For the Quarter Ending September 2024
North America
In Q3 2024, the North American GGBFS market experienced a mixed market situation, with the USA showcasing the most significant fluctuations. The quarter was characterized by an uptrend in the early quarter, which later traced a decline, influenced by various factors.
Supply stability, with active furnace operations and ample inventory, played a crucial role in pricing dynamics. However, challenges in the supply chain, including freight issues, added pressure on prices during the first half of the quarter. Demand remained stable but equal to available supplies, contributing to the pricing downturn in the later half.
Seasonal factors, typically optimistic for construction materials, did not buoy prices due to the balanced market conditions. The correlation between price changes in the first and second half of the quarter showed a notable decrease of 6%, indicating a clear downward trajectory. Amidst disruptions due to hurricanes, the market continued its negative sentiment, leading to a quarter-ending price of USD 47/MT for GGBFS (SiO2– 35%) DEL Houston in the USA.
APAC
In Q3 2024, the APAC region experienced an overall decline in GGBFS prices, with China being the most impacted market. In China, prices of the product showcased an initial rise which later turned into a continuous downtrend, the overall trend of decreasing prices can be attributed to several key factors. Weak demand in the construction sector, particularly in real estate, played a significant role in driving prices down. Additionally, the ongoing economic challenges, such as reduced industrial activity and cautious investor sentiment, contributed to the downward pressure on prices. Supply chain disruptions and increased shipping costs further exacerbated the pricing situation during the quarter. China, with the most pronounced price changes, saw a -2% decrease from the previous quarter. The correlation between price changes in the APAC region and China indicates a overall downward trend. Comparing the first and second half of the quarter, prices dropped by -7%, reflecting the sustained negative sentiment in the market. The quarter ended with GGBFS prices at USD 42/MT Ex- Xinjiang in China, highlighting the persisting bearish pricing environment.
Europe
In Q3 2024, the European market for Ground Granulated Blast Furnace Slag (GGBFS) witnessed a similar trend observed in other regions, reflecting a challenging pricing environment. Similar to other region, prices initially rose, which declined in the latter half of the quarter. Several factors contributed to this downward trend. The ongoing weakness in the Eurozone construction sector, marked by reduced activity and demand, played a pivotal role in driving prices lower. The persistently low manufacturing activities underscored the subdued state of the construction industry, impacting both input costs and demand for GGBFS. Additionally, the contraction in new orders and purchasing within the sector further dampened price levels. Germany, experiencing the most significant price changes, saw a notable -5% decrease in prices between the first and second half of the quarter. This decline was emblematic of the broader negative sentiment prevailing in the market The quarter concluded with GGBFS prices in Germany standing at USD 55/MT, reflecting the overall downward trajectory observed throughout Q3 2024.
For the Quarter Ending June 2024
North America
In Q2 2024, Ground Granulated Blast Furnace Slag (GGBFS) prices in the North America region displayed a stable trend, primarily influenced by balanced demand and supply dynamics. Market stability was underpinned by consistent operating rates at furnaces, ensuring ample product availability across the region. The absence of significant plant shutdowns or supply chain disruptions further contributed to this equilibrium. Despite global freight market volatility and logistical challenges, the regional GGBFS market remained largely insulated, maintaining steady prices.
Focusing on the USA, the GGBFS market witnessed a notable price adjustment in Q2. The USA experienced the most significant price changes within the region, with a recorded price decrease of -2% from the previous quarter. The overall trend suggested a stable pricing environment, largely driven by moderate demand from the construction sector, which exhibited mixed performance amidst high interest rates and economic slowdown. Seasonality played a minor role, with the transition into the summer season temporarily boosting demand. However, this was effectively counterbalanced by high supply levels, ensuring no dramatic price fluctuations.
The USA experienced the most significant price changes within the region, with a recorded price decrease of -2% from the previous quarter. This quarter's stable pricing environment suggests a cautiously balanced market sentiment, neither overly positive nor negative, with supply and demand forces maintaining a delicate equilibrium.
