For the Quarter Ending December 2025
North America
• In the USA, the Sulphuric Acid Price Index fell by 18.22% quarter-over-quarter due to inventory builds.
• The average Sulphuric Acid price for the quarter was approximately USD 128.67/MT, supported by steady output.
• Tightening stocks raised the Sulphuric Acid Spot Price, influencing the regional Price Index and trading behaviors.
• Sulphuric Acid Price Forecast models indicate modest firming as export demand competes with ample domestic supply.
• Rising sulphur feedstock raised the Sulphuric Acid Production Cost Trend, supporting producer margins despite muted spot volumes.
• Sulphuric Acid Demand Outlook stays steady from fertilizer, mining, and refinery alkylation sectors, maintaining baseline consumption.
• Contracted exports to Canada and Mexico tightened available tonnage, lifting the Sulphuric Acid Price Index regionally.
• Terminal draws and constrained logistics amplified Sulphuric Acid Spot Price volatility during December across Gulf Coast distribution.
Why did the price of Sulphuric Acid change in December 2025 in North America?
• Ample domestic supply and inventories reduced spot buying urgency, moderating prices.
• Higher sulphur feedstock raised costs, supporting price floors despite balanced supply.
• Uninterrupted export logistics from Canadian smelters prevented notable supply disruption.
APAC
• In Japan, the Sulphuric Acid Price Index rose by 1.61% quarter-over-quarter, reflecting tightening feedstock availability.
• The average Sulphuric Acid price for the quarter was approximately USD 84.00/MT, reported FOB Nagoya.
• Sulphuric Acid Spot Price exhibited volatility amid export curbs and semiconductor-driven demand for ultra-pure acid.
• Sulphuric Acid Production Cost Trend strengthened; liquid sulphur dioxide and TC/RC deterioration increased conversion expenses.
• Sulphuric Acid Demand Outlook improved due to battery and electronics offtake offsetting softer fertilizer procurement.
• Sulphuric Acid Price Forecast indicates firmness driven by constrained exports and continued domestic industrial consumption.
• Inventory accumulation then abrupt drawdowns altered Sulphuric Acid Price Index movements across Nagoya coastal terminals.
• Logistics and port freight shifts affected merchant flows, influencing Sulphuric Acid Spot Price and parity.
Why did the price of Sulphuric Acid change in December 2025 in APAC?
• Chinese export curbs redirected acid to fertiliser, reducing Northeast Asian spot availability and tightening supply.
• Heightened electronics and battery-grade demand in Japan increased ultra-pure acid consumption, drawing down merchant volumes.
• Variable TC/RC and rising sulphur dioxide costs pushed production expenses higher, pressuring FOB price dynamics.
Europe
• In Germany, the Sulphuric Acid Price Index fell by 22.03% quarter-over-quarter, reflecting surplus feedstock domestically.
• The average Sulphuric Acid price for the quarter was approximately USD 89.67/MT, based on FOB Hamburg data.
• Sulphuric Acid Spot Price volatility increased late quarter as sulphur tightness tightened conversion margins materially.
• Sulphuric Acid Price Forecast indicates near-term firmness driven by feedstock inflation and constrained merchant inventories.
• Sulphuric Acid Production Cost Trend rose; elemental sulphur nominations and import parity increased conversion expenses.
• Sulphuric Acid Demand Outlook remains mixed with battery and fertilizer offtake offsetting weaker industrial procurement.
• Export enquiries and constrained merchant supply pushed the Sulphuric Acid Price Index higher late quarter.
• Inventories tightened at Hamburg terminals while inland logistics limited freight-driven premiums on merchant availability materially.
Why did the price of Sulphuric Acid change in December 2025 in Europe?
• Elevated elemental sulphur prices increased conversion costs, tightening merchant supplies and prompting higher seller asks.
• Strong offtake from fertilizer and battery projects absorbed merchant volumes, offsetting weaker manufacturing demand domestically.
• US sanctions and export limits reduced alternative sulphur routes, raising import parity, supporting domestic prices.
MEA
• In Saudi Arabia, the Sulphuric Acid Price Index rose by 7.64% quarter-over-quarter, driven by downstream offtake.
• The average Sulphuric Acid price for the quarter was USD 159.67/MT, reflecting elevated contract spreads.
