Boron prices remained consistent in February witnessing with no change observed m-o-m. This stability was influenced by China's market equilibrium of subdued purchasing and restricted spot availability, and the US market's stability amidst potential tariff implications.

In China, February saw a marginal drop in boron demand from paper industries due to ample pre-holiday inventory, increased post-holiday shipments leading to oversupply, and weak demand from packaging enterprises. However, prices remained stable attributed to the utilization of accumulated inventory following the Lunar New Year.

China’s boron demand from the solar industry is expected to decrease in 2025. This restrain in the solar industry is attributed to a new power pricing mechanism requiring renewable plants to compete on market prices. New solar capacity additions are forecasted between 215-255 GW.

In 2024, The Chinese paint market struggled, primarily due to a real estate slump and weak domestic demand. However, in 2025, the Trade or Utility Coatings (TUC) business is projected to see a 10% growth driven by expanded distribution in smaller cities, while the Trade or Utility Building (TUB) business is expected to grow by 5% due to infrastructure and government projects.

In the USA, Boron prices witnessed stability amidst concerns over tariffs on exporting countries. New tariffs on raw materials of paint and coatings imports from major trading partners are expected to disrupt supply chains and increase costs for essential consumer goods, impacting both American consumers and domestic manufacturing. The coatings industry, heavily reliant on integrated North American supply chains and imported raw materials like Boron, has opposed these tariffs.

Domestically, Boron mining in the USA is expected to deliver results soon. 5E Advanced Materials' California in-situ boron mining project is showing stronger Phase 1 economic potential than previously estimated. Updated analysis, incorporating recent data and optimizations, forecasts 77,000 tons of B2O3 production. The company is on track to release a pre-feasibility report with finalized economic details in May 2025, following the completion of vendor equipment testing targeted for late April 2025.

In another major development, South African precious metals miner Sibanye-Stillwater has walked off from the Rhyolite Ridge lithium-boron project in the US state of Nevada, due to weak prices. However Rhyolite Ridge reported that Sibanye’s withdrawal would not impact much as a USD 996 million loan is already secured from the US Department of Energy. Boron sales are forecasted to contribute 30% to 40% of the mine’s total revenue.

The Boron market is expected to show signs of recovery, driven by increasing demand from emerging green technology and renewable energy sectors. The market is expected to shift from a downturn to a more positive phase due to economic resilience, adaptable manufacturing, and potential technological advancements.