For the Quarter Ending March 2025
North America
In Q1 2025, the North American sulphuric acid market exhibited bearish sentiments, primarily driven by weak demand, market caution, and trade uncertainties. In January, despite winter-induced supply disruptions, prices remained stable, with sluggish trading activity stemming from the absence of the plantation season and cautious behavior from both buyers and sellers. Domestic suppliers favored long-term contracts over spot purchases, while potential tariffs on imports from Canada and Mexico began to weigh on market sentiment.
Similarly, the sulphuric acid market maintained bearishness in February. The downstream agrochemical sector showed limited interest due to sufficient inventories and stagnant seasonal demand. Moreover, domestic sulphur-burnt acid remained more cost-effective than imports, discouraging fresh buying. Moving into March, bearish pressure intensified—prices declined by 9.5% and settled at USD 123/MT (CFR-Texas). The fall was triggered by reduced spot demand, lower sales to Latin America, and diminished import competitiveness.
Additionally, a 25% tariff on Canadian imports, though delayed under USMCA, further heightened uncertainty. Overall, the combination of limited demand, competitive domestic production, and trade policy concerns sustained the bearish momentum throughout the quarter.
APAC
In Q1 2025, the sulphuric acid market in the APAC region transitioned from stable to increasingly bullish sentiment, driven by rising production costs, supply constraints, and seasonal demand growth. In January, the Chinese market experienced bearish pressure due to weak demand from the phosphate and agrochemical sectors, constrained further by operational cuts at key producers and ongoing export restrictions. However, as February approached, although prices dipped slightly, the market sentiment began shifting. Feedstock sulphur prices edged up and phosphate fertilizer production remained restrained, indicating supply tightening. Market players began adopting cautious procurement strategies amid rising costs and limited exports. The bullish momentum strengthened significantly in March. This rally was fueled by an increase in sulphur prices, shutdowns at major plants (e.g., Jinchuan, Tongling, Xingfa), and robust demand from the agrochemical sector amid the peak plantation season. Tight inventories and delayed cargoes intensified the supply-demand imbalance, prompting suppliers to raise offers. This alignment of rising demand and tightening supply reinforced bullish sentiment, marking a sharp upward shift in market dynamics by the end of the quarter.
Europe
In Q1 2025, the European sulphuric acid market exhibited a mixed trend, fueled by a combination of supply shortages, elevated feedstock costs, steady downstream demand, and the absence of OCP from the market. In January, prices witnessed a surge as market activities resumed post-holidays, and supply chains remained tight due to port congestion in Hamburg and limited feedstock sulphur availability. Despite the absence of the plantation season, demand from the agrochemical sector remained strong, further supported by low inventory levels. February sustained this momentum, with prices holding firm amid ongoing feedstock sulphur firmness and reduced output from European refineries. Suppliers faced challenges fulfilling contract obligations, with production disruptions and tight availability persisting across the region. This created upward price pressure as procurement from the agrochemical sector intensified during the plantation season. During the first week of March, although bullish sentiment prevailed with stable high prices, the market began to show signs of pressure. Rising feedstock costs, refinery capacity cuts, and maintenance shutdowns tightened supply. However, bearish sentiment surfaced from the second week of March due to OCP’s temporary halt in purchases, prompting some suppliers to redirect volumes to South America.
MEA
In Q1 2025, the sulphuric acid market in Saudi Arabia demonstrated a mixed trend, with a late-quarter shift toward bullish sentiment. In January, the sulphuric acid market witnessed a decline, reflecting stable production costs and limited demand from the downstream agrochemical sector due to the absence of the plantation season. Market participants focused on fulfilling prior contracts, amid the presence of ample inventories and steady operating rates. In February, the bearish undertone grew stronger, as demand remained muted and ample supply further weighed on market activity. Prices declined, reflecting low procurement levels and reduced buying interest despite consistent import costs. Key buyer Ma’aden had secured substantial volumes via tenders, reducing spot demand and maintaining price stability. However, in March, the market sentiment shifted bullish, with prices witnessing a surge driven by an incline in feedstock sulphur costs. This prompted market players to adjust ex-quotations upward, passing higher production costs to end users. Despite limited demand, price hikes were supported by cost pressure and anticipation of renewed procurement activity as Ma’aden’s previously secured supplies neared depletion. Overall, Q1 reflected a stable-to-bullish trend shaped by inventory management, contract dynamics, and cost-driven pricing.
For the Quarter Ending December 2024
North America
During Q4, the North American Sulphuric Acid market faced significant volatility due to various disruptions and rising costs. Furthermore, the US Sulphuric Acid market witnessed supply chain issues from Canada, caused by labor strikes and port congestion, which exerted upward pressure on prices. This situation was further exacerbated by Hurricane Helene, which damaged production facilities and delayed deliveries. Additionally, the plantation season increased demand, while rising production costs contributed to the bullish market trend.
