For the Quarter Ending March 2026
Oleum Prices in North America
- In United States, the Oleum Price Index rose quarter-over-quarter in Q1 2026, driven by elevated production costs.
- The Oleum Production Cost Trend increased as the Producer Price Index rose 4.0% year-over-year in March 2026.
- Consumer Price Index inflation reached 3.3% year-over-year in March 2026, pushing up energy-intensive Oleum production expenses.
- The Oleum Demand Outlook strengthened because the Manufacturing Index expanded during the quarter ending March 2026.
- Retail sales grew 4.0% year-over-year in March 2026, sustaining downstream demand for Oleum-derived synthetic fibers.
- Industrial production increased 0.7% year-over-year in March 2026, providing baseline support for general chemical manufacturing needs.
- Byproduct sulfuric acid supply tightened as several nonferrous-metal smelters experienced planned maintenance periods in Q1 2026.
- Construction sector demand for Oleum derivatives showed mixed signals as multifamily housing starts surged in January 2026.
- The Oleum Price Forecast remained bullish throughout Q1 2026 due to sustained cost-push inflation and steady demand.
Why did the price of Oleum change in March 2026 in North America?
- Elevated input costs passed through the supply chain as the Producer Price Index rose in March 2026.
- Byproduct sulfuric acid supply tightened significantly due to planned smelter maintenance operations throughout Q1 2026.
- The Manufacturing Index expanded in March 2026, driving higher consumption of highly reactive base chemical intermediates.
Oleum Prices in APAC
- In China, the Oleum Price Index rose quarter-over-quarter in Q1 2026, driven by spiked sulfur feedstock costs.
- Oleum production cost trends increased in March 2026 as the Producer Price Index grew 0.5% year-over-year.
- Oleum demand outlook strengthened in March 2026, supported by a 5.7% year-over-year industrial production rise.
- The Manufacturing Index expanded in March 2026, reflecting increased factory output and higher industrial chemical consumption.
- Consumer prices rose 1.0% in March 2026, while retail sales grew slowly by 1.7% year-over-year.
- The 5.4% unemployment rate in March 2026 and 91.6 consumer confidence index in February 2026 weakened purchasing.
- Battery material demand surged and fertilizer production strengthened in Q1 2026, driving robust downstream Oleum consumption.
- The Oleum price forecast indicators trended upward in Q1 2026 as producers prioritized rigid downstream restocking.
- Sulfur inventories tightened in Q1 2026 as Middle East import volumes plummeted to multi-year lows.
Why did the price of Oleum change in March 2026 in APAC?
- Sulfur feedstock costs spiked in Q1 2026 due to severe Middle East supply chain disruptions.
- Elevated thermal coal costs and soaring electricity tariffs drove up operational expenditures in Q1 2026.
- Refinery operating rates weakened in Q1 2026 under fuel-first policies, constraining by-product sulfur output availability.
Oleum Prices in Europe
- In Germany, the Oleum Price Index rose quarter-over-quarter in Q1 2026, driven by surging elemental sulfur feedstock costs.
- The Consumer Price Index rose 2.7% while the Producer Price Index fell 0.2% in March 2026.
- The Manufacturing Index expanded in March 2026, despite industrial production remaining stagnant at 0.0% in February 2026.
- Retail sales grew 0.7% and unemployment hit 4.2% in February 2026, while consumer confidence reached -24.7 in March 2026.
- The Oleum Demand Outlook strengthened as fertilizer sector procurement for sulfuric acid precursors increased in March 2026.
- The Oleum Production Cost Trend escalated as elemental sulfur feedstock costs surged throughout Q1 2026.
- Middle East sulfur import volumes faced severe disruptions, tightening feedstock inventories for Oleum production in Q1 2026.
- Natural gas and electricity costs for Oleum processing plummeted in February 2026 before spiking in March 2026.
- The Oleum Price Forecast indicated upward pressure following tightened sulfuric acid precursor supply channels in March 2026.
Why did the price of Oleum change in March 2026 in Europe?
- Elemental sulfur feedstock costs surged due to severe Middle East shipping disruptions in Q1 2026.