• Tight merchant balances and export demand supported Sulphuric Acid Spot Price despite steady domestic production.
• Analysts revised the Sulphuric Acid Price Forecast firmer given sustained fertilizer export schedules and tightness.
• Rising elemental-sulphur costs altered the Sulphuric Acid Production Cost Trend, pressuring merchant margins significantly further.
• Regional logistics and higher freight influenced the Sulphuric Acid Demand Outlook, heightening export procurement urgency.
• Inventory positions and contract allocations moderated volatility in the Sulphuric Acid Price Index this quarter.
• High utilisation at Ma'aden and steady smelter runs constrained spot availability, supporting downstream offtake stability.
Why did the price of Sulphuric Acid change in December 2025 in MEA?
• Elevated elemental-sulphur costs and higher freight increased input costs, nudging import-related price support in December.
• Firm phosphate fertiliser offtake and sustained Ma'aden plant utilisation tightened merchant balances, sustaining domestic pricing.
• Smooth logistics and stable contract allocations limited downside while reduced regional exports tightened spot availability.
For the Quarter Ending September 2025
North America
• In USA, the Sulphuric Acid Price Index rose by 9.13% quarter-over-quarter driven by sulphur costs.
• The average Sulphuric Acid price for the quarter was approximately USD 79.67/MT, per regional assessment.
• Sulphuric Acid Spot Price softened in late September as falling offers reduced near-term spot liquidity.
• Sulphuric Acid Price Forecast signals slight downside while Sulphuric Acid Production Cost Trend rose modestly.
• Sulphuric Acid Demand Outlook remains cautious; plantation season pickup is gradual, tempering restocking by buyers.
• Sulphuric Acid Price Index eased as inventories climbed and Canadian duty-free inflows pressured import arbitrage.
• Steady refinery runs, merchant production preserved supply, constraining upward pressure in Sulphuric Acid Price Index.
• Rail and river congestion and higher delivered costs supported bids, but market tone remained range-bound.
Why did the price of Sulphuric Acid change in September 2025 in North America?
• Abundant domestic supply and steady refinery throughput increased availability, pressuring regional sulphuric acid prices further.
• Muted procurement by fertilizer and agrochemical buyers kept spot activity low, limiting upward price momentum.
• Slight feedstock sulphur cost uptick raised production costs but offset by ample inventories and imports.
APAC
• In Japan, the Sulphuric Acid Price Index rose by 18.66% quarter-over-quarter due to tight inventories.
• The average Sulphuric Acid price for the quarter was approximately USD 82.67/MT, reflecting export restocking.
• Sulphuric Acid Spot Price tightened as merchants withheld cargoes, increasing buying competition and delivery premiums.
• Sulphuric Acid Price Forecast indicates firmness, but occasional downward pressure from nearby European export volumes.
• Sulphuric Acid Production Cost Trend edged up due to yen weakness and sulphur feedstock costs.
• Sulphuric Acid Demand Outlook is mixed with consumption but weaker fertilizer export demand limiting upside.
• Sulphuric Acid Price Index moves tracked low inventories and stronger export flows to ASEAN buyers.
• Producers quoted September availability dates, limiting spot offers and reinforcing firm pricing despite mixed demand.
Why did the price of Sulphuric Acid change in September 2025 in APAC?
• Compressed fertilizer margins reduced ASEAN buying, weakening export bid and pressuring FOB Japan quotations thereby.
• Smelter sales and tender responses released volumes into market, increasing supply and capping price growth.
• Logistics remained normal but yen-driven input cost changes marginally elevated production costs, offsetting downward pressure.
Europe
• In Germany, the Sulphuric Acid Price Index rose by 4.86% quarter-over-quarter, reflecting tighter supply conditions.
• The average Sulphuric Acid price for the quarter was approximately USD 115.00/MT reflecting subdued demand.
• Sulphuric Acid Spot Price softened as merchant volumes rose and buyers delayed procurement amid holidays.
• Sulphuric Acid Price Forecast indicates modest near-term downside with occasional rebounds tied to feedstock disruptions.
• Sulphuric Acid Production Cost Trend remained neutral as elemental sulphur and energy costs held steady.
• Sulphuric Acid Demand Outlook stays subdued despite plantation season start, buyers prefer just-in-time inventories currently.