Even after the strike ended, port congestion continued to impact supply chains. Although domestic production resumed, the supply remained tight due to limited inventory levels. Canadian port strikes further disrupted the supply, leading to increased imports from other regions to meet demand.
The market maintained its bullish sentiment due to ongoing supply constraints and rising Sulphur costs. Despite the end of the plantation season, robust demand from the agrochemical sector persisted. The tight supply led to limited spot activity and a shift in pricing dynamics, where availability became the primary price determinant. This combination of factors highlighted the challenges faced by the US Sulphuric Acid market, demonstrating the market's volatility and the ongoing pressures from supply chain disruptions and demand fluctuations.
APAC
During the last quarter of 2024, the Sulphuric Acid market in the APAC region demonstrated a bullish trend. Initially, rising feedstock costs and strong demand from the plantation season contributed to higher prices. In Japan, the spot market experienced tight supply, further fueling the bullish sentiment with limited availability expected to persist. As the quarter progressed, rising production costs and sustained strong demand from the agrochemical sector significantly drove prices up. Scheduled maintenance at Smelters exacerbated the situation, keeping inventory levels tight and limiting spot transactions. Although prices later stabilized due to pre-committed stock levels, the overall market sentiment remained bullish. This persistent tightness in supply and limited spot availability maintained a cautious market atmosphere, with participants navigating through the tight supply conditions carefully. Limited transactions were observed as market participants awaited clearer signals. Despite some stabilization, the bullish sentiment continued to dominate, driven by supply constraints. Overall, the market's resilience amidst these conditions highlighted the ongoing bullish trend throughout the last quarter of the year.
Europe
During the last quarter of 2024, the European Sulphuric Acid market experienced sustained bullish trends driven by tight supply conditions and firm feedstock prices. The German market, in particular, witnessed a significant upward momentum due to limited spot availability and increased production costs tied to the rising Sulphur market. Demand from the agrochemical sector surged during the peak plantation season, further tightening the supply chain. Persistent supply constraints, including restricted supply from Northwest European refineries and output issues at smelters, compounded the pressure on the market. Port congestion at Hamburg added to logistical challenges, reducing sailings and tightening supply channels. Furthermore, the participants were focused on negotiating longer-term domestic contracts, the limited spot material and ongoing supply issues kept market sentiments bullish. Additionally, a tender for a German end-user highlighted the ongoing demand. As the market navigated these challenges, the bullish sentiment persisted, supported by high demand from the agrochemical sector and tight global supply. The cautious approach among market participants reflected the delicate balance between supply constraints and sustained demand, maintaining bullish market conditions.
MEA
During the last quarter of 2024, the Sulphuric Acid market in Saudi Arabia has consistently exhibited bullish market sentiment, driven by several key factors. Rising production costs due to increased feedstock Sulphur prices, coupled with robust global demand and ongoing geopolitical tensions, have significantly supported this upward trend. The consumption rate of Sulphuric Acid inventories has surged, with both domestic and international demand, particularly from the agrochemical sector, contributing to this bullish outlook. Additionally, supply chain disruptions caused by the Red Sea crisis have intensified pressure by limiting logistics and transport routes. Ma'aden's procurement of more cargoes than initially requested and the ongoing peak plantation season have further bolstered positive market sentiment. While prices have stabilized amid tight supply conditions and cautious market behavior, the bullish trend has persisted. Market participants have focused on annual contract negotiations and have adopted a cautious approach to managing uncertainty. Overall, the combination of increased production costs, rising demand, supply chain constraints, and strategic supplier actions has maintained a robust and bullish outlook for the Saudi Arabian Sulphuric Acid market.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American Sulphuric Acid market experienced a significant upturn in prices, characterized by a 31% increase from the same quarter last year. This surge was primarily driven by a combination of factors, including supply chain disruptions, heightened demand from downstream industries, and rising production costs. The market witnessed an 11% increase from the previous quarter in 2024, further reinforcing the upward trend. The USA, in particular, witnessed the most substantial price changes, reflecting the overall regional dynamics.
Throughout the quarter, the USA market exhibited a positive correlation between increasing prices and various market influencers. Seasonal demand fluctuations, supply chain challenges, and geopolitical tensions all contributed to the price escalation. The 3% price difference between the first and second half of the quarter underscored the market's resilience and stability amidst changing conditions.
Ultimately, the quarter-ending price of USD 130/MT of Sulphuric Acid CFR Texas in the USA encapsulates the prevailing positive sentiment and the market's ability to navigate challenges while maintaining an upward pricing trajectory.
