For the Quarter Ending December 2025
North America
• In the USA, the Hydrochloric Acid Price Index fell by 3.59% quarter-over-quarter, reflecting abundant domestic supply.
• The average Hydrochloric Acid price for the quarter was approximately USD 250.67/MT amid tight December availability.
• Hydrochloric Acid spot prices weakened as delayed European cargoes eventually arrived, restoring supply and easing earlier logistical tightness.
• The Hydrochloric Acid price outlook remained subdued, as expectations of demand recovery were capped by slowing industrial activity despite pockets of oilfield consumption.
• Hydrochloric Acid production costs stayed stable, with liquid chlorine prices largely unchanged, limiting any cost-push support to prices.
• Hydrochloric Acid demand showed mixed signals, with marginal support from shale drilling outweighed by softer downstream industrial and pickling demand.
• Rising inventories exerted downward pressure on the Hydrochloric Acid price index, as adequate stock availability reduced urgency in spot procurement.
• The absence of unplanned domestic outages maintained steady supply, while upcoming chlor-alkali shutdowns were not immediate enough to offset near-term oversupply concerns.
• Competitive imports from Canada and Germany continued to pressure domestic sellers, increasing supply options and reinforcing the declining price trend despite temporary delivery delays.
Why did the price of Hydrochloric Acid change in December 2025 in North America?
• End-use demand failed to provide sustained support, as weaker manufacturing activity and seasonal slowdown outweighed stable oilfield consumption and routine steel pickling requirements.
• Logistical delays and elevated rail dwell times mainly deferred deliveries rather than removing volumes, resulting in uneven distribution but no structural supply shortage, which restrained spot price momentum and pressured prices lower.
APAC
• In Japan, the Hydrochloric Acid Price Index rose by 1.22% quarter-over-quarter, reflecting export-driven tightness locally.
• The average Hydrochloric Acid price for the quarter was approximately USD 138.67/MT, measured in Tokyo.
• Hydrochloric Acid Spot Price tightened as export nominations absorbed incremental volumes, limiting domestic cargo availability.
• Hydrochloric Acid Production Cost Trend rose due to seasonal electricity tariffs and chlorine feedstock expenses.
• Hydrochloric Acid Demand Outlook remains mixed with weak steel pickling yet stronger semiconductor export enquiries.
• Hydrochloric Acid Price Index movements were moderated by balanced imports, supplier allocations and patchy inventories.
• Export demand and improved port operations supported CFR arbitrage, enabling sellers maintain disciplined spot pricing.
• Hydrochloric Acid Price Forecast shows modest upside as maintenance outages and regional buying support gains.
Why did the price of Hydrochloric Acid change in December 2025 in APAC?
• Maintenance shutdowns removed capacity late December, tightening immediate supply and elevating competitive export nominations Asia.
• Elevated winter energy charges increased production costs, pressuring margins and prompting pricing pass-through by producers.
Europe
• In France, the Hydrochloric Acid Price Index fell by 2.53% quarter-over-quarter, reflecting defensive seller pricing.
• The average Hydrochloric Acid price for the quarter was approximately USD 205.67/MT, per market calculations.
• Hydrochloric Acid spot prices lost momentum, as inventory accumulation and increased by-product imports offset temporary logistics-related tightness.
• The price forecast remains cautious, with only limited recovery expected early next year despite seasonal demand support.
• Production cost pressures were insufficient to lift prices, as higher electricity levies and import landing costs were largely absorbed by suppliers.
• The demand outlook stayed mixed, with steady niche consumption unable to compensate for weak steel-sector pickling demand, weighing on the Price Index.
• Ample inventories and rising by-product availability capped spot price volatility and restrained upward movement despite regional disruptions.
• Terminal congestion and inland waterway constraints proved short-lived, easing toward month-end and limiting sustained price support.
Why did the price of Hydrochloric Acid change in December 2025 in Europe?
