For the Quarter Ending December 2025
North America
• In the USA, the GGBFS Price Index rose by 2.61% quarter-over-quarter, reflecting selective infrastructure demand.
• The average GGBFS price for the quarter was approximately USD 52.33/MT, supported by infrastructure volumes.
• GGBFS Spot Price stayed stable at Gulf terminals as imports offset constrained domestic slag production.
• GGBFS Price Forecast indicates modest upside early next year as logistics frictions support price strength.
• GGBFS Production Cost Trend showed diesel surcharge and grinding margin pressures, limiting suppliers' discounting flexibility.
• GGBFS Demand Outlook remains constructive for public infrastructure while residential weakness prevents broader market tightening.
• GGBFS Price Index shows Gulf terminal tightness contrasted by inland softness, reflecting transport, inventory differentials.
• Major producers maintained balanced selling, with limited spot availability reinforcing seller discipline amid thin inventories.
Why did the price of GGBFS change in December 2025 in North America?
• Tight domestic slag supply and infrastructure procurement pushed delivered prices higher despite seasonal demand slowdown.
• Labor disruptions, Gulf terminal congestion slowed import discharge, tightening spot availability and elevating freight-driven costs.
• Contractual purchases for low-carbon concrete and federal projects sustained demand, preventing typical year-end inventory builds.
APAC
• In Vietnam, the GGBFS Price Index rose by 2.4% quarter-over-quarter, reflecting reduced imports and infrastructure demand.
• The average GGBFS price for the quarter was approximately USD 57.00/MT, reflecting freight-driven cost pass-through.
• GGBFS Spot Price firmed on lean northern port inventories, supporting the domestic GGBFS Price Index.
• GGBFS Price Forecast shows gains as GGBFS Production Cost Trend rises with higher freight fees.
• GGBFS Demand Outlook remains supported by public infrastructure disbursements and clinker-substitution mandates, underpinning the Price Index.
• Inventories at Cai Mep and Cua Lo remained lean, prompting forward buying, supporting the Price Index.
• Formosa Ha Tinh and Hoa Phat operated near nameplate rates, keeping supply stable, moderating pressure.
• Export demand remained secondary to domestic procurement; coastal market dynamics influenced the GGBFS Spot Price.
Why did the price of GGBFS change in December 2025 in APAC?
• Imported slag arrivals tightened late December, reducing immediate availability and pressuring ex-works quotations marginally higher.
• Year-end infrastructure disbursements accelerated procurement, sustaining demand even as private housing activity remained subdued slightly.
• Port-handling surcharges and freight volatility modestly raised landed costs, enabling sellers to pass through increases.
Europe
• In Germany, the GGBFS Price Index rose by 2.76% quarter-over-quarter, reflecting steady procurement and elevated grinding costs.
• The average GGBFS price for the quarter was approximately USD 62.00/MT, reported by domestic mills and port import parity.
• GGBFS Spot Price advanced modestly as domestic grinding margins tightened from high electricity and conversion costs.
• GGBFS Price Forecast indicates marginal upside near-term given balanced supply and steady infrastructure procurement momentum.
• GGBFS Production Cost Trend remained elevated as high power and grinding intensity pressured mill breakeven levels.
• GGBFS Demand Outlook stays constructive where low-carbon mandates drive substitution, but sector caution keeps consumption patchy.
• GGBFS Price Index stability reflected steady inventories and normalised logistics after Rhine barge restrictions eased in autumn.
• Port import arrivals supplemented domestic supply, tempering local premiums while mills maintained operating rates near lows.
Why did the price of GGBFS change in December 2025 in Europe?
• Elevated grinding electricity costs increased conversion breakeven, prompting producers to pass costs into December quotations.
• Policy-driven clinker substitution and public infrastructure tenders strengthened procurement, supporting year-end GGBFS demand and pricing.
• Imports via Hamburg ports supplemented domestic supply after Rhine constraints, dampening sharper price spikes during December.
For the Quarter Ending September 2025
North America
• In USA, the GGBFS Price Index rose by 2.7% quarter-over-quarter, driven by infrastructure project demand.
• The average GGBFS price for the quarter was approximately USD 51.00/MT, underpinned by steady supply.
• GGBFS Spot Price remained broadly stable as domestic slag availability matched near-term consumption requirements effectively.
• GGBFS Price Forecast signals modest upside as demand recovery expectations slightly outpace supply growth projections.
