cautious market sentiment led to price stabilization.
Production facilities operated steadily to meet demand, while sufficient inventories prevented supply-side pressures. Despite challenges like high interest rates and inflation tempering overall growth, vehicle sales in December grew 2.4% year-on-year, and tire production remained robust, driven by expanding EV adoption. Looking forward, steady demand from tire manufacturing and the automotive sector, especially the EV market, is expected to support stable market dynamics into early 2025, despite broader economic uncertainties.
Asia
In Q4 2024, the Insoluble Sulphur market in China exhibited mixed trends, with prices rising in October and November due to strong demand from the automotive sector and higher upstream crude oil and blending component costs, followed by a decline in December as raw material prices softened and procurement activity slowed., supported by robust inquiries from downstream industries, particularly tire and automotive manufacturers, alongside bullish sentiment driven by rising new energy vehicle (NEV) sales. October and November saw stable production levels and increased market activity, with government stimulus measures supporting industrial output and export demand. However, by December, weaker feedstock sulphur prices, elevated inventory levels, and cautious market sentiment among buyers led to price stabilization and subdued market activity. The Chinese automotive sector remained a key driver of demand, with NEV penetration exceeding 50% and brands like BYD and Li Auto achieving record sales. Tire production also surged, with year-on-year exports increasing by 11.8%. While December saw weaker demand and lower raw material costs impacting pricing, sustained growth in the NEV segment and potential volatility in upstream costs suggest a cautiously optimistic outlook for the Insoluble Sulphur market in early 2025. Thus, the prices as of end of December was stated at USD 950-1045 per MT FOB Qingdao.
Europe
In Q4 2024, the European Insoluble Sulphur market exhibited mixed trends, with prices experiencing upward momentum in early October and stabilizing through November before declining in December. The initial rise was supported by higher energy costs, particularly natural gas, and seasonal demand from the automotive and tire sectors. However, by December, declining tire sales, reduced automotive demand, and ongoing geopolitical uncertainties drove a bearish trend. Insoluble Sulphur prices were further impacted by surplus supply, declining coal tar feedstock prices, and competition from more efficient production facilities in regions like the U.S. and Asia. Manufacturing activity in Europe faced significant challenges due to high input costs, driven by Europe’s reliance on naphtha for ethylene production and volatile oil markets. The cold winter further strained natural gas supplies, adding pressure to Insoluble Sulphur production costs. Meanwhile, tire production volumes declined as the European Tyre and Rubber Manufacturers' Association reported 9% drop-in replacement tire sales, alongside an 18.3% year-on-year decline in new car registrations, which disrupted the supply chain. Despite these challenges, hybrid vehicle sales showed resilience, growing by 22.3% year-on-year in November, reflecting shifting consumer preferences. Looking ahead, while near-term recovery remains uncertain, stable supply dynamics and cautious optimism for energy cost stabilization may support a balanced market outlook in 2025.