• Logistics disruptions and terminal congestion had only temporary effects, with alternative sourcing and inventory buffers preventing sustained supply tightness.
• Year-end maintenance and water-treatment or pickling demand led to limited advance buying, but volumes were largely contract-based and insufficient to sustain price increases.
MEA
• In Saudi Arabia, the Hydrochloric Acid Price Index rose by 1.18% quarter-over-quarter, supported by demand.
• The average Hydrochloric Acid price for the quarter was approximately USD 114.00/MT, reflecting ex-plant trades.
• Hydrochloric Acid spot prices held firm, supported by constrained export container availability despite ample merchant supply.
• The price forecast points to limited downside followed by gradual recovery, as delayed industrial and construction projects resume.
• Production cost trends remained stable, with subsidised gas and unchanged electricity tariffs allowing producers to defend price levels.
• Demand outlook stayed constructive, led by steel pickling, ongoing construction activity, and oilfield acidising requirements.
• Price Index stability reflected disciplined supply management, balanced inventories, and steady plant operations.
• Port productivity losses and elevated freight costs curtailed export flows, tightening local availability and reinforcing upward price support.
Why did the price of Hydrochloric Acid change in December 2025 in MEA?
• Rising inquiry from the overseas markets amid tight supply conditions, supported the prices to surge.
• Stable chlor-alkali operating rates combined with steady downstream offtake helped absorb supply, preventing inventory overhang and sustaining price momentum.
South America
• In Brazil, the Hydrochloric Acid Price Index fell by 1.45% quarter-over-quarter, reflecting subdued industrial demand.
• The average Hydrochloric Acid price for the quarter was approximately USD 408.67/MT. Reflecting balanced supply.
• Hydrochloric Acid spot prices softened, as elevated terminal inventories and stable feedstock reduced production cost pressures despite limited downstream activity.
• Imports from the US and Belgium met ongoing demand, keeping spot prices and premiums contained.
• Port congestion and hazardous cargo restrictions had only temporary effects, with deliveries normalizing and limiting sustained price support.
• Seasonal stocking by fertilizer blenders and alumina refineries offered only moderate demand, insufficient to offset overall softening market sentiment.
• Producers maintained defensive offers, and coastal inventories remained comfortable, reflecting muted production cost pressures.
• Short-term price forecasts indicate limited upside, with local inventory corrections tempering any potential gains.
Why did the price of Hydrochloric Acid change in December 2025 in Brazil?
• Seasonal restocking provided only temporary support, as overall prompt availability across coastal hubs remained sufficient, preventing sustained price gains.
• Eased liquid chlorine feedstock costs lowered marginal production costs, and weak manufacturing demand further restrained upward momentum, keeping prices under pressure.
For the Quarter Ending September 2025
North America
• In the USA, the Hydrochloric Acid Price Index fell by 3.71% quarter-over-quarter.
• The average Hydrochloric Acid price for the quarter was approximately USD 337.67/MT and regionally stable.
• Hydrochloric Acid Spot Price remained pressured by imports and elevated inventories across USGC distribution hubs.
• Hydrochloric Acid Price Forecast indicates seasonal gains offset by persistent inventory cushions limiting near-term upside.
• Hydrochloric Acid Production Cost Trend benefited from lower liquid chlorine feedstock costs, supporting producer margins.
• Hydrochloric Acid Demand Outlook remains muted, constrained by weak steel and construction activity.
• Operational outages were limited, supporting flow, while logistics delays intermittently affected Hydrochloric Acid delivery times.
Why did the price of Hydrochloric Acid change in September 2025 in North America?
• Resilient domestic supply and healthy inventories despite plant maintenance and import flows.
• Limited downstream demand from steel and construction sectors applied downward pressure on regional HCl prices.
• Lower liquid chlorine feedstock prices modestly eased production costs.
APAC
• In Japan, the Hydrochloric Acid Price Index fell by 8.46% quarter-over-quarter, driven by demand weakness.