APAC
The third quarter of 2024 has witnessed an uptrend in Sulphuric Acid pricing within the APAC region, driven predominantly by heightened production costs due to escalating feedstock Sulphur prices. This quarter has been marked by a significant surge in demand from downstream sectors, particularly the agrochemical industry, which has compounded the persistent supply constraints. The geopolitical tensions and adverse weather conditions have further exacerbated supply disruptions, causing a ripple effect across the market. China, as the epicenter of these price dynamics, has experienced the most pronounced price fluctuations. The country's pricing environment has been influenced by seasonal agricultural demands, which have intensified during the plantation period, leading to increased Sulphuric Acid consumption. The market's bullish sentiment is underpinned by a remarkable 29% price increase from the previous quarter, a sharp upturn from the same period last year, reflecting a 10% rise. Concluding the quarter, Sulphuric Acid prices in China have stabilized at USD 47/MT (IR Grade) FOB-Qingdao. This quarter's pricing trajectory reflects a consistently positive market sentiment, driven by robust demand and constrained supply dynamics, reinforcing the overall bullish outlook.
Europe
In Q3 2024, the Sulphuric Acid market in Europe witnessed a pronounced uptrend, with Germany recording the most substantial price increases. This price growth was largely driven by a surge in feedstock Sulphur prices, which elevated production costs for Sulphuric Acid and pressured market pricing upward. Demand from downstream sectors, particularly agrochemicals, was a major factor in this trend, as increased agricultural activity during the quarter intensified the need for Sulphuric Acid, commonly used in fertilizer production. The seasonal demand spike for agrochemicals further fueled price growth across the region, magnifying supply-demand imbalances and supporting a bullish price environment. In Germany, Sulphuric Acid prices exhibited notable volatility, showing a 6% year-over-year increase and a steep 24% rise from the previous quarter. By the quarter's end, Sulphuric Acid (IR Grade) was priced at USD 85/MT FOB Hamburg, underscoring the strong, positive pricing environment that defined Q3. This trend highlights the combined impact of rising feedstock costs and seasonal demand pressures across the European market.
MEA
In the MEA region during Q3 2024, the Sulphuric Acid market experienced a significant uptrend in prices, reflecting a positive pricing environment. Various factors contributed to this price increase, including escalating production costs linked to rising feedstock Sulphur prices. The market also witnessed heightened demand from both domestic and international agrochemical sectors, particularly driven by the ongoing plantation season. These factors collectively exerted upward pressure on prices, leading to a 19% increase from the same quarter last year. Saudi Arabia, in particular, witnessed the most substantial price changes within the region. The market in Saudi Arabia reflected similar trends of increasing prices, in line with the broader regional context. Seasonality played a crucial role, with the ongoing plantation season boosting demand and influencing price dynamics. The correlation in price changes was evident, with a notable 10% increase from the previous quarter in 2024. The quarter ended with the latest price of USD 85/MT of Sulphuric acid Spot Ex-Jeddah in Saudi Arabia, underscoring the overall positive and upward trajectory of the market.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Sulphuric Acid market experienced a notable price increase, attributed to several pivotal factors. The quarter witnessed a sustained rise in production costs due to stable yet elevated upstream Sulphur and Crude Oil prices. Additionally, the manufacturing sector's improvement, evidenced by increased new orders and employment, exerted upward pressure on Sulphuric Acid prices. Supply chain disruptions, including delivery delays and higher shipping costs, further contributed to the inflationary trends observed. The summer driving season bolstered demand for regenerated Sulphuric Acid from refineries, balancing the off-season lull in the agrochemical sector. Inflationary pressures and supply chain constraints, including potential rail strikes, exacerbated the bullish sentiment, making market participants hesitant to reduce prices.
Focusing on the USA, which witnessed the most significant price fluctuations, the market dynamics were profoundly influenced by seasonal trends and economic indicators. In terms of year-over-year comparisons, prices surged by an impressive 28%, while the quarter-over-quarter increase stood at 20%, reflecting a robust upward trajectory. The price difference within the quarter itself, marked at 13%, underscored the persistent rise in market valuations.
As the quarter concluded, Sulphuric Acid prices in the USA reached USD 125/MT (CFR Texas), highlighting an increasingly positive pricing environment. This consistent upward trend over Q2 2024 points to a robust and inflationary market scenario, driven by both demand and supply-side factors, establishing a distinctly positive sentiment in Sulphuric Acid pricing.
