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.
For the Quarter Ending September 2024
North America
Throughout this quarter, the North American Iron Oxide market experienced a steady decline in prices, driven by multiple factors. High supply levels played a key role in the price drop, as an excess of Iron Oxide in the market led to price depreciation. Hurricanes and labor disputes further disrupted supply chains, exacerbating the bearish market sentiment.
Additionally, demand from key downstream industries, particularly construction and paints, remained subdued, intensifying the downward pressure on prices. The overall market environment in the region was characterized by a challenging balance between weak demand and ample supply, which contributed to a sustained negative pricing trajectory.
In the USA, the most significant price shifts occurred, with prices decreasing by 6% compared to the previous quarter. The interplay between supply chain disruptions, muted demand, and falling prices was a consistent theme throughout the quarter. Seasonal factors, alongside external challenges such as labor strikes and weather-related disruptions, further intensified pricing pressures. By the end of the quarter, Iron Oxide prices CFR Houston reflected a 6.4% decrease, highlighting the difficult market conditions. The quarter was marked by significant disruptions, leaving industry participants grappling with uncertainties and adverse market dynamics.
APAC
In the third quarter of 2024, the APAC Iron Oxide market faced significant challenges, marked by a 6% price decline compared to the previous quarter. Several factors contributed to this downturn, including weak demand from key downstream industries such as construction and coatings, along with persistent oversupply issues. The market also experienced disruptions due to adverse weather conditions, which compounded supply chain challenges. Port disruptions in major trading hubs further complicated logistics, leading to delays and intensifying market pressures. Indonesia saw the most pronounced price fluctuations, mirroring the broader regional trends. The correlation between seasonal factors, such as fluctuations in construction activities, and price movements was particularly evident during this period. Despite occasional signs of stabilization, the overall pricing environment remained bearish throughout the quarter, with Iron Oxide prices in Indonesia ending on a negative note. By the close of Q3 2024, Iron Oxide CFR Jakarta's price had decreased by 6%, reflecting the tough market conditions. This consistent price drop underscored the prevailing negative sentiment and the broader market struggles within the region.
Europe
In Q3 2024, the European Iron Oxide market experienced a fluctuating pricing trend, with prices mostly depreciating throughout the quarter before rebounding slightly in its final month. Germany saw the most significant price changes during this period. The price downturn was largely driven by weakened demand from downstream sectors such as construction and paints, which faced economic uncertainties and reduced overseas demand. Supply consistently outpaced demand, further pressuring prices, while industrial activity showed signs of contraction. Port congestion exacerbated supply chain issues, contributing to market instability. The Eurozone's construction industry also struggled, dampening product demand and fueling overall market uncertainty. By the end of the quarter, Iron Oxide prices had decreased by 5% compared to the previous quarter. However, in the last month of Q3, prices rebounded marginally, with a 0.8% increase in Iron Oxide FOB Hamburg. This uptick was primarily due to supply constraints, as limited product availability tightened the market. Despite this minor recovery, the overall trend during the quarter remained bearish, driven by sluggish demand from downstream industries and broader economic challenges across the region.
South America
In the third quarter of 2024, Iron Oxide prices in the South American region experienced a significant decline, driven by several key factors. The market saw decreasing prices primarily due to weak demand from downstream sectors, particularly the construction industry, coupled with challenging economic conditions. Brazil, in particular, recorded the most pronounced price fluctuations, reflecting broader market sentiment across the region. Disruptions caused by natural disasters, including Hurricane Beryl, compounded supply chain issues and further weakened demand. Global supply chain disruptions and port congestion also played a role in the downward trend. Seasonal factors, alongside global uncertainties, added additional pricing pressure. Throughout the quarter, the market consistently trended negatively, with prices dropping by 6% compared to the previous quarter. By the end of Q3 2024, Iron Oxide FOB Santos (Brazil) prices registered a quarter-end decrease of 3.4%, highlighting the prevailing negative pricing environment. Despite adequate supply levels, demand remained sluggish, leading to ongoing price depreciation. The correlation between subdued market dynamics, natural disruptions, and pricing trends underscored the difficult landscape faced by the Iron Oxide market in South America during the quarter.