• The average Hydrochloric Acid price for the quarter was approximately USD 137.00/MT, reflecting stable flows.
• Hydrochloric Acid Spot Price volatility eased as port congestion declined, while seasonal storms sustained premiums.
• Hydrochloric Acid Production Cost Trend rose as higher liquid chlorine feedstock prices.
• Hydrochloric Acid Demand Outlook weak as subdued steel and construction consumption amid significant US tariff.
• Hydrochloric Acid Price Forecast suggests constrained upside, maintenance-driven tightness offset by high inventories limiting rallies.
Why did the price of Hydrochloric Acid change in September 2025 APAC?
• High inventories and subdued downstream steel demand exerted downward pressure on domestic HCl Price Index.
• Weather-related port closures and inter-Asia freight increased logistics costs, accumulated inventory and increasing supply.
Europe
• In France, the Hydrochloric Acid Price Index rose by 2.76% quarter-over-quarter, driven by tighter supply.
• The average Hydrochloric Acid price for the quarter was approximately USD 211.00/MT CFR Le Havre.
• Hydrochloric Acid Spot Price held firm amid port congestion, propping up Hydrochloric Acid Price Index.
• Hydrochloric Acid Price Forecast points to modest upside as constrained supply and distribution costs increase.
• Hydrochloric Acid Production Cost Trend remained subdued as stable energy prices offset feedstock cost variations.
• Hydrochloric Acid Demand Outlook steady due to water-treatment and chemical offtake, while steel demand lags.
• Inventory draws and redirected exports moderated short-term swings, influencing the Hydrochloric Acid Price Index movement.
• Major chlor-alkali plants operated stably but intermittent rail and port disruptions affected Hydrochloric Acid flows.
Why did the price of Hydrochloric Acid change in September 2025 in Europe?
• Limited chlor-alkali output tightened regional supply, particularly affecting France, reducing available cargoes and firming prices.
• Port strikes and rail congestion caused significant delays, raising distribution costs and constraining short-term availability.
MEA
• In Saudi Arabia, the Hydrochloric Acid Price Index rose by 4.64% quarter-over-quarter, boosting industrial purchasing.
• The average Hydrochloric Acid price for the quarter was approximately USD 112.67/MT, reflecting steady demand.
• Logistics bottlenecks and higher freight rates worsened availability, influencing Hydrochloric Acid Production Cost Trend significantly.
• Downstream restocking from steel and construction strengthened Hydrochloric Acid Demand Outlook and tightened immediate supply.
• Localized inventory draws and customs delays lifted spot premiums, elevating Hydrochloric Acid Spot Price briefly.
• Export orders from the GCC added demand pressure, informing Hydrochloric Acid Price Forecast near-term expectations.
• Rising input costs sustained upward pressure on Hydrochloric Acid Price Index.
• Participants signalled disciplined selling ahead of year end, seasonal cycles moderating Hydrochloric Acid Price Forecasts.
Why did the price of Hydrochloric Acid change in September 2025 in MEA?
• Elevated domestic demand from steel and construction increased offtake, tightening supply and lifting Price Index.
• Higher shipping costs and customs delays increased logistics expenses, pushing Hydrochloric Acid Production Cost Trend.
South America
• In Brazil, the Hydrochloric Acid Price Index fell by 4.09% quarter-over-quarter.
• The average Hydrochloric Acid price for the quarter was approximately USD 414.67/MT, per DDP Cubatão.
• Hydrochloric Acid Spot Price softened as customs strikes and weak demand across downstream steel segment.
• Hydrochloric Acid Price Forecast shows modest gains as replenishment and seasonal buying increase near-term demand.
• Hydrochloric Acid Production Cost Trend remained steady as liquid chlorine feedstock prices held firm recently.
• Hydrochloric Acid Demand Outlook stays muted with weak steel and automotive procurement suppressing industrial offtake.
