For the Quarter Ending June 2025
North America
• The Price Index for Zinc Powder (Pharma Grade) in the U.S. declined further during July 2025 due to consistent oversupply and lagging downstream pharmaceutical demand across major consuming states.
• The Spot Price of Zinc Powder (Pharma Grade) in the U.S. during the third week of July 2025 stood at USD 3,420/MT, marking a continued decrease from early July levels.
• The Price Forecast for August 2025 suggests a prolonged bearish trend as no strong recovery in formulation-based demand or procurement momentum is anticipated in the short term.
• The Production Cost Trend remained broadly stable, with marginal declines in global zinc feedstock prices and slightly reduced domestic conversion costs, helping push offers lower.
• The Demand Outlook for pharma applications remained soft, with key buyers minimizing offtake and adopting a just-in-time strategy due to adequate stock positions and lack of immediate consumption growth.
• Why did the price change in July 2025? Prices declined due to subdued domestic demand, increased import availability from Asia, high inventory levels, and aggressive seller competition in the pharma supply chain.
• High inventory levels across pharma intermediaries and API blenders in the U.S. led to reduced spot inquiries and restrained restocking activity throughout the month.
• Procurement volumes were minimal, with distributors holding back on long-term contracts amid continuous price decline expectations and ample local stock.
• The overall supply-demand dynamics skewed toward oversupply, particularly with Asian suppliers continuing to offer competitively priced pharma-grade zinc to the U.S. market.
• Regional cues such as low freight costs, stable electricity inputs, and limited zinc derivative processing in July contributed to downward price pressure and muted procurement across pharmaceutical hubs in the U.S.
Europe
• Zinc Powder (Pharma Grade) Price Index in Germany showed a firm upward trajectory during July 2025, mirroring the bullish sentiment observed in North America.
• Spot Price for Zinc Powder (Pharma Grade) in Germany was adjusted upward due to increased procurement activity and supply-side cost pressures, especially from higher energy and labor costs within EU refining facilities.
• Price Forecast indicates a continued firm trend in early August 2025, supported by tight regional inventories and steady pharmaceutical-grade zinc requirements from formulators and contract manufacturers.
• Production Cost Trend moved higher across Germany as zinc ingot feedstock prices edged up due to limited imports and supply realignments within Europe, impacting margins for fine powder refiners.
• Demand Outlook remained positive, with major pharma buyers restocking inventories ahead of late Q3 formulation cycles, maintaining pressure on distributors to secure tonnage at prevailing offers.
• Why did the price of Zinc Powder (Pharma Grade) change in July 2025? Supply constraints from North American exporters, increased raw material costs, and steady pharma demand led to firmer price sentiment in Germany.
• Inventory levels in German warehouses declined in July as exporters redirected volumes to more profitable long-term contracts, constraining spot market availability and lifting prices marginally.
• Zinc Powder (Pharma Grade) producers in Germany adjusted offers upward to reflect higher operational costs tied to utility price escalation and regulatory compliance overheads in the EU.
• Procurement activity from Central and Eastern European pharma end-users remained robust, amplifying competition for limited spot lots and sustaining the elevated pricing trend through late July.
• Regional cues including tightening global zinc supply, strong North American demand, and steady EU downstream consumption reinforced a cost-driven bullish pricing pattern across the German market.
APAC
• In July 2025, the price of Zinc Powder (Pharma Grade) FOB Surabaya (Indonesia) increased from June levels, reversing the brief softening trend seen in late Q2.
• The latest Spot Price for pharma-grade zinc powder was assessed at USD 2850/MT FOB Surabaya in the final week of July 2025, compared to USD 2795/MT in June 2025, reflecting a firm upward shift.
• The price increase was primarily supported by a sharp rise in domestic zinc prices, which pushed production costs higher for local manufacturers, leaving less room for discounts.
• A continued depreciation of the U.S. dollar against the Indonesian Rupiah reduced exporters’ margins and prompted upward price revisions to maintain profitability in overseas markets.
• The demand outlook improved marginally with steady offtake from downstream pharmaceutical buyers, which helped reinforce firm buying sentiment and supported suppliers' bullish stance.
• Why did the price of Zinc Powder (Pharma Grade) change in July 2025? Stronger domestic zinc pricing, currency depreciation, and stable export demand pushed Indonesian producers to raise quotations and firm up FOB offers.