• GGBFS Production Cost Trend showed upward pressure from higher steel inputs and tariff-related material inflation.
• GGBFS Demand Outlook remains constructive with public infrastructure and large industrial projects supporting medium-term consumption.
• Inventories and logistics were sufficient, while export interest and procurement supported the GGBFS Price Index.
• Domestic steel mill operations remained steady, enabling suppliers to meet demand, defending GGBFS Price levels.
Why did the price of GGBFS change in September 2025 in North America?
• Elevated steel input costs and tariff effects increased production costs, pressuring domestic GGBFS supply economics.
• Sustained demand from infrastructure and data center projects tightened availability, supporting GGBFS Price Index strength.
• Smooth logistics and adequate inventories limited disruption, while selective procurement limited downward pressure on prices.
APAC
• In Vietnam, the GGBFS Price Index rose by 1.8% quarter-over-quarter, reflecting balanced supply and seasonality.
• The average GGBFS price for the quarter was approximately USD 55.67/MT, reflecting stable supply conditions.
• GGBFS Spot Price remained muted as inventories stayed sufficient and logistics supported domestic deliveries efficiently.
• GGBFS Price Forecast anticipates limited near term upside, with seasonality and modest demand supporting stability.
• GGBFS Production Cost Trend edged up from higher imported input prices, underpinning domestic price resilience.
• GGBFS Demand Outlook stays constructive due to infrastructure spending; the Price Index reflected cement procurement.
• Export demand softened after tariffs, while domestic Price Index stability benefited from healthy inventories, deliveries.
• Major producers operated with limited maintenance; throughput remained consistent, supporting supply and Price Index stability.
Why did the price of GGBFS change in September 2025 in APAC?
• Balanced steel mill slag supplies and construction activity constrained price increases in September within APAC.
• Imported input cost increases and intermittent sourcing delays applied modest production cost pressures during September.
• Tariff uncertainty weakened export demand, reducing external offtake and supporting domestic Price Index stability recently.
Europe
• In Germany, the GGBFS Price Index rose by 4.6% quarter-over-quarter, reflecting supply tightening and seasonal demand.
• The average GGBFS price for the quarter was approximately USD 60.33/MT.
• GGBFS Spot Price held firm as constrained deliveries and targeted infrastructure purchasing limited spot availability.
• GGBFS Price Forecast projects slight increases driven by seasonal demand and measured procurement from cement producers.
• GGBFS Production Cost Trend reflects higher energy tariffs increasing processing costs, pressuring margins for some suppliers.
• GGBFS Demand Outlook remains cautious with civil engineering support offsetting weak residential construction activity.
• Inventory and export demand tightened availability regionally, helping lift the GGBFS Price Index modestly.
• Seasonal mill maintenance reduced shipments temporarily, while overall supply remained adequate for current GGBFS demand.
Why did the price of GGBFS change in September 2025 in Europe?
• Seasonal maintenance and constrained deliveries reduced available volumes, tightening regional supply and pushing prices upward.
• Elevated energy tariffs increased production costs, reflected in the GGBFS Production Cost Trend.
• Selective infrastructure procurement improved buying activity while muted residential demand limited broader market momentum and inventories balanced.
For the Quarter Ending June 2025
North America
• The GGBFS Price Index in the USA exhibited a modest upward trend in Q2 2025, increasing by ~2% from April to May and remaining stable through June.
• In April, the GGBFS Spot Price held at USD 49–53/ton depending on delivery terms, as mixed construction activity offset demand fluctuations. While residential permits declined, institutional projects helped sustain consumption.
• By May, the Price Index climbed by ~2%, reaching around USD 50–54/ton. This was attributed to a combination of freight rate inflation, steady demand from infrastructure and data center projects, and tightened slag production volumes. Though commercial construction slowed, the role of GGBFS in eco-friendly cement maintained market buoyancy.
• In June, the market stabilized. With consistent blast furnace operations and steady availability, GGBFS supply was well-balanced. Input costs remained under control, keeping the GGBFS Production Cost Trend stable.
• The GGBFS Demand Outlook for July 2025 suggests a stable to slightly positive Price Index, supported by federal infrastructure allocations and summer construction season momentum, though weaker residential activity may temper upward movement.
Asia-Pacific – China
• The GGBFS Price Index in China increased by 2% in May, following a stable April, and remained unchanged in June. This movement reflects gradual shifts in supply constraints and industrial demand.