• Major producers-maintained operations with no significant outages, supporting supply stability despite logistical headwinds recently.
Why did the price of Hydrochloric Acid change in September 2025 in South America?
• Weak steel and automotive procurement reduced offtake, pressuring Hydrochloric Acid Price Index, limiting spot recovery.
• Insufficient cost pressure from feedstock kept production costs weak, reducing upward pressure on Hydrochloric Acid pricing.
For the Quarter Ending June 2025
North America
• The Hydrochloric Acid (HCl) spot price in North America declined by 3.8% quarter-over-quarter in Q2 2025, settling in the U.S. market at USD 350/MT DEL USGC by the end of June.
• Moderate supply levels and weak upstream cost support—due to declining liquid chlorine prices—contributed to a subdued pricing environment.
• Temporary maintenance shutdowns at U.S. facilities and flooding-related disruptions in Mexico were offset by adequate inventories, ensuring consistent material availability.
• Downstream demand from the steel and automotive sectors remained stable, coupled with steady consumption from the downstream market.
• Tariff-related uncertainty and conservative procurement behavior among buyers limited bulk transactions, keeping HCl consumption moderate across end-use industries.
Why did the price of Hydrochloric Acid change in July 2025 in the North American region?
• In July 2025, the Hydrochloric Acid Price Index in North America showed upward movement, driven by increased demand from pre-hurricane season stockpiling activities across the region.
• The Hydrochloric Acid Supply Chain Outlook reflected concerns over potential weather disruptions.
• The Hydrochloric Acid Price Forecast indicates continued firmness in the near term, supported by precautionary buying behavior and potential logistical challenges.
APAC
• The Hydrochloric Acid (HCl) spot price in APAC fluctuated throughout Q2 2025, with Indonesia closing the quarter at USD 228/MT CFR Jakarta, reflecting a net quarterly increase of 0.88%.
• In Indonesia, prices declined by 2.16% in April and 1.33% in May due to weak feedstock liquid chlorine values, stable imports from Japan, and sluggish demand, before rebounding by 2.24% in June on cost-driven price hikes and logistical disruptions.
• Supply across the region remained adequate, supported by steady production and import flows, although regional shutdowns in Japan and China, along with Tropical Storm Wutip in June, briefly strained availability.
• Port congestion worsened due to strikes in Japan, container shortages stemming from the US–China tariff reprieve, and severe weather events, especially impacting intra-Asia trade lanes.
• Demand in Indonesia remained subdued in April and May amid weak steel output and plunging car sales but saw modest recovery in June, aided by improving automotive sector fundamentals.
Why did the price of Hydrochloric Acid change in July 2025 in the APAC region?
• In July 2025, the Hydrochloric Acid Price Index in the APAC region experienced upward momentum, supported by improving demand from downstream sectors following the conclusion of the 90-day tariff mute period.
• The Hydrochloric Acid Production Cost Trend remained elevated, with rising input costs contributing to sustained pricing pressure.
• The Hydrochloric Acid Price Forecast points to a bullish outlook in the near term, driven by recovering demand and continued cost-side support.
Europe
• The Hydrochloric Acid (HCl) spot price in Europe, specifically in the German market, rose by 2.35% quarter-over-quarter in Q2 2025, settling at USD 174/MT FOB Hamburg in June.
• In Germany, prices climbed by 3.66% in April and 2.35% in May amid persistent port congestion, constrained chlor-alkali production, and unfavorable currency dynamics, before stabilizing in June due to improved supply and steady downstream demand.
• Supply remained moderately tight through much of the quarter, as Eurochlor reported declining European chlorine production, with outages, strikes, and low Rhine water levels affecting logistics across Northern Europe.
• June saw logistical relief in Germany, despite regional spillover effects from a national strike in Belgium, which disrupted operations at key ports like Antwerp and Rotterdam.
• Demand remained consistent throughout the water treatment and steel sectors, though automotive and construction activity stayed weak; sentiment improved slightly in June, supported by gradual recovery signals in housing and industrial activity.