• Procurement momentum from Southeast Asian and Middle Eastern buyers remained stable, while reduced availability from competing origins created opportunities for Indonesian exporters to strengthen their position.
• On the supply side, no significant disruptions were reported, but tighter inventory management by key suppliers led to limited spot availability, allowing price strength to sustain through July.
• Export-oriented sellers leveraged the positive arbitrage created by local currency movement, targeting higher realization through strategic adjustments in FOB Surabaya offers.
• Overall, the market sentiment for Zinc Powder (Pharma Grade) in Indonesia remained bullish throughout July 2025, underpinned by cost-push factors and firm downstream support.
For the Quarter Ending March 2025
North America
In Q1 2025, the U.S. pharmaceutical-grade zinc powder market experienced a sustained downward pricing trend, reflecting prolonged oversupply conditions and restrained procurement activity. Prices opened January at USD 3,375 per MT CFR California and declined progressively through the quarter. Ample inventory accumulation in late 2024, driven by pre-tariff stocking ahead of anticipated trade policy shifts, contributed to the high availability that weighed on prices throughout the period.
January saw steady depreciation. Weakened export offers from China, limited domestic purchasing interest, and high warehouse stocks defined the bearish sentiment. The Lunar New Year holidays in China amplified supply chain caution, with U.S. buyers anticipating shipment delays while maintaining conservative purchasing strategies. February prices stabilized briefly, with a marginal increase to USD 3,365 per MT mid-month, supported by resumed Chinese operations and stable pharmaceutical offtake. However, by late February, values resumed their decline, amid softened demand and consistent inventory levels.
March deepened the price correction, with spot rates falling sharply by quarter-end. The continued drop was driven by surplus global supply, competitive Asian offers, falling freight costs, and subdued consumption in both pharmaceutical and nutritional supplement sectors. Despite the introduction of new import tariffs and rising geopolitical uncertainty, the U.S. zinc powder market closed Q1 with bearish momentum, shaped by high availability, weak downstream demand, and strategic inventory drawdowns.
Asia Pacific
In the first quarter of 2025, the Indonesian pharma-grade zinc powder market exhibited notable price fluctuations, shaped by shifting supply-demand dynamics, inventory conditions, and broader macroeconomic trends. Prices opened the quarter at USD 3,100 per MT FOB Surabaya in early January and remained stable through the month as producers maintained steady output levels amid balanced domestic consumption and regular procurement from pharmaceutical manufacturers. The supply chain operated efficiently, and stable operational costs supported consistent selling prices.
In February, prices showed a mixed trend, initially rising before undergoing a gradual decline throughout the rest of the month. Tightened inventories and stable downstream demand supported the early-February uptick. However, subdued global pharmaceutical procurement, oversupply conditions, and cautious inventory management by buyers placed downward pressure on values in the latter half of the month, with prices easing by month-end. Weakened international demand and competitive pricing strategies contributed to this bearish shift.
March began with a continuation of the downward momentum, as excess inventories persisted, and buyer sentiment remained conservative. However, by the end of March, the market reversed course with a moderate recovery. Strengthening domestic zinc prices, improving demand signals, and a rise in export enquiries supported renewed bullish sentiment. The rebound was further underpinned by consistent production output and balanced inventory positions, signaling cautious optimism heading into Q2 2025.
Europe
The German pharma-grade Zinc powder market experienced fluctuating price movements throughout Q1 2025, shaped by evolving supply dynamics, industrial activity levels, and broader macroeconomic influences. In January, prices reflected firm sentiment as buyers looked to secure early-quarter inventories amid anticipated logistical slowdowns tied to the Lunar New Year period in Asia. Stable offtake from pharmaceutical manufacturers, combined with tight vessel space and elevated freight rates, influenced early-quarter pricing behavior.
February brought a shift in market tone as stock availability improved and import flows stabilized. Many buyers slowed procurement due to adequate on-hand inventories, while a modest decline in logistics costs helped ease pressure on overall landed costs. Fluctuations in currency exchange rates, particularly the weakening euro against the U.S. dollar, continued to impact import economics and purchasing strategies. Pharmaceutical production remained steady, but cautious sentiment prevailed amid signs of economic softness across the Eurozone.