APAC
In Q2 2024, the GGBFS market in the APAC region maintained a stable pricing environment, driven by a balance between supply and demand. This equilibrium was supported by ample product availability due to high operating rates of furnaces across key Asian economies. Despite fluctuations in the global freight market, the stability in the GGBFS market can be attributed to steady supply chains and robust production levels, mitigating any significant price volatility. There were no reported disruptions or plant shutdowns, further fostering a consistent market environment. Focusing on China, which experienced the most notable price movements, the quarter exhibited an overall stable trend. Seasonal factors, such as the onset of summer, slightly bolstered demand, yet this was effectively counterbalanced by abundant supply, resulting in subdued price fluctuations. The correlation between supply stability and demand resilience was evident as the market absorbed increased production without causing substantial price hikes. The percentage change from the previous quarter in 2024 was recorded at -2%, reflecting a marginal easing in prices. Overall, the pricing environment for GGBFS in Q2 2024 was predominantly stable, with balanced supply-demand dynamics fostering a positive market outlook.
Europe
In Q2 2024, the European market for GGBFS (Ground Granulated Blast Furnace Slag) exhibited remarkable stability, driven by a balanced demand-supply equation. This equilibrium was facilitated by ample product availability amidst consistent furnace operations. Despite fluctuations in global freight rates and occasional supply chain disruptions, the GGBFS market managed to maintain stable prices. The construction sector, while facing challenges, particularly in residential and public construction, did not significantly impact overall GGBFS demand. On the contrary, commercial construction showed a slight uptick, further supporting price stability. Focusing on Germany, which experienced the most notable price changes, the market dynamics were slightly more complex. After a price increase in April due to product scarcity and lower operating rates, the market stabilized in May and June. Seasonal factors, such as the onset of summer and subsequent rebound in construction activities, helped balance the demand-supply gap. Germany's construction sector faced a contraction, but this did not severely disrupt GGBFS pricing, showcasing a resilient market environment. No plant shutdowns were reported during this period, contributing to the stable supply. Compared to the previous quarter, there was a 4% increase, indicative of a minor yet significant adjustment.
For the Quarter Ending March 2024
North America
The pricing environment for GGBFS in the North America region during Q1 2024 can be described as stable, with minimal changes in prices observed. Several factors influenced the market prices during this period. Overall, demand for GGBFS remained stable, with no significant changes observed compared to the previous quarter.
The construction sector, which is a key driver of GGBFS demand, showed moderate to stable growth, supporting the overall price stability. The USA, the largest market for GGBFS in the region, prices experienced a slight increase of 3.8% in January 2024, supported by improved construction activity and a rise in the Producer Price Index (PPI) for cement and concrete manufacturing.
However, prices remained unchanged in February and March, reflecting a balanced market situation with ample product availability and steady demand. The winter season and already low demand in the domestic and international markets contributed to this stable pricing environment. The latest quarter-ending price for GGBFS in the USA was reported at USD 50/MT, indicating a consistent pricing trend.
APAC
The first quarter of 2024 has seen a mixed pricing environment for GGBFS in the APAC region. Overall, market prices remained stable, with no significant changes observed. However, there were some factors that influenced prices in certain countries. In China, the largest market for GGBFS, prices declined during the quarter. This can be attributed to low demand from the domestic market, as the construction sector showed signs of weakness. The Manufacturing PMI index for China remained below 50, indicating a contraction in the sector. Additionally, high production activities for exports led to an increase in the availability of GGBFS, further putting downward pressure on prices. Seasonality also played a role in price changes during the quarter. With the peak winter season globally, construction activities tend to slow down, resulting in lower demand for GGBFS. This contributed to the overall stability in prices. In China, the price of GGBFS (SiO2– 35%) Ex- Xinjiang at the end of the quarter was USD 45/MT. This reflects the overall downward trend in prices during the quarter.
Europe
The GGBFS pricing in the Europe region for Q1 2024 has been influenced by various factors, leading to different price trends in different countries. Overall, the market has experienced a stable to bearish sentiment, with prices remaining unchanged or showing slight declines. In Germany, which has seen the most significant price changes, the market has been influenced by factors such as low availability of the product, disrupted supply chain activities, and peak winter season. These factors have led to a decrease in supply and demand for GGBFS, resulting in price increases. However, the price changes have been relatively moderate, indicating a balanced demand-supply situation. Across the Europe region, the construction sector has been impacted by the peak winter season, leading to a slowdown in demand for GGBFS. This has contributed to a stable to low demand situation, further supporting the stable to bearish pricing environment. In terms of seasonality, the winter season has had a significant influence on the market dynamics. As the season progresses, demand for GGBFS tends to decline due to reduced construction activities. This has been reflected in the stable to bearish pricing trends observed during this quarter. Overall, prices have remained relatively stable, with a quarter-ending price of USD 55/MT of GGBFS (SiO2– 35%) Ex-Hamburg in Germany.