Why did the price of Hydrochloric Acid change in July 2025 in the European region?
• In July 2025, the Hydrochloric Acid Price Index in the European region saw upward movement, supported by increased industrial activity during the summer season that lifted demand levels.
• The Hydrochloric Acid Distribution Cost Trend showed a rise due to escalating transportation expenses, contributing to higher overall market prices.
• The Hydrochloric Acid Price Forecast indicates a moderately bullish outlook, driven by seasonal industrial demand and sustained logistics-related cost pressure.
MEA
• The Hydrochloric Acid (HCl) spot price in the Middle East and Africa (MEA), specifically in the UAE market, rose by 4.95% quarter-over-quarter in Q2 2025, reaching USD 127/MT CFR Jebel Ali by June.
• In the UAE, prices edged up by 0.83% in April amid tight inventories and disrupted imports; May saw a sharper 3.31% surge due to festive demand, infrastructure growth, and firmer Saudi import prices; in June, prices rose a further 1.60%, supported by elevated freight rates and resilient downstream demand.
• Supply remained moderately tight throughout the quarter, with steady domestic production and consistent imports, despite regional logistics disruptions caused by the Red Sea crisis and the Iran-Israel conflict impacting maritime corridors.
• Logistics operations in the UAE remained largely stable, especially at Jebel Ali Port, though increased shipment costs and risk premiums added upward pressure on landed costs, particularly in June.
• Demand remained firm, driven by seasonal sanitation and water treatment needs, strong real estate and infrastructure activity in Dubai, and growing steel production following anti-dumping duties on imported steel tubes in Saudi Arabia.
Why did the price of Hydrochloric Acid change in July 2025 in the MEA region?
• In July 2025, the Hydrochloric Acid Price Index in the MEA region strengthened, supported by strong downstream restocking activity amid ongoing regional supply constraints.
• The Hydrochloric Acid Supply Trend was impacted by post-Hajj supply restrictions and elevated consumption during the pilgrimage period, reducing overall product availability.
• The Hydrochloric Acid Price Forecast suggests continued firmness, driven by supply-side limitations and sustained demand from key end-use sectors.
South America
• The Hydrochloric Acid (HCl) spot price in South America declined by 1.07% in Q2 2025, with Brazil settling at USD 431/MT DDP Cubatão by the end of June.
• Ample inventory levels and reduced production costs supported robust supply, while port congestion and customs officer strike in Brazil created intermittent logistical disruptions.
• Feedstock Liquid Chlorine prices remained largely stable throughout the quarter, limiting cost-push pressure despite slight downturn in domestic manufacturing.
• Demand from the steel and automotive sectors remained moderate, constrained by declining vehicle output and weaker wire rod exports.
• Stable construction activity and steady crude steel production partially supported HCl consumption, though overall market momentum remained subdued.
Why did the price of Hydrochloric Acid change in July 2025 in the South American region?
• In July 2025, the Hydrochloric Acid Price Index in the South American region moved upward, supported by a rise in new orders during the peak seasonal demand period.
• The Hydrochloric Acid Production Cost Trend reflected increased pressure from higher feedstock prices, contributing to elevated manufacturing costs.
• The Hydrochloric Acid Price Forecast suggests continued upward momentum, driven by strong demand fundamentals and sustained cost-side support.
For the Quarter Ending March 2025
North America
The hydrochloric acid (HCl) market in North America displayed a strong bullish trend in Q1 2025, driven by a combination of tight supply conditions and consistent demand. In January, supply constraints, worsened by manufacturing slowdowns, trade tariff concerns, and weather-related shutdowns at major production facilities, led to significant price increases. Despite mixed construction sector performance, steady demand from the steel manufacturing industry provided further support for higher prices.