• Sulphuric Acid Price Index volatility rose as Worms capacity additions and smelter outputs pressured selling.
• Inventory overhangs and muted exports weighed on European quotations while downstream restocking could support rallies.
Why did the price of Sulphuric Acid change in September 2025 in Europe?
• Ample domestic output and new Worms capacity created surplus merchant volumes, eroding sellers' pricing power.
• Muted agrochemical and industrial demand post-summer reduced offtake, with buyers postponing bulk procurement and tenders.
• Stable feedstock sulphur and energy costs removed cost-push support, while financing strains limited distributor purchases.
MEA
• In Saudi Arabia, the Sulphuric Acid Price Index rose by 26.06% quarter-over-quarter, citing tightened availability.
• The average Sulphuric Acid price for the quarter was approximately USD 148.33/MT, reflecting tight supply.
• Sulphuric Acid Spot Price rose in August, then softened in September as imports increased availability.
• Sulphuric Acid Price Forecast indicates near-term softening due to import flows and reduced unit consumption.
• Sulphuric Acid Production Cost Trend rose on higher feedstock sulphur, with limited passthrough to quotations.
• Sulphuric Acid Demand Outlook remains supportive from fertiliser and metals-leaching sectors, sustaining baseline offtake levels.
• Sulphuric Acid Price Index movements tracked inventory swings, China export flows, and Saudi port logistics.
• High utilisation at domestic plants and Ma'aden efficiency rollouts reduced spot availability, influencing contract negotiations.
Why did the price of Sulphuric Acid change in September 2025 in MEA?
• Chinese exports and uninterrupted plant runs increased supply, pressuring spot balances and lowering Price Index.
• Fertiliser efficiency upgrades cut acid consumption per tonne, reducing merchant demand despite steady downstream pull.
• Feedstock sulphur cost increases raised production costs but smooth logistics and inventories limited price pass-through.
For the Quarter Ending June 2025
North America
• The sulphuric acid Spot Price in North America increased by 9.52% quarter-over-quarter in Q2 2025, reflected in a bullish Price Index.
• The sulphuric acid Price Index rebounded in April, ending a three-week decline, driven by reduced sulphur supply due to refinery turnarounds and stronger seasonal demand from agrochemicals.
• Domestic supply faced disruptions from refinery outages, especially in the Gulf Coast and Midwest, though recovery efforts were underway by late April.
• Market sentiment remained bullish throughout Q2, supported by consistent demand and uncertainty over trade policies, particularly new U.S. import tariffs.
• As spring progressed, the agrochemical sector maintained strong procurement, sustaining demand amid ongoing fieldwork and planting activities.
• Imports played a balancing role, particularly in the western U.S., which remained dependent on shipments from Canada, Mexico, and Asia due to local supply constraints.
• By June, supply tightness and rising import costs pushed the Price Index upward, although some regional price pressure eased as domestic production ramped up.
• Trade policy fluctuations, including tariff reversals and appeals, added to market uncertainty, especially for import-dependent buyers.
Why did the price of Sulphuric Acid change in July 2025 in the US?
• The sulphuric acid spot price in the US remained steady due to balanced supply levels and limited market activity. Buyers adopted a cautious, need-based approach to procurement, which helped maintain pricing stability.
• The sulphuric acid production cost trend showed no significant fluctuations, as domestic operations remained consistent and there were no major feedstock or energy cost shocks.
• The sulphuric acid demand outlook is expected to remain muted amid the absence of the peak plantation season in the US.
APAC
• The sulphuric acid Spot Price in APAC increased by 15.2% quarter-over-quarter in Q2 2025, reflected in a bullish Price Index.
• The sulphuric acid price index in Thailand experienced consistent upward momentum throughout Q2 2025, reflecting bullish market conditions driven by tight supply and firm demand.
• In April, the rise in the price index was primarily triggered by reduced exports from China due to maintenance shutdowns and insufficient local inventories, leading to reliance on high-cost imports.
• The peak plantation season throughout the quarter sustained strong demand from the agrochemical sector, encouraging steady procurement activity among buyers despite elevated costs.
• During May, the price index remained stable at higher levels as increased global feedstock sulphur costs elevated production costs, limiting suppliers’ ability to lower prices.
• By June, persistent supply shortages, delayed import authorisations, and robust end-user demand continued to support the firm market tone and further lifted the price index.