For the Quarter Ending December 2023
North America
The GGBFS (Ground Granulated Blast Furnace Slag) market in the North America region experienced an overall stable price trend during fourth quarter of 2023, except for slight price breakdown in November remaining relatively unchanged. The market was influenced by several key factors.
Firstly, there was a balanced demand-supply situation, with moderate demand from the downstream construction sector and consistent supplies of the product. This equilibrium in the market contributed to price stability. Secondly, the overall economic landscape in the region showed signs of improvement, with manufacturing sectors making progress towards recovery. This positive trend was supported by increased production levels and employment figures rebounding. Lastly, the availability of the product remained ample throughout the quarter, ensuring a steady flow of supply in the market.
In the USA, which had the most significant changes in prices, the market experienced a decline in prices during November. This was attributed to high availability of GGBFS due to the operation of metal furnaces in the steel sector. The decline in prices was also influenced by a decrease in manufacturing PMI, indicating a slowdown in economic momentum. Despite these factors, prices remained stable, with a balanced demand-supply gap and consistent demand from the construction sector. The quarter ending price in the USA for GGBFS (SiO2-35%) was USD 49/MT DEL Houston.
Europe
The GGBFS market in Europe during the fourth quarter of 2023 experienced a stable and balanced environment, with no significant changes in prices. The market was influenced by several key factors like the availability of GGBFS remained high due to the continued operation of metal furnaces, driven by strong demand in the steel sector. This led to ample supplies in the market, which overwhelmed the moderate demand from the construction sector. The manufacturing PMI of the region declined, indicating a downturn in economic activity. This further impacted the demand for GGBFS as the construction sector faced challenges amidst of economic slowdown. Overall market sentiment was bearish, reflecting the cautious approach of businesses and the uncertain economic outlook. In Germany, a major player in the European market, GGBFS prices remained stable throughout the quarter. The pricing trend in Germany mirrored the overall market situation, with no significant changes observed. However, there was a slight decline of 2% in prices from the previous quarter, reflecting the bearish sentiment and the challenges faced by the construction sector. Additionally, there was a 2% decrease in prices during the second half of the quarter compared to the first half, possibly due to the seasonal decline in demand during the winter months. The market was influenced by factors such as high availability, declining manufacturing PMI, and a bearish market sentiment. The price of GGBFS in Germany for the current quarter is USD 53/MT Ex-Hamburg.
APAC
The fourth quarter of 2023 witnessed stability in the GGBFS market in the APAC region. The key factors influenced the market are high supplies of the product, stable demand, and a balanced supply-demand gap. The market experienced a surplus in supply due to high operating rates of furnaces, which led to a decline in prices. Despite this, demand remained stable, with no significant change in queries from regular buyers. The economic slowdown in countries like China remained a concern, affecting overall industrial activities. China, being the largest market in the region, experienced a stable GGBFS market. Prices remained unchanged, maintaining a balance between supply and demand. The market saw moderate supplies and stable demand, resulting in a harmonious equilibrium. The focus of negotiations was stable, and manufacturers offered discounts to stimulate sales. Overall, the GGBFS market in the APAC region remained stable during the fourth quarter of 2023. The quarter ended with a GGBFS price of USD 47/MT Ex-Xinjiang in China. On the other hand, In Indian market, the GGBFS price has been seen depreciated post festivities in the country. Noticeably, in the November month of the quarter price witness a defined downfall primarily driven by the less consumption in the downstream construction industries coupled with stable demand and appropriate supply.
For the Quarter Ending September 2023
North America
The assessment shows that GGBFS prices in the US market witnessed a decline during the first half of the quarter owing to unrestored demand from the domestic construction sector. As per the data, demand fundamentals for the product have remained low in the meantime. Furthermore, it was observed that the downstream construction sector has shown a marginal improvement during this quarter, but the prolonged labor shortage in the country suppressed the industry from thriving. However, prices of most of the construction-related raw materials were rising consistently in the market, and GGBFS remained one of the exceptions in this case. However, PPI (Cement and Concrete Product Manufacturing) rose from 235.094 (July) to 235.795 (August), data released by FRED shows, impacting the overall recovery. In the H2 of Q3 2023, the US GGBFS market experienced price stability, largely attributed to consistent demand from the downstream construction sector. This was complemented by the steadiness in the domestic supply of GGBFS throughout the month.