By March, prices showed further variability, largely due to softer demand signals and declining international offers from key exporting countries. Weaker activity in some downstream sectors and ongoing uncertainties in global trade dynamics weighed on procurement decisions. Despite some logistical relief and normalized shipping schedules, the market remained subdued under the weight of ample inventory and conservative purchasing. Over the quarter, the German pharma-grade Zinc powder market navigated through a transition from early-quarter firmness to more restrained conditions, driven by changing cost structures and moderated demand.
For the Quarter Ending December 2024
North America
During Q4 2024, the pharma grade zinc powder market in North America demonstrated significant price volatility. October witnessed sharp upward price movement, driven by tight supply conditions and strong demand from pharmaceutical manufacturers with values settling at $3385 per MT CFR California. Buyers accelerated their procurement activities amid supply concerns and rising production costs. Several manufacturers reported limited spot availability, while robust demand from drug formulators created substantial upward pressure on prices.
November marked a shift in market sentiment as prices began declining. Supply chains showed improvement while demand from pharmaceutical manufacturers moderated. Buyers adopted a more cautious approach, leading to reduced procurement volumes and downward price pressure across the region. Multiple distributors reported improving inventory positions, allowing more room for price negotiations. The market witnessed slower trading activity as end-users adjusted their buying patterns in response to the softer price trend.
December continued the downward trajectory as market fundamentals remained bearish. Domestic suppliers faced pressure to reduce prices amid improving supply conditions and weakening demand from pharmaceutical manufacturers. The market's declining momentum persisted through year-end, with buyers maintaining minimal procurement volumes. Several key manufacturers reported adequate supply conditions despite reduced production rates. The combination of sufficient inventories and moderate demand continued to exert downward pressure on prices through the quarter's end.
APAC
In Q4 2024, pharma grade zinc powder prices in APAC markets showed distinct trends. October registered substantial price increases as manufacturers raised their offers amid strong domestic and international pharmaceutical demand. Producers cited higher production costs and energy expenses, while robust inquiries from drug manufacturers supported the bullish sentiment. The market witnessed active trading as buyers rushed to secure volumes.
November initiated a downward price correction as market fundamentals softened. Manufacturers adjusted their pricing strategies downward and stopped giving quotations amid moderating demand and improving supply availability. Regional trading activity slowed as buyers adopted a wait-and-watch approach, leading to price concessions from suppliers. Several facilities reported building inventory positions, while export inquiries showed signs of weakening. The competitive market environment forced producers to offer more favorable terms.
December saw continued price weakness as suppliers struggled to maintain price levels. Export prices remained under pressure, affected by sluggish inquiry levels from international markets. The domestic market showed no signs of recovery as local pharmaceutical manufacturers reduced their procurement volumes. Major producers reported adequate supply despite lower operating rates, while logistics operations remained smooth throughout the month.
Europe
In Q4 2024, pharma grade zinc powder prices in Germany and broader European markets followed similar patterns. October began with sharp upward price movement as buyers faced higher offers from manufacturers amid tight supply conditions. European producers increased prices citing rising production costs and strong pharmaceutical sector demand. The market witnessed active trading as distributors sought to secure volumes amid concerns over further price increases.
November marked the beginning of a downward trend as market conditions eased. Buyers leveraged improving supply availability to negotiate lower prices. The market witnessed decreased trading activity as distributors managed existing inventories cautiously. Several buyers reported improving stock positions, allowing them to resist higher price offers. Import volumes remained steady, providing additional options for European buyers and contributing to the softer market sentiment.
December's market dynamics maintained their bearish trend as European distributors faced continued price pressure. While pharmaceutical sector consumption remained stable, oversupply conditions led to further price declines through quarter-end. Year-end activities provided little support to the market, with several key buyers reducing their procurement volumes. Manufacturers reported adequate operations despite lower production rates, while logistics activities continued smoothly through the holiday season.
For the Quarter Ending September 2024
North America
The pharmaceutical grade zinc powder market in North America demonstrated notable momentum during Q3 2024, with the United States manifesting as the key center of market fluctuations. Price negotiations appreciated from $3050/MT to $3200/MT CFR California throughout July to September 2024. This market evolution reflects an intricate interplay of industry variables and broader economic indicators.