• Throughout the quarter, buyers maintained forward-looking procurement strategies, contributing to an optimistic yet cautious market outlook in Thailand.
Why did the price of Sulphuric Acid change in July 2025 in Asia?
• The sulphuric acid spot price in Asia remained stable in July 2025 due to a balanced supply-demand environment, with no major production disruptions or logistical constraints impacting the market.
• The sulphuric acid production cost trend remained consistent as domestic producers maintained steady output rates and sufficient inventories, preventing any upward cost pressures.
• On the demand side, the sulphuric acid demand outlook was moderate, as the seasonal lull in agricultural activity led to cautious and measured procurement by buyers, sustaining overall market stability.
• As a result, the sulphuric acid price forecast for the region remained unchanged through July, with market participants closely observing conditions while refraining from aggressive buying or price shifts.
Europe
• The sulphuric acid Spot Price in Europe increased by 1.45% quarter-over-quarter in Q2 2025, reflected in a bullish Price Index.
• Throughout Q2, the sulphuric acid market in Europe, particularly Germany, exhibited a consistently bullish trend, as reflected by a rising price index.
• The surge in the price index was primarily driven by high production costs, owing to elevated feedstock sulphur prices and limited raw material availability.
• Supply remained tight due to multiple factors, including scheduled maintenance at major smelters, logistical disruptions—especially along the Rhine River—and constrained output from concentrate sources.
• Demand from the agrochemical sector was strong during the peak plantation season, but even after seasonal demand softened, international interest, particularly from buyers in South America and Morocco, continued to support firm market sentiment.
• Producers withheld prompt cargoes amid tight availability, anticipating stronger pricing opportunities ahead, while some buyers began exploring alternative acid types due to widening cost differentials.
• Despite intermittent periods of stability, overall market dynamics in Q2 supported an upward trend in the sulphuric acid price index, with limited relief expected until additional supply becomes available in the coming months.
Why did the price of Sulphuric Acid change in July 2025 in Europe?
• The sulphuric acid spot price in Europe remained largely unchanged in July 2025 due to a balanced market with limited buying interest and adequate inventory levels across the region.
• According to the sulphuric acid production cost trend, stable feedstock sulphur prices helped maintain consistent manufacturing costs.
• Despite expectations of improved availability from major producers, the sulphuric acid price forecast for the region reflected a softening trend, influenced by slow spot market activity and the anticipated decline in industrial operations during the summer holiday season.
MEA
• The sulphuric acid Spot Price in the Middle East increased by 16.6% quarter-over-quarter in Q2 2025, reflected in a bullish Price Index.
• The sulphuric acid market in Saudi Arabia exhibited a generally bullish trend over the second quarter, supported by firm import costs from Asia and steady demand from the agrochemical sector during the mid-crop season.
• In early Q2, the price index remained stable as key buyers had already secured volumes in advance, minimising short-term spot activity and maintaining supply-demand equilibrium. As the quarter progressed, bullish sentiment strengthened due to tender-based bulk purchases by major consumers like Ma’aden, which added upward pressure to the price index.
• By mid-to-late Q2, market activity slowed temporarily during the Eid holidays, but tight supply conditions and anticipation of future demand helped sustain the firm price index.
• Toward the end of Q2, renewed procurement interest re-emerged, with traders facing supply constraints and rising freight rates, further supporting the upward movement in the price index.
• Overall, the sulphuric acid market in the Middle East remained steady but firm, underpinned by forward-looking buying behaviour, tight availability, and stable production costs.
Why did the price of Sulphuric Acid change in July 2025 in the Middle East?
• The sulphuric acid spot price in the Middle East rose in early July 2025 due to limited domestic supply, despite the absence of peak seasonal demand. This constrained availability created a supply-demand imbalance, pushing prices upward.
• Following this spike, the sulphuric acid price forecast shifted to a more stable outlook by mid-July as the market adjusted to earlier procurement activity, and short-term requirements had already been fulfilled by key buyers.
• The sulphuric acid production cost trend has seen increased variability due to rising base prices and freight costs, influenced by tight spot availability in Asia and logistical challenges in the region.
• The sulphuric acid demand outlook remains steady, driven by continued consumption from industrial sectors like fertilisers and chemicals, providing a consistent foundation for market stabilisation after initial volatility.
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.