Asia
GGBFS prices declined in the Chinese market during this quarter on the back of low demand from the domestic market amidst ample product availability in the country. As per the data, China’s construction sector has not recovered as expected earlier despite continuous efforts from the government. Several financial institutions and industrial experts have anticipated that the Chinese market (especially construction sector) is likely to remain subdued for the rest of the year and would only revive after the hit of festive season in the country. However, according to the data released by NBS China, PMI improved from 49.3 (July) to 49.7 (August). Similarly, the Vietnam GGBFS market has demonstrated a mirror image of China, which was largely attributed to the harmonious balance between supply and demand dynamics. Further, as per the General Statistical Office of Vietnam, Index of Industrial production performed better than the previous year, during September, IIP remained 5.1% higher than the previous year, primarily driven by other industries excluding construction.
Europe
GGBFS prices in the European market experienced a decline during July and August on the back of a dull economic outlook amidst low demand in the market. As per the major cement manufacturer of Europe “Buzzi SpA”, the company has experienced a decline in demand during the first half of the year 2023. Further, the company has anticipated dullness in the second half of the year too, which has subdued the market sentiments for construction related raw materials in Europe. However, industrial activities showcased a notable resilience during this period. According to Eurostat, the Industrial production index, which was -1.3% in July, improved to 0.6% in August 2023. On the other hand, regional economic activities remained stable to dull throughout this timeframe especially for Germany, as the data released by Deutsche Bundesbank Eurosystem shows that producers prices of Industrial Products sold on the domestic market remained at 147.1 (September) after revising from 147 (July).
For the Quarter Ending June 2023
North America
During the second quarter of 2023, GGBFS prices in North America exhibited no fluctuations due to uncertain demand scenarios amidst the country's weakening economic momentum. As per the data, GGBFS prices remained stable for April, May, and June 2023. The price stability was influenced by a subdued demand outlook for the product, impacting the price trends of various commodities globally, including GGBFS. Despite different countries experiencing varying market fluctuations, the overall trend for GGBFS remained consistent on a global scale. Supplies in the global market remained stable, and international trade activities were not disrupted. Additionally, falling freight charges on several trade routes during May 2023 contributed to the downward trend of several commodities prices but not GGBFS. A report by Fred indicated a surprising rebound in the construction sector during May. However, this growth driver did not appear to affect the prices of construction-related raw materials, including GGBFS. Furthermore, as the country was posing toward recession, traders were pessimistic regarding the demand in the coming quarter.
Asia
During Q2 2023, GGBFS prices in Asia followed a stable pricing trend. Throughout the quarter, prices didn't show any significant revision in the Asian market due to reduced optimism in the construction industry, despite the abundant availability of the product. The data indicated a low demand outlook for GGBFS, which in turn influenced the price trend of various commodities globally, including GGBFS. According to data released by the National Bureau of Statistics (NBS) in China, the Consumer Price Index (CPI) remained under control, hovering around 100.1 in May 2023, a trend that sustained throughout June 2023. The global construction sector experienced a slight improvement during the early summer season but remained subdued overall. The persistently low demand outlook further supported this pricing trend. Similarly, the Indian market also witnessed a similar price momentum for GGBFS, primarily due to ample product availability within the country and no external disruptions related to supplies. The construction sector in India initially rose during the arrival of the summer season, but since then, construction activities have remained unchanged.
Europe
The European GGBFS market mirrored the trends seen in other global economies. According to the data, GGBFS prices experienced overall stability for the whole quarter. The demand for GGBFS in the European market remained low, mainly due to sluggish economic activities worsened by incidents of violence in France and the ripple effect of the US economic slowdown. Consequently, these factors not only impacted the price trend of construction-related raw materials like GGBFS but also affected other commodities. Throughout the quarter, regional freight charges remained high, influencing the prices of several commodities, including construction raw materials, although GGBFS remained unaffected by this particular aspect. Supplies of GGBFS remained ample, and inflation played a significant role in driving the price trend for other construction-related commodities. In May 2023, Germany appeared to be heading towards a recession due to prolonged inflationary pressures on consumers, leading them to be cautious about investing in non-essential items such as luxury goods. Moreover, the Producer Price Index (PPI) fell from 138.3 to 136.3 during the April-May timeframe, indicating an overall market dullness across various industries.ss
For the Quarter Ending March 2023
North America
The prices of GGBFS remained unchanged at USD 57/MT FOB Texas (USA) in both February and March 2023, as traders did not raise their offers despite inflationary pressure. The market situation remained stable, with moderate supply and demand that marginally improved due to the country's recovery from prolonged inflationary pressure. No plant shutdowns were reported during this timeframe. The price trend was driven by inflation, but it eased down in the country, and the Federal Reserve hinted to stop raising interest rates further.