- Fertilizer sector demand for sulfuric acid precursors strengthened significantly across agricultural markets in March 2026.
- Natural gas and electricity energy production costs spiked sharply for industrial producers in March 2026.
For the Quarter Ending December 2025
Oleum Prices in North America
- In United States, the Oleum Price Index rose quarter-over-quarter in Q4 2025, driven by surging feedstock costs and robust industrial activity.
- Oleum production costs increased in Q4 2025, as elemental sulfur prices surged to a year's highest point in December 2025.
- Rising natural gas spot prices in late 2025 and a 3.0% PPI increase in November 2025 elevated Oleum manufacturing expenses.
- Oleum demand was supported by a 2.0% year-over-year increase in industrial production in December 2025.
- Retail sales rose 3.3% year-over-year in November 2025, indirectly boosting Oleum demand for consumer goods applications.
- North American fertilizer demand significantly declined in Q4 2025 due to poor grower economics and early winter weather.
- General inflation, with CPI up 2.7% year-over-year in December 2025, elevated overall Oleum operational expenditures.
- A 4.4% unemployment rate and 89.1 consumer confidence in December 2025 moderately supported indirect Oleum demand.
Why did the price of Oleum change in December 2025 in North America?
- Elemental sulfur prices surged in December 2025, significantly increasing Oleum's primary feedstock cost.
- Industrial production rose 2.0% year-over-year in December 2025, bolstering Oleum demand from manufacturing sectors.
- A 3.0% year-over-year PPI increase in November 2025 reflected higher input costs for Oleum production.
Oleum Prices in Europe
- In Germany, the Oleum Price Index fell quarter-over-quarter in Q4 2025, influenced by broad economic weakness.
- Oleum production costs were influenced by persistent global sulfur supply tightness throughout Q4 2025.
- European energy costs remained elevated in October 2025, impacting Oleum production expenses.
- Oleum demand outlook was bearish due to a contracting Manufacturing Index in December 2025.
- Consumer confidence in Germany was significantly negative at -17.5 in December 2025, dampening Oleum end-use demand.
- Industrial production growth was sluggish at 0.8% year-over-year in October 2025, limiting Oleum consumption.
- A low CPI of 1.8% in December 2025 indicated stable but not robust consumer demand for Oleum end-products.
- Weak retail sales growth of 1.1% in November 2025 and 6.2% unemployment in December 2025 suppressed overall demand.
- German chemical industry sentiment deteriorated sharply in October 2025, reflecting weak order volumes.
Why did the price of Oleum change in December 2025 in Europe?
- A negative PPI of -2.5% in December 2025 indicated weak demand from downstream industries.
- The Manufacturing Index contracted in December 2025, signaling reduced industrial activity.
- Global sulfur supply remained tight in Q4 2025 due to force majeure events, impacting production costs.
Oleum Prices in APAC
- In China, the Oleum Price Index rose quarter-over-quarter in Q4 2025, driven by robust industrial production growth.
- Oleum production costs increased in December 2025 as purchasing prices for industrial producers inched up.
- The Oleum demand outlook strengthened in December 2025, supported by expanding manufacturing activity.
- Industrial Production in China advanced by 5.2% year-on-year in December 2025, boosting Oleum consumption.
- China's Manufacturing Index expanded in December 2025, indicating growth in sectors consuming Oleum.
- Weak consumer spending, with retail sales growing only 0.9% year-on-year in December 2025, tempered some Oleum demand.
- Producer Price Index declined by 1.9% year-on-year in December 2025, reflecting weak industrial pricing power.
- The Consumer Price Index rose by 0.8% year-on-year in December 2025, showing subdued inflationary pressures.
- The chemical products manufacturing sector experienced growth in December 2025, supporting Oleum demand.
Why did the price of Oleum change in December 2025 in APAC?
- Industrial production advanced by 5.2% year-on-year in December 2025, increasing Oleum demand.
- Purchasing prices for industrial producers inched up in December 2025, raising Oleum production costs.
