For the Quarter Ending December 2025
North America
• In USA, the Iron Oxide Price Index fell by 0.47% quarter-over-quarter, reflecting ample import supply.
• The average Iron Oxide price for the quarter was approximately USD 982.67/MT, CFR Houston delivery market.
• Inventories remained adequate, keeping Iron Oxide Spot Price pressure muted despite demand strength in paints.
• Feedstock cost stability limited Iron Oxide Production Cost Trend volatility, supporting neutral margins for producers.
• Export flows and lower freight reduced landed costs, moderating the Iron Oxide Price Index regionally.
• Downstream procurement remained cautious, tempering the Iron Oxide Demand Outlook despite pockets of restocking activity.
• Domestic producers operated; balanced supply prevented sharp moves and influenced the Iron Oxide Price Forecast.
• Short-term outlook expects stable patterns, leaving the Iron Oxide Price Index range-bound into next year.
Why did the price of Iron Oxide change in December 2025 in North America?
• Reduced ocean freight lowered landed import costs, offsetting feedstock pressure and stabilizing domestic price levels.
• Steady domestic production and smooth import flows maintained inventories, preventing significant upward price movement overall.
• Modest demand moderation from paints, coatings, and construction limited spot buying, keeping the market neutral.
APAC
• In Indonesia, the Iron Oxide Price Index rose by 3.32% quarter-over-quarter, driven by stronger late-quarter procurement.
• The average Iron Oxide price for the quarter was approximately USD 893.33/MT across CFR Jakarta and domestic hubs.
• Iron Oxide Spot Price experienced month-end firming as freight and landed costs pushed the local Price Index higher.
• Iron Oxide Price Forecast indicates near-term stability with potential mild gains if port congestion persists into January.
• Iron Oxide Production Cost Trend remained neutral as stable iron ore benchmarks and moderate freight limited upward pressure.
• Iron Oxide Demand Outlook balanced between steady construction offtake and cautious procurement ahead of Lunar New Year shipping lull.
• Domestic inventories tightened in December, reducing buffer stocks and amplifying export inquiries' influence on the Price Index.
• Producers ran at stable rates while inter-island distribution costs rose, constraining effective supply for outlying construction hubs.
Why did the price of Iron Oxide change in December 2025 in APAC?
• Elevated freight quotes increased landed import parity, pushing December CFR costs and supporting firmer prices.
• Robust procurement from paints, cement, and tiles absorbed available cargoes, tightening supply for specialty grades.
• Limited domestic calcination capacity kept buyers reliant on imports while seasonal restocking increased prompt demand.
Europe
• In Germany, the Iron Oxide Price Index rose by 0.75% quarter-over-quarter, reflecting stable supply-demand conditions.
• The average Iron Oxide price for the quarter was approximately USD 941.67/MT, backed by inventories.
• Germany's Iron Oxide Spot Price softened due to weaker construction demand and delayed export purchases.
• The Iron Oxide Price Forecast suggests modest near-term stability, as seasonal construction demand slowly recovers.
• Improved gas pricing eased calcination expenses, moderating the Iron Oxide Production Cost Trend this quarter.
• Stable automotive and battery sector orders offset construction softness, shaping the Iron Oxide Demand Outlook.
• China and regional supplier flows supported availability, effectively keeping the Iron Oxide Price Index stable.
• Inventories rose modestly as logistics normalized, easing tightness and softening the Iron Oxide Spot Price.
Why did the price of Iron Oxide change in December 2025 in Europe?
• Natural gas moderation reduced calcination costs, allowing producers to concede modest price concessions in December.
• Softer construction demand and delayed export purchases weakened offtake, tempering December pricing despite automotive strength.
• Improved logistics and steady import flows increased availability, while inventories rose slightly, reducing market tightness.
South America
• In Brazil, the Iron Oxide Price Index rose by 0.75% quarter-over-quarter, supported by steady exports.
• The average Iron Oxide price for the quarter was approximately USD 1074.33/MT, reflecting balanced supply.
• Iron Oxide Spot Price stayed competitive as abundant feedstock and steady kiln operations limited pressure.
• Iron Oxide Production Cost Trend remained stable with limited energy and raw material cost increases.
• Iron Oxide Demand Outlook is steady with seasonal paint and construction restocking supporting modest consumption.
• Iron Oxide Price Forecast suggests modest fluctuation driven by seasonal procurement and export enquiry patterns.
• Port and warehouse inventories kept offers disciplined; Iron Oxide Price Index reacted to supply buffers.
• Kiln operating continuity limited spot sales; Iron Oxide Spot Price resilience reflected smooth shipping schedules.
Why did the price of Iron Oxide change in December 2025 in South America?