For the Quarter Ending June 2024
North America
In Q2 2024, the Iron Oxide market in North America experienced a pronounced downward trend in pricing. The quarter was characterized by a consistent decline in prices, driven by multiple factors affecting the market dynamics. The most significant factor was the persistent decrease in demand from downstream sectors, particularly in coatings, and paints, amid a broader economic deceleration. High interest rates, aimed at curbing inflation, curtailed spending on manufactured goods and capital projects, significantly reducing demand for Iron Oxide.
Additionally, the ease in the cost of imported materials from European and Asian markets, coupled with sufficient regional supplies, contributed to the pricing downturn. Supply chain issues, such as the shutdown of Baltimore's inner harbor and potential strikes by freight rail carriers CN and CPKC, added to the market's bearish sentiment, though these disruptions did not critically impact overall supply.
Focusing on the USA, the country saw the most significant price fluctuations, with an overall negative trend throughout the quarter. This can be attributed to weak demand from key industries and a slowdown in manufacturing activity. Seasonality played a role, with construction spending unexpectedly falling, influenced by rising mortgage rates and reduced investments in private and public construction projects. The quarter concluded with Iron Oxide prices at USD 1256/MT CFR Houston in the USA, highlighting a negative pricing environment in the region.
APAC
In Q2 2024, the Iron Oxide market in the APAC region experienced a pronounced downturn, driven by several pivotal factors that collectively exerted significant downward pressure on prices. The overarching sentiment of the quarter was decidedly negative as market dynamics were influenced by high inventory levels, sluggish demand from key downstream industries such as paints, coatings, and construction, and a persistent oversupply issue. These elements collectively created an environment where price growth was stifled, leading to a consistent decline in market value. The price trajectory showed a marked decline due to weak demand recovery in the construction sector, coupled with a notable slowdown in manufacturing output. Seasonality also played a role, with the summer season traditionally expected to boost construction activities failing to provide the anticipated demand surge. This was compounded by the persistent economic strain from the prolonged property sector crisis and reduced new and export orders, reflecting broader market weaknesses. The quarter culminated in a closing price of USD 1018/MT CFR Jakarta in Indonesia, a clear indicator of the negative pricing environment that dominated this period. Overall, the pricing environment for Iron Oxide in Q2 2024 remained decidedly negative, reflecting subdued market conditions and an overarching sentiment of economic pessimism.
Europe
The second quarter of 2024 has been challenging for the Iron Oxide market in Europe, characterized by a consistent downward trend in prices. Several significant factors influenced this decline, primarily subdued demand from critical downstream sectors such as paints, coatings, and construction. Economic challenges, including high financing costs and weak domestic market sentiment, further exacerbated the situation, limiting manufacturers' ability to adjust prices to offset production costs. Additionally, the anticipated economic recovery failed to materialize, contributing to the overall negative sentiment. Focusing on Germany, which experienced the most pronounced price changes, the market dynamics were notably influenced by ample inventory levels amidst tepid demand. Severe weather conditions, including torrential rains and flooding, disrupted supply chains, particularly along the River Rhine, although these factors were insufficient to counterbalance the prevailing weak demand. The quarter ended with Iron Oxide prices at USD 957/MT FOB Hamburg, underscoring a persistently negative pricing environment throughout Q2 2024. The overall outlook remains bleak, reflecting ongoing economic headwinds and subdued market demand.
South America
In the second quarter of 2024, the Iron Oxide market in South America experienced a significant decline in prices. This consistent downward trend was driven by various factors impacting market dynamics. The primary factor was a sustained decrease in demand from downstream sectors, such as coatings, construction, and paints, amid a broader economic slowdown. Further, high interest rates, implemented to curb inflation, reduced spending on manufactured goods and capital projects, significantly diminishing demand for Iron Oxide. Additionally, a decrease in demand from North America, combined with adequate regional supplies, contributed to the decline in prices. In Brazil, there were notable price fluctuations with an overall downward trend throughout the quarter. This was due to weak demand from key industries and a slowdown in manufacturing activity. Seasonality also played a role, with construction spending unexpectedly falling due to rising mortgage rates and reduced investments in both private and public construction projects. The quarter ended with Iron Oxide prices at USD 1122/MT FOB Santos in Brazil, reflecting a challenging pricing environment in the region.