- Weak producer pricing power, with PPI declining 1.9% year-on-year in December 2025, influenced Oleum prices.
For the Quarter Ending September 2025
North America
- US Oleum 23% Price Index rose in Q3 2025, due to higher production costs and feedstock.
- Oleum 23% production costs increased in Q3 2025, influenced by 2.6% YoY PPI rise August.
- Oleum 23% of mixed demand; robust retail sales (5.42% YoY September) supported consumer sectors.
- Industrial production grew 0.1% YoY September, signaling weak Oleum 23% industrial demand.
- Elemental sulfur feedstock costs firmed in Q3 2025 due to logistics, raising Oleum 23% expenses.
- Natural gas and energy costs increased at the end of Q3 2025, pressuring Oleum 23% manufacturing.
- Consumer confidence declined to 94.2 in September, moderating Oleum 23% downstream demand.
- A 3.0% YoY CPI increase in September raised inflation, impacting Oleum 23% raw materials.
- Chemical industry inventories tightened in Q3 2025 due to destocking, impacting Oleum 23% supply.
- Oleum 23% price forecast suggests continued upward pressure from elevated input costs and demand.
Why did the price of Oleum 23% change in September 2025 in North America?
- Production costs rose from 2.6% YoY PPI increase August and higher natural gas prices.
- Firming sulfur feedstock and 3.0% YoY CPI increase in September elevated input expenses.
- Mixed demand: robust retail sales (5.42% YoY September 2025) offset weak industrial production.
APAC
- In China, the Oleum 23% Price Index rose in Q3 2025, driven by rising production costs and constrained supply.
- Oleum 23% production costs increased due to upward pressure on sulfur feedstock and rising fuel expenses in Q3 2025.
- Demand for Oleum 23% strengthened from fertilizer, metal processing, and battery manufacturing sectors in Q3 2025.
- Domestic sulfuric acid supply was constrained in China during Q3 2025, impacting Oleum 23% availability.
- China's Manufacturing Index was Contracting in September 2025, reflecting reduced industrial activity.
- Despite a negative CPI of -0.3% in September 2025, industrial production grew 6.5% year-on-year, supporting some demand.
- A negative PPI of -2.3% in September 2025 indicated weak producer prices, but Oleum 23% demand remained strong in key sectors.
- Consumer confidence at 89.6 in September 2025 indicated pessimism, yet retail sales grew 3.0% year-on-year.
Why did the price of Oleum 23% change in September 2025 in APAC?
- Sulfur feedstock costs faced upward pressure, increasing Oleum 23% production expenses in Q3 2025.
- Domestic supply of sulfuric acid was constrained, limiting Oleum 23% availability in China in Q3 2025.
- Robust demand from fertilizer and battery manufacturing sectors supported Oleum 23% prices in Q3 2025.
Europe
- In Germany, the Oleum 23% Price Index fell quarter-over-quarter in Q3 2025 due to weak industrial demand and inventory oversupply.
- Oleum 23% production costs were influenced by elevated sulfur feedstock prices throughout Q3 2025.
- Lower producer prices, down 1.7% in September 2025, partially offset Oleum 23% manufacturing expenses.
- The Oleum 23% demand outlook was bearish, as Germany's industrial production declined 1.0% in September 2025.
- Manufacturing activity in Germany was Contracting in Q3 2025, reducing overall demand for chemical inputs.
- European sulfuric acid inventories experienced oversupply in August 2025, contributing to declining Oleum 23% values.
- Agricultural sector demand for sulfur-based products strengthened in Germany during Q3 2025.
- German chemical industry export orders trended weak in Q3 2025, impacting Oleum 23% trade flows.
- The Oleum 23% Price Forecast suggests continued pressure from weak industrial output and high inventories.
Why did the price of Oleum 23% change in September 2025 in Europe?
- Weakened overall chemical product demand in Germany during Q3 2025 impacted Oleum 23% prices.
- Oversupply of European sulfuric acid inventories in August 2025 contributed to declining Oleum 23% values.
- Germany's industrial production decreased 1.0% in September 2025, reducing demand for Oleum 23%