• Record iron-ore shipments raised feedstock availability significantly, reducing producers' pricing power and pressuring FOB values.
• Year-end inventory drawdowns and muted export enquiries constrained bookings, weakening demand across key regional buyers.
• Smooth logistics and kiln operations prevented shortages; limited energy costs constrained producers raising offers.
For the Quarter Ending September 2025
North America
• In the USA, the Iron Oxide Price Index rose by 7.79% quarter-over-quarter, reflecting tariff-driven inflation.
• The average Iron Oxide price for the quarter was approximately USD 987.33/MT, net of taxes.
• Iron Oxide Spot Price tightened then firmed as the Price Index reflected import pressures later.
• Iron Oxide Price Forecast anticipates modest variation, influenced by freight normalization and seasonal construction demand.
• Iron Oxide Production Cost Trend rose; ore and freight cost increases pressured Price Index upward.
• Iron Oxide Demand Outlook steady for public infrastructure and coatings, while residential construction tempers buying.
• Iron Oxide Price Index strength from thinning inventories and export demand absorbing volumes, tightening supply.
• Asian producer curtailments and tariffs elevated landed costs, adding upward bias to Price Index domestically.
Why did the price of Iron Oxide change in September 2025 in North America?
• Reduced Asian export allocations and tariff-inflated landed costs constrained imports, tightening available US inventories sharply
• Freight volatility and longer lead times disrupted replenishment cycles, prompting distributors to accelerate purchases, restocking
• Sustained infrastructure and coatings demand absorbed supply, enabling suppliers to pass higher costs into prices
APAC
• In Indonesia, the Iron Oxide Price Index rose by 7.412% quarter-over-quarter, driven by tight supply.
• The average Iron Oxide price for the quarter was approximately USD 864.67/MT, import-driven landed costs.
• Iron Oxide Spot Price remained firm as Chinese offers and disciplined domestic output limited availability.
• The Iron Oxide Price Forecast suggests modest fluctuations balancing expo demand and seasonal construction slowdown.
• Production Cost Trend reflects upward pressure from higher Asian container freight and import landed costs.
• Demand Outlook remains positive with construction, paints, and infrastructure procurement supporting steady pigment offtake volumes.
• Iron Oxide Price Index gains reinforced by cautious inventories and export inquiries from regional buyers.
• Domestic producers maintained disciplined output, limiting spot availability while imports met residual market needs locally.
Why did the price of Iron Oxide change in September 2025 in APAC?
• Tight regional supply limited Chinese cargo availability, constraining physical supply and supporting upward price pressure.
• Elevated container freight rates increased landed costs materially, prompting traders to pass higher import-driven pricing.
• Firm downstream demand from construction, coatings and expo procurement sustained offtake despite cautious inventory restocking.
Europe
• In Germany, the Iron Oxide Price Index rose by 2.04% quarter-over-quarter due to port congestion.
• The average Iron Oxide price for the quarter was approximately USD 934.67/MT, FOB Hamburg reported.
• Iron Oxide Spot Price remained constrained as distributors adjusted offers amid logistical delays and inventory.
• Iron Oxide Production Cost Trend stayed high as energy and processing expenses pressured producer margins.
• Iron Oxide Demand Outlook remains muted with weak residential construction offset by civil engineering support.
• Iron Oxide Price Forecast indicates modest volatility, with seasonal dips then rebounds ahead of restocking.
• Inventory accumulation and steady exports balanced local shortages, leaving the Iron Oxide Price Index rangebound.
• Port disruptions, seasonal turnarounds, and feedstock availability influenced producer offers and market tightness in Q3.
Why did the price of Iron Oxide change in September 2025 in Europe?
• Supply constraints from port congestion and transport delays tightened availability, elevating Iron Oxide Price Index.
• Elevated energy and processing costs increased production pressure, influencing higher offers despite weak domestic demand.
• Inventories remained elevated, while export flows provided balance, limiting larger price escalation across German markets.
South America
• In Brazil, the Iron Oxide Price Index rose by 4.41% quarter-over-quarter, driven by tight supply.
• The average Iron Oxide price for the quarter was approximately USD 1066.33/MT including logistics premiums.
• Iron Oxide Spot Price strengthened amid constrained inland logistics and elevated freight, supporting firmer offers.
• Iron Oxide Price Forecast projects marginal fluctuations as exporters adjust shipments ahead of tariff implementation.
• Iron Oxide Production Cost Trend increased due to higher ore and energy costs, supporting offers.
• Iron Oxide Demand Outlook remains resilient from construction and coatings, offsetting some export diversion effects.
• Iron Oxide Price Index gains moderated as exporters accelerated shipments ahead of tariffs, tightening availability.