APAC
During Q2 2024, the Sulphuric Acid market in the APAC region experienced significant price volatility, primarily driven by a confluence of factors that heightened market sensitivity. The quarter has seen an overall inclining price trend, influenced by disruptions in supply chains, increased demand from downstream sectors, and fluctuating costs of feedstock Sulphur. The energy costs, propelled by rising Crude Oil prices, also contributed to the elevated production costs, further impacting Sulphuric Acid pricing. Additionally, geopolitical tensions and logistical constraints exacerbated the market's tightness, resulting in a constrained supply environment that pushed prices upwards. In Japan, where the most pronounced price changes occurred, the market dynamics were particularly notable. The overall trend was characterized by a bullish sentiment, largely driven by seasonal demand from the Agrochemical sector. This seasonal uptick, combined with limited inventory levels and increased freight costs, led to heightened price sensitivity. The correlation between these factors and the market’s response was evident in the significant price shifts throughout the quarter. Compared to the same quarter last year, the Sulphuric Acid prices in Japan saw a stark decline of 44%. However, when observed from the previous quarter in 2024, the prices experienced a relatively modest decrease of 6%, reflecting a more nuanced market adjustment. Within Q2 2024, the comparison between the first and second half of the quarter revealed a 27% change, underscoring the market's responsiveness to evolving supply and demand dynamics. Concluding the quarter, the latest recorded price for Sulphuric Acid stood at USD 23/MT FOB-Nagoya, Japan. Despite the fluctuations and underlying challenges, the pricing environment in Q2 2024 demonstrated a stable yet cautious optimism, balancing between supply constraints and demand pressures.
Europe
In Q2 2024, the European Sulphuric Acid market experienced a significant upward trend in pricing, driven by multiple influential factors. Predominantly, a robust maintenance schedule across European smelters limited the availability of Sulphuric Acid, creating a supply crunch. Tightened supplies of molten sulphur, a critical feedstock, further compounded this scarcity, as production from sulphur burners was constrained. Additionally, demand from the agrochemical sector remained strong due to seasonal planting activities, exacerbating the supply-demand imbalance. The economic environment, marked by inflationary pressures and increased production costs from rising crude oil prices, also played a crucial role in escalating Sulphuric Acid prices. Focusing on Germany, which observed the most pronounced price changes, the overall trend for the quarter exhibited a marked escalation in prices. This increase was significantly influenced by heightened demand from the agrochemical sector amid the crop season, coupled with insufficient inventory levels. The correlation between these factors and the upward price trajectory was evident, with prices in Germany seeing a substantial 50% increase from the previous quarter of 2024. Comparatively, the quarter witnessed a -5 % change from the same period last year, underscoring the volatility and sharp escalation within the current year. Seasonal factors, such as mid-crop season demand, also contributed to the price dynamics, with a notable 30% price increase between the first and second half of the quarter. Concluding Q2 2024, the price of Sulphuric Acid (IR Grade) FOB Hamburg in Germany settled at USD 75/MT, reflecting a predominantly positive pricing environment driven by constrained supply and robust demand. This quarter has underscored the sensitivities of the Sulphuric Acid market to both logistical and economic factors, highlighting a period of significant price inflation and market tightness.
MEA
In Q2 2024, the Sulphuric Acid market in the MEA region experienced a mixed trend. In the H1 of Q2, the Sulphuric Acid market showcased an upward price trend. This surge was attributed to multiple factors contributing to upward pressure on prices. Firstly, the rise in feedstock prices within the Sulphur market directly impacted the cost of producing Sulphuric Acid, consequently driving up its prices. Additionally, heightened production costs across the board further exacerbated the price hike for the commodity. Moreover, the Agrochemical sector experienced heightened demand, spurred by the ongoing crop season, leading to an increased need for fertilizers containing Sulphuric Acid. Compounding these factors was the ongoing Red Sea crisis, which disrupted trade routes and logistics networks, resulting in elevated freight charges and delayed shipments. However, in H2 of Q2, the Sulphuric Acid market declined which was influenced by various factors leading to a consistent decline in prices. A critical contributor to this trend was the bearish environment in the crude oil and sulphur markets, which resulted in lower production costs for Sulphuric Acid. Despite efforts by OPEC+ to stabilize crude oil prices, ongoing market pressures and extended production cuts until October 2024 led to a cascading effect that drove both crude oil and sulphur prices downward. In the United Arab Emirates, the decline in Sulphuric Acid prices was particularly pronounced. Seasonal factors, such as the completion of the harvesting stage, reduced demand from the agrochemical sector, leading to sufficient inventory levels and mitigating any supply imbalances. This equilibrium was further facilitated by strategic adjustments in trade inflows from major suppliers to prevent oversupply. The UAE market saw a 3% decline in Sulphuric Acid prices compared to the same quarter last year and a significant 23% increase from the previous quarter in 2024. The quarter-ending price in the UAE was USD 63/MT (CFR Jebel Ali).