• In April, stable steel production and strong infrastructure activity in Western and Northeastern provinces supported a firm GGBFS Spot Price near USD 50–51/ton. Government investment helped offset real estate market weakness.
• In May, prices increased marginally due to restricted slag availability, tighter environmental regulations, and capacity curtailments. While cement output dipped, demand persisted through infrastructure and export-oriented projects. Technology adoption in cement plants also bolstered GGBFS usage.
• By June, supply chains normalized. With steady blast furnace activity and manageable input costs, the GGBFS Production Cost Trend flattened. Though domestic construction softened, industrial projects and sustainable concrete applications maintained demand equilibrium.
• The GGBFS Demand Outlook for July indicates a stable to slightly positive Price Index, with government-backed infrastructure and emission-compliant construction practices continuing to support GGBFS consumption.
Europe – Germany and Region
• In Germany, the GGBFS Price Index increased by approximately 2% in May following flat prices in April and held steady in June, reflecting slight sentiment recovery in the construction sector.
• April saw price stability around USD 57/ton as the construction sector continued to contract, but at a slower pace. Stable steel production ensured adequate slag supply, and easing new order decline helped maintain demand.
• The May price uptick was driven by optimism surrounding civil infrastructure investments and a small improvement in delivery schedules. Despite a PMI decline to 44.4, pricing moved up as civil engineering showed signs of stabilization and long-term projects resurfaced.
• June was marked by balanced fundamentals. Supply remained uninterrupted, and input costs—while showing some regional volatility—were generally controlled. Industrial offtake for cement applications also supported a steady GGBFS Spot Price.
• For July, the GGBFS Price Forecast indicates flat to mildly rising prices, depending on regional recovery speed. Broader EU stimulus deployment and expectations of post-summer construction resurgence are likely to support the Price Index.
For the Quarter Ending March 2025
North America
The North American GGBFS market in Q1 2025 is characterized by balanced supply and demand amid a subdued construction environment. Stable domestic production and robust supply chains have maintained inventory levels, preventing shortages or overstocking.
Demand is primarily driven by single-family homebuilding, offsetting weakness in multi-family projects due to elevated mortgage rates. Overall, market sentiment remains cautiously optimistic with expectations of steady demand and potential growth as economic conditions improve. In the USA, GGBFS prices increased modestly by 0.69% from Q4 2024 to Q1 2025, averaging USD 48.33/MT.
The intra-quarter price trend was relatively flat, with minor fluctuations month-to-month reflecting stable demand and supply dynamics. Price stability is supported by consistent domestic production and steady construction spending, particularly in single-family housing. The market outlook remains stable, anticipating steady demand in the near term with potential upside as mortgage rates ease.
Asia
In the APAC region during Q1 2025, the GGBFS market experienced a generally stable to moderately positive demand environment, underpinned by steady construction activity and infrastructure development. Supply chains remained resilient despite some sector-specific challenges, with manufacturing output supporting consistent availability of GGBFS. Urban housing demand and infrastructure spending continued to drive consumption, while seasonal and economic factors moderated growth momentum. Inventory levels were managed effectively, contributing to balanced market conditions across the region. In Vietnam, GGBFS prices rose by 5.04% from Q4 2024 to Q1 2025, averaging USD 48.67/MT. The intra-quarter price trend was bullish, with monthly prices steadily increasing from January through March. This upward movement was supported by robust cement production growth and sustained construction activity, despite some manufacturing sector contractions. The overall market trend in Vietnam is bullish, with a near-term outlook indicating continued demand stability driven by ongoing infrastructure projects and industrial expansion.
Europe
The European GGBFS market in Q1 2025 is characterized by subdued demand amid persistent economic headwinds impacting the construction sector. Despite ongoing challenges such as declining new orders and employment, supply has remained stable with consistent production outputs across key regions. Inventory growth remains constrained due to localized supply chain bottlenecks, while pockets of recovery in southern markets provide limited uplift. Overall, market sentiment is cautious with minimal price volatility expected as the quarter progresses. In Germany, GGBFS prices rose modestly by 1.2% from Q4 2024 to an average of 56.0 USD/MT in Q1 2025, maintaining a flat intra-quarter trend. This stability reflects subdued construction activity and steady supply conditions amid broader economic pressures. The market remains stable with no significant bullish or bearish shifts anticipated near term, as demand is expected to stay constrained until supportive policy measures stimulate sector recovery.