Asia
GGBFS prices in China remained stable at USD 51/MT Ex- Xinjiang in January, February, and March 2023 due to a stable market situation and low demand. In India, prices also remained unchanged in March 2023, after a recent price increment during early Q1 2023 due to moderate supply and moderate demand. In January 2023, GGBFS prices in India increased by 1.2% after destocking activity and marginal improvement in demand. The market situation was bullish, with moderate supply and moderate demand. In both countries, traders were trying to raise their offers in line with inflation.
Europe
In February 2023, GGBFS prices in the German market remained unchanged due to stable supply and demand. However, in the same month, prices rose by 3.6% due to high inflationary pressure despite slow demand. In January 2023, GGBFS prices remained unchanged in the balanced market with stable supply and low demand. Overall, traders had ample product availability in the market while demand remained slow from downstream buyers due to low economic activities and the looming threat of recession in Europe. Rising domestic freight charges were also a matter of concern for traders.
For the Quarter Ending December 2022
North America
A marginal hike in price trend has been observed during this October in the US market, bolstered by prolonged inflationary pressure and domestic transpiration hurdles due to a shortage of fuel. Domestic transportation hurdles due to diesel shortages have been bothering domestic players. Supplies for the product for regular buyers remained ample during this month, while other spot buyers remained limited. Demand from the downstream cement manufacturers remained unchanged throughout the quarter, while the rising fed rate was concerning for manufacturers, as it slowed consumption in the country. Furthermore, amidst stable demand, prices remained unchanged during the other two months do the quarter.
Asia
Marginal price revision has been observed for China during October in China owing to hurdles in domestic trade activities. Demand for the product remained low due to consistent dullness in the construction sector’s performance. Marginal hurdles in domestic trade activities opportune traders to revise their offers for the current market, while rising pandemic-related uncertainties also remained a major price-affecting factor. Demand for the product remained low in China since the pandemic has resurged in the country. On the other side, the Indian market also remained stable throughout the quarter, and no such price revision was observed in the country, despite better economic growth.
Europe
No price revision was observed during this quarter, as it fluctuated enough in the previous quarter. Demand-supply fundamentals remained stable and narrow enough to support this price trend in the country. A smooth flow of cargoes was observed for this quarter in the regional market of Europe, supported by no disturbances in domestic trade activities. However, rising domestic freight charges remained a matter of concern for importers. Demand remained slow from the domestic downstream GGBFS consumers due to slowing economic activities in the country. Furthermore, the looming threat of recession also affected the traders’ perspective on imports.
For the Quarter Ending September 2022
North America
The third quarter of 2022 saw a stable pricing trajectory for North American GGBFS due to ample stockpiles and poor downstream demand. According to the data, the Fed increased interest rates in an effort to reduce inflation, which ultimately caused a slowdown in the nation's economic activity. As a result of these frequent rate revisions, there has been a visible slowdown in economic activity, which also includes a lack of interest in the construction industry. Furthermore, the key players continued to be concerned about rising natural gas prices, which impacted production costs and ultimately put pressure on their profit margins. GGBFS price in the USA heard hovering around USD 55/MT during September 2022.
Asia
Due to accumulated stocks and weak demand from the domestic market, GGBFS prices in Asia remained unchanged during the third quarter of 2022. Despite the fact that India was preparing for its annual celebrations, stats show that economic output for the Indian market remained shockingly low throughout these three months due to low demand fundamentals in the construction industry. On the other hand, pandemic-related disturbances have been a long-term problem for the Chinese market, with the construction industry being one of the worst hits. As a result, the price of GGBFS decreased in China and stayed at about USD 49/MT in September 2022.
Europe
In the third quarter of 2022, fluctuating offtakes positively affected GGBFS pricing in the European market. According to the report, GGBFS prices continued to rise during the quarter despite weak fundamentals from the downstream construction sector and a stable supply across the nation. In order to maintain offtakes, convertors in Poland tried to offer discounts on their cargoes because of low demand and consistent production rates but could not succeed due to high energy values. GGBFS prices were therefore heard in Germany during September hanging around USD 56/MT.
