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.
For the Quarter Ending December 2024
North America
Throughout Q4 2024, the U.S. Iron Oxide market experienced a steady decline in prices, driven by weak domestic demand and challenges across key sectors. Subdued activity in the construction industry, a primary consumer of Iron Oxide, was exacerbated by rising interest rates, declining commercial property values, and a tight lending environment. While residential construction sentiment improved slightly following the Republican election victory and anticipated regulatory reforms, broader challenges such as labor shortages, high material costs, and reduced housing starts limited recovery.
Logistical disruptions, including labor unrest at East and Gulf ports, shipping delays caused by container rerouting, and rising freight rates, further pressured market dynamics. Elevated inventories persisted throughout the quarter as suppliers struggled with weak consumption and the low cost of imported materials, intensifying price competition. Seasonal slowdowns in December compounded demand challenges, as residential real estate activity dropped significantly, and construction spending remained flat.
By the end of Q4 2024, the U.S. Iron Oxide market saw a 12% decline compared to the previous quarter, driven by weak demand, oversupply, and subdued consumption in construction, paints, and coatings. In December, prices dropped to USD 1009/MT CFR Houston, reflecting ongoing challenges.
APAC
In Q4 2024, the APAC Iron Oxide market faced a challenging environment, with prices declining by 9% compared to the previous quarter. The market struggled with persistently weak demand and an oversupply driven by subdued activity in key downstream industries like construction, paints, and coatings. China experienced significant pressure, with weakened domestic consumption due to economic uncertainties, reduced investments, and a seasonal slowdown in cement production. Export demand also declined as major markets in Europe and North America faced economic slowdowns and inflation, further impacting China's production and exports. Logistical disruptions, including port congestion and geopolitical uncertainties, added to the market’s struggles. High domestic inventory levels and cautious investment sentiment created additional pressure. In Indonesia, similar trends were observed, with falling demand and excess supply contributing to a bearish pricing environment. Despite seasonal construction activity ahead of the Chinese New Year offering some stability, the overall pricing outlook remained negative. By the end of Q4 2024, Iron Oxide CFR Jakarta prices had fallen to USD 863/MT, reflecting the region's tough market conditions and persistent oversupply, which weighed heavily on pricing and sentiment throughout the quarter.
Europe
In Q4 2024, the European Iron Oxide market faced continued challenges, with prices declining by 3% compared to the previous quarter. October saw a significant drop in prices, driven by weakened demand from the construction and ceramics sectors. The Eurozone's construction industry remained strained, with record-low housing activity and a slowdown in commercial projects, further dampening demand. Additionally, low-cost imports and reduced freight rates from Asia intensified price pressures. In November, the market stabilized as balanced supply and demand dynamics, alongside strategic logistical adjustments, and supply chain diversification, mitigated the impact of geopolitical and trade challenges. Inflation in the Eurozone slightly increased to 2.3%, supporting consumer sentiment and market resilience. However, by December, demand for Iron Oxide remained subdued, with key sectors like construction, paints, and coatings struggling due to high interest rates, rising energy and labor costs, and ongoing geopolitical uncertainties, including the war in Ukraine. Broader economic pressures further constrained consumption, leading to price depreciation. By the end of December, Iron Oxide FOB Hamburg prices were quoted at USD 911/MT, reflecting the market’s weak demand fundamentals and persistent economic challenges despite temporary stabilization in November.
South America
In Q4 2024, the Brazilian Iron Oxide market experienced a 9% price decline compared to the previous quarter, reflecting weak demand and persistent economic challenges. October saw prices decline due to subdued construction activity, constrained by tight lending conditions and declining commercial property values. In November, the market stabilized with balanced supply and demand, supported by steady domestic production and imports, though port congestion and rising freight rates presented minor challenges. However, December brought another price drop, driven by reduced demand from both domestic and U.S. markets, as the construction and paints sectors faced labor shortages and inflationary pressures. While Brazil’s manufacturing sector showed growth in new orders and employment, demand for Iron Oxide remained sluggish, particularly in downstream industries like construction. Domestic supply remained robust, supported by consistent production, yet global trade uncertainties, including potential U.S. tariffs, raised concerns about export competitiveness. By the end of Q4 2024, Iron Oxide FOB Santos prices were quoted at USD 958/MT, reflecting the ongoing negative pricing environment. Despite resilient domestic production and efforts to diversify trade strategies, weak demand and external economic pressures continued to weigh heavily on the Brazilian Iron Oxide market.