Enhanced consumption patterns from domestic pharmaceutical, nutraceutical, and personal care industries emerged as principal market drivers, while logistical impediments created supply-side pressures. The market exhibited exceptional adaptability despite facing multiple operational challenges, including maritime congestion, heightened shipping expenses, and ongoing distribution network disruptions. The situation was further intensified by price fluctuations in China's market, a dominant pharmaceutical grade zinc powder supplier, generating cascading effects across the American pharmaceutical sector.
The steady price strengthening, marked by a $340/MT gain across the quarter, reflects robust market fundamentals and sustained developmental impetus. This trajectory resonates with broader regional patterns, demonstrating the North American pharmaceutical grade zinc powder market's inherent stability despite ongoing supply chain impediments. The synthesis of amplified regional demand, worldwide supply mechanics, and logistical hurdles has engineered a sophisticated yet fundamentally robust pricing landscape.
APAC
The pharmaceutical grade zinc powder landscape in Asia-Pacific exhibited remarkable pricing dynamics in Q3 2024, marked by a distinctive upward movement. The market demonstrated notable price progression, with export valuations advancing from $2780/MT to $3095/MT EXW Shanghai between July and September 2024.
This market strengthening was supported by diverse operational factors and market fundamentals. Enhancement demand dynamics were characterized by consistent procurement from pharmaceutical and supplement manufacturers, while supply elements were influenced by mounting production expenditures, including raw material costs and operational overheads. The confluence of increased production capacity and logistical constraints, especially port bottlenecks, generated supply-demand disparities supporting price appreciation.
Market resilience was evidenced through sustained buyer engagement and consistent order patterns. These demand indicators, combined with operational hurdles including freight expenses and supply chain intricacies, enabled industry participants to sustain healthy margins. China's domestic market remained instrumental in establishing regional price trends, influenced by both international procurement patterns and domestic consumption dynamics. The relationship between production capabilities and logistical impediments reinforced the market's upward trajectory.
Europe
The European pharmaceutical grade zinc powder market demonstrated significant upward momentum throughout Q3 2024, with Germany's market serving as the region's primary price indicator. The quarter witnessed sustained price appreciation, reflecting evolving market dynamics and strengthening fundamentals across the European landscape.
Supply constraints emerged as a crucial market driver, particularly from Asian manufacturing hubs, where production limitations and logistics challenges created availability pressures. These supply-side dynamics, coupled with robust regional demand, fostered an environment conducive to price appreciation. The pharmaceutical and supplement sectors maintained steady procurement patterns, providing consistent market support. Germany's market trends established reliable benchmarks for broader European pricing dynamics, with clear seasonal patterns emerging across major trading hubs. The market's upward trajectory persisted despite operational hurdles, highlighting the sector's underlying strength. Other key European markets, including France and Italy, demonstrated strong price correlations with German movements.
The interplay between tightening supply conditions, steady sectoral demand, and regional market forces created a robust pricing environment. This convergence of factors supported sustained market development while maintaining fundamental equilibrium across the European region.
FAQ’s
1. Why did the price of Zinc Powder (Pharma Grade) increase in Germany during July 2025?
The price increase in Germany was driven by tightening spot supply, elevated production costs due to higher energy prices, and firm restocking demand from pharmaceutical manufacturers.
2. What caused the upward movement in Zinc Powder (Pharma Grade) prices in the US in July 2025?
In the United States, prices rose due to low inventory levels, steady API production demand, and cost pressures stemming from higher labor and logistics charges.
3. Why did Zinc Powder (Pharma Grade) prices remain firm in the UAE market in July 2025?
Zinc Powder (Pharma Grade) prices in the UAE held firm as a result of stable import costs, regional distribution bottlenecks, and consistent downstream demand from formulation plants.
4. Will Zinc Powder (Pharma Grade) prices continue to rise in Germany and the US in August 2025?
Yes, prices are expected to remain on an upward path in both Germany and the US in early August 2025, supported by constrained supply chains, steady demand from the pharmaceutical industry, and elevated refining input costs.
5. How is the global supply chain situation influencing Zinc Powder (Pharma Grade) prices across these regions?
Global disruptions in zinc ingot supply, container shortages, and exporter prioritization of long-term contracts have led to tightened spot availability in Germany, the US, and the UAE—contributing to sustained high prices across all three regions.