For the Quarter Ending June 2022
North America
American market remained concerned with the consistent climb in raw material costs bolstered by high inflationary pressure on consumers and rising producer price indexes in the regional market, which were later exacerbated by high fuel costs. Due to a sharp increase in production costs, the markets of the USA GGBFS were greatly disturbed. Natural gas prices increased since the Russo-Ukrainian War heated up on the European market, while the USA felt the pressure of high demand and declining stockpiles of GGBFS during May 2022. The government has been concerned as a result of manufacturers starting to pass inflationary pressure on consumers, according to a trader located in Houston who spoke with ChemAnalyst.
Asia
ChemAnalyst’s market sources based in China revealed that, under the influence of disturbing trade activities across the domestic market, GGBFS (Ground Granulated Blast Furnace Slag) prices rose in the country, and mounting raw material prices intensified the overall dynamics. Hiccups in the construction sector highly influence the Chinese economy; although the worsening epidemic hurt the country, construction raw material prices rose effectively in the local market. In the meantime, Indian players reduced their offers for the domestic market to induce offtakes from niche buyers. However, talking with ChemAnalyst, Mumbai based trader, revealed that it was a temporary measure that had been taken to encourage domestic buying activities.
Europe
Assessment by ChemAnalyst shows a significant hike of around 4% in the price of GGBFS in Germany by the end of Q2 2022 due to moderate to stable domestic market demand and rising input costs for the product. However, the data show that this price increase was primarily caused by rising input costs due to ongoing market volatility, as prices fell by 2% in May 2022. According to the statistics issued by Federal Statistical Office Germany, the consumer price index reached an all-time high of 116.2 points in April 2022, mostly driven by rising Natural gas prices in the country. Nevertheless, it was predicted that the production index would increase at the end of May and June, but it decreased in the interim. As a result, after seeing a fall in May, the GGBFS price was estimated to be approximately USD 5 per MT in June 2022 in Germany.
For the Quarter Ending March 2022
North America
Ground-granulated blast-furnace slag (GGBFS) prices have remained nearly buoyant for this quarter on the back of rising energy feedstock prices. Prices have increased effectively this quarter due to firm demand from the downstream cement manufacturers. In North America, supply has been limited as the region's production has been sluggish and import amounts have been reduced due to high freight costs. Pricing offers for Si02 grade GGBFS have increased due to escalating downstream demand from the cement industry amid inadequate supplies from regional players. The price of GGBFS (SiO2– 35 percent) Ex-Texas was last assessed at USD 50/MT during February 2022. Moreover, ongoing conflict between Russia and Ukraine has been putting an upward pressure upon upstream values across the global market, hence exacerbating the inflationary pressure upon global key players. With the limited supply in the region, particularly in the United States, pricing levels are projected to continue to surge, implying that the market will remain tight.
Asia Pacific
In Asia, the Ground-granulated blast-furnace slag (GGBFS) market continued to exhibit upward price trajectory in Q1 2022 with a gain roughly about 2% (January-February) driven by the production halts, suspended operations on the account of Chinese New Year. The upstream Silica market was also under pressure from rising feedstock Crude Oil and energy prices since the beginning of Q1 of 2022. In addition, Russia’s invasion on Ukraine has disrupted the global market fundamentals, thereby, enhancing demand from downstream construction sector in the overseas market. The Chinese key players, post the holiday break, have witnessed increased enquiries for the product which led to the implementation of positive base price revisions across the region. The price discussions reached USD 46/MT for GGBFS (SiO2– 35%) Ex- Xinjiang in February 2022.
Europe
German market has seen an uprise for GGBFS and was recorded at USD 51/MT Ex- Hamburg in the month of February. The price rose due to rising demand from construction companies especially in developed economies like Germany, as they are preferring GGBFS to Portland cement due to its low carbon emission. The European union scheme to reduce the greenhouse gas emissions also contributed to the increased demand for GGBFS, since the Portland cement production kiln is a major producer of greenhouse gas emissions. Germany imports its upstream Silicate from Netherlands, and the production in Netherlands was suffering from shortage of feedstocks due to disrupted trading across Europe due to ongoing Russia-Ukraine war, escalated during February.