• Inventories and export demand shifts will determine short term pricing volatility and material availability domestically.
Why did the price of Iron Oxide change in September 2025 in South America?
• Tight supply and accelerated exports ahead of U.S. tariff reduced availability, contributing to price rise.
• Higher ore and energy costs with inland logistics disruptions increased production costs, supporting firmer offers.
• Resilient construction and coatings demand sustained offtake despite manufacturing headwinds and anticipated export reallocations near-term.
For the Quarter Ending June 2025
North America
• The Iron Oxide Spot Price in North America decreased by 7% quarter-over-quarter in Q2 2025, reflected in a softer Price Index.
• The Iron Oxide Production Cost Trend varied month-to-month: April saw rising import costs from tariff disruptions; May had stable production with cheap Asian imports; June reversed the trend with sharply elevated input costs from Brazil and China.
• Supply remained sufficient in April and May due to steady imports and high inventories but tightened in June due to freight volatility and restocking delays.
• The Iron Oxide Demand Outlook was sluggish overall, with weak activity in paints and coatings, but moderate support from institutional and public infrastructure construction.
Why did the price of Iron Oxide change in July 2025 in North America?
• The Iron Oxide Spot Price rose in July 2025, driven by lingering supply tightness and elevated import costs from June spillovers.
• The Iron Oxide Production Cost Trend remained elevated due to continued logistics disruption and high landed costs from tariffed sources.
• The Iron Oxide Price Forecast remains firm for Q3 2025 as public construction demand persists, despite sluggish residential and commercial project pipelines.
Europe
• The Iron Oxide Spot Price in Europe decreased by 3% quarter-over-quarter in Q2 2025, as reflected in a softer Price Index.
• The Iron Oxide Production Cost Trend aligned with broader deflationary pressures across the eurozone, driven by falling industrial producer prices and controlled inflation rates.
• Ample domestic production, steady imports, and improved port logistics ensured consistent availability, resulting in an oversupplied market and heightened price competition.
• The Iron Oxide Demand Outlook remained weak, with persistent headwinds in residential and commercial construction and limited recovery in paints and coatings, despite slight improvement in civil infrastructure activity.
Why did the price of Iron Oxide change in July 2025 in Europe?
• The Iron Oxide Spot Price increased in July 2025 due to lingering supply chain constraints and tight inventories, despite only moderate demand from downstream sectors.
• The Iron Oxide Production Cost Trend remained elevated due to disrupted inbound shipments and logistics issues stemming from port congestion and low water levels.
• The Iron Oxide Price Forecast for Q3 2025 signals firm-to-stable pricing, supported by fragile demand recovery in infrastructure and ongoing supply limitations, even as broader industrial activity remains sluggish.
Asia-Pacific
• The Iron Oxide Spot Price in Indonesia decreased by 8% quarter-over-quarter in Q2 2025, reflected in a weaker Price Index.
• The Iron Oxide Production Cost Trend remained mixed—while raw material inflation was modest, logistics volatility and freight spikes in June briefly elevated import costs.
• Abundant supply conditions dominated most of the quarter, driven by a steady influx of low-cost Chinese imports amid their domestic oversupply and manufacturing slowdown.
• The Iron Oxide Demand Outlook stayed moderate, with limited expansion in paints, coatings, and construction sectors despite stimulus-backed housing initiatives and rising project activity toward the quarter-end.
Why did the price of Iron Oxide change in July 2025 in Indonesia?
• The Iron Oxide Spot Price increased in July 2025 due to continued tight regional supply and high import costs, especially after a sharp rise in container freight rates from China.
• The Iron Oxide Production Cost Trend remained elevated, impacted by higher landed costs and freight surcharges despite stable domestic inflation.
• The Iron Oxide Price Forecast indicates a firm pricing trend in Q3 2025, supported by sustained demand from the construction and coatings industries and limited inventory restocking amid cautious procurement.
South America
• The Iron Oxide Spot Price in Brazil remained unchanged quarter-over-quarter in Q2 2025, as reflected in a stable Price Index, though intra-quarter fluctuations were observed.
• The Iron Oxide Production Cost Trend showed mixed signals—headline inflation decreased to 0.24% in June, but construction material costs and freight remained elevated, impacting input expenses.
• The Iron Oxide Demand Outlook was uneven across the quarter. While June saw stronger demand from construction and coatings, earlier months were characterized by sluggish export activity and low industrial consumption.
• Manufacturing headwinds persisted, with falling new orders and weak business confidence. However, resilient domestic consumption, rising construction input costs, and tightening supply supported pricing momentum late in the quarter.
Why did the price of Iron Oxide change in July 2025 in Brazil?
• The Iron Oxide Spot Price increased in July 2025, supported by firm domestic demand and inventory drawdowns amid anticipated U.S. tariffs on Brazilian imports.
• The Iron Oxide Production Cost Trend remained elevated, driven by persistently high material and freight costs despite lower general inflation.
• The Iron Oxide Price Forecast suggests further upward movement in Q3 2025, bolstered by robust downstream activity in paints and construction and tightening local supply conditions.
For the Quarter Ending March 2025
North America
In Q1 2025, the U.S. Iron Oxide market experienced a mix of price increases followed by a sharp decline in March. Prices rose in January due to higher import costs and supply constraints, driven by logistical issues, tariffs, and strong demand from the construction and coatings sectors. February saw a further price increase, influenced by persistent supply challenges and trade disruptions. The anticipation of tariff impacts and stockpiling by contractors temporarily inflated demand, further driving price hikes.
However, in March, prices dropped sharply by 12.5% as demand weakened and supply conditions improved. Lower import costs and ample supply outpaced market needs, contributing to the decline. The broader economic environment, including concerns over rising inflation and interest rates, dampened demand from key industries like construction and manufacturing. Despite a slight increase in construction spending in February, project costs and market uncertainty led to cautious activity.
By the end of Q1 2025, Iron Oxide prices saw an overall decline of 7% compared to Q4 2024. This reflects ongoing challenges and market volatility driven by tariffs, economic uncertainties, and shifting supply-demand dynamics.
APAC
In Q1 2025, the APAC Iron Oxide market saw mixed pricing trends, marked by early-quarter gains followed by a steep correction in March. Prices in Indonesia increased in the first two months of the quarter due to high import costs from China, firm demand from construction and coatings industries, and ongoing logistics pressures. Seasonal drivers such as the Chinese Spring Festival led to anticipatory buying and short-term supply disruptions, further supporting prices. However, March brought a reversal as ample low-cost imports from China and easing regional freight rates pressured the market. Demand momentum softened slightly, with cautious procurement patterns and subdued growth in end-use sectors. Despite steady manufacturing activity and adequate supply, participants faced uncertainty from fluctuating trade dynamics and weak global demand. Throughout the quarter, high inflationary inputs and shifting raw material costs contributed to a cautious market environment. By the end of March 2025, Iron Oxide CFR Jakarta prices declined by 6.1% month-on-month. Overall, the quarter closed with a 3% decline compared to Q4 2024, reflecting the market’s struggle to balance strong early demand with late-quarter oversupply. Market participants are now navigating inflationary pressures, volatile imports, and cost-sensitive demand as they head into Q2 2025.
Europe
In Q1 2025, the European Iron Oxide market saw a firm upward pricing trend. The quarter was marked by persistent supply constraints and gradually improving demand, particularly in Germany. Severe winter weather in January disrupted logistics, and inflationary cost pressures elevated production expenses. A depreciating euro further inflated raw material imports. Although the manufacturing sector operated below capacity, tight availability of iron oxide, coupled with higher energy and labor costs, kept prices on an upward trajectory. On the demand side, construction activity showed early signs of recovery, especially in urban housing and renovation, with improved project retention and fewer cancellations supporting a moderate rebound. Policy-driven green infrastructure initiatives across the EU also provided a stable demand base for iron oxide applications. While broader demand remained cautious amid economic uncertainty, supply shortages and rising input costs outweighed sluggish consumption. By the end of Q1 2025, Iron Oxide FOB Hamburg prices had increased by 1.9% in March while an increase of 3% quarter-on-quarter was observed, underlining a tightening market and the challenges suppliers and consumers face in a constrained and inflationary environment.
South America
In Q1 2025, the South American Iron Oxide market, led by Brazil, saw a 4% overall price increase compared to Q4 2024, driven primarily by strong export demand early in the quarter. January prices rose sharply supported by high overseas interest from the U.S. and Europe amid rising global infrastructure investments and increasing raw material costs. February maintained this momentum with price increase as manufacturing activity improved and exports stayed strong, although rising freight costs and logistical challenges added pressure. However, March reversed the trend with decline due to subdued external demand and soft domestic consumption, particularly in construction and coatings sectors. The National Index of Civil Construction showed modest cost increases, but overall construction activity remained muted. Currency depreciation elevated input costs, reducing Brazil’s export competitiveness. Despite resilient manufacturing and stable supply, the market faced demand imbalances, especially from key overseas buyers. By the end of March 2025, Iron Oxide FOB Santos prices had dropped 2% month-on-month but ended Q1 with a net quarterly gain of 4%, reflecting a market that remains export-driven but vulnerable to shifting international demand and internal economic pressures.