The upward momentum continued in February, with supply-side disruptions intensifying due to force majeure events at key producers like Vestolit and Olin Corporation. Despite the ongoing challenges, the manufacturing sector-maintained growth, and strong demand from the steel industry, particularly in motor vehicle and parts production, contributed to the price rally.
By March, HCl prices remained high, supported by continued supply limitations, rising chemical producer prices, and a resilient demand base from sectors like steel and municipal utilities. The combination of constrained domestic supply, limited imports, and global trade uncertainties further reinforced the price surge. Overall, the first quarter experienced consistent upward pressure on HCl prices, with the U.S. market witnessing a 12.8% increase during this period.
Europe
In Q1 2025, the Hydrochloric Acid (HCl) market in Europe experienced a generally bullish trend, especially in March. January and February saw stable prices due to tight supply and subdued demand, while March witnessed a notable price increase driven by improved demand and ongoing disruptions in supply chains. In January, prices remained steady as European demand for HCl was limited, primarily due to weak consumption in the steel sector, impacted by high energy costs and increased competition from low-cost imports. Supply conditions remained tight in Northwest Europe, influenced by a strike at Vencorex’s Pont de Claix facility in France and reduced chlor-alkali production in late 2024. Despite the end of the strike, supply improvements were minimal, contributing to market tightness. In February, prices held steady as the supply situation remained manageable, although port congestion in major European hubs like Hamburg and Bremerhaven caused logistical delays, affecting cargo movements. Demand remained subdued, particularly from the steel sector, which continued to face weak domestic consumption. By March, however, the market turned bullish. The European Union's new trade protection measures on steel imports from overseas reduced competition and boosted local production, increasing the demand for HCl. Additionally, logistical issues persisted, with severe congestion at Northern European ports further constraining supply and supporting higher prices. By Quarter's end, prices were higher, price in Germany reached at USD 164/MT FOB Hamburg, reflecting the strengthened demand for locally produced HCl.
APAC
In Q1 2025, Hydrochloric Acid (HCl) prices in the APAC region experienced a bullish trend, driven by supply constraints and sustained demand across key sectors. In January, prices rose significantly due to limited imports, as availability was tight, pushing procurement costs higher. Demand from the steel and automotive sectors supported this price surge, driven by increased steel production and growth in automotive sales. By February, prices stabilized as supply remained moderate and inventories ample, with procurement activity slowing amidst cautious buying sentiment. However, the global recovery in steel production and economic resurgence in key markets maintained a balanced market environment. In March, prices increased once again, fueled by continued supply tightness. Limited inventory, a reduction in overseas imports, and logistical delays, including port congestion and a maintenance shutdown at a major facility, further tightened supply chains. Despite these challenges, demand remained robust, particularly from the automotive and steel industries, ensuring steady consumption of HCl. In the APAC region, the South Korean market experienced notable fluctuations, with prices increasing by 5.6% during the quarter, reaching USD 196/MT CFR Seoul.
South America
In Q1 2025, hydrochloric acid (HCl) prices in South America demonstrated a bullish trend, with consistent increases across January, February, and March. In January, tight supply conditions, exacerbated by North American market challenges, drove prices up. The slowdown in Canada's manufacturing sector, coupled with trade uncertainties and looming U.S. tariffs, added pressure to the supply chain. Meanwhile, steady demand from the steel sector, bolstered by a rise in crude steel production, supported the price surge. February saw further upward momentum, with supply constraints tightening due to disruptions in North America, and logistical bottlenecks at major ports in Latin America. The market was further impacted by force majeure declarations and increased production costs. Despite uncertainties in the steel sector, steady demand from food and pharmaceutical industries provided support. In March, a significant price hike was observed, as logistical disruptions continued to strain supply chains. Strong growth in the steel sector, fueled by increased production and exports, ensured robust demand for HCl. Despite slower manufacturing growth due to high interest rates and currency depreciation, HCl prices rose sharply as supply remained constrained.
MEA
In Q1 2025, the Hydrochloric Acid (HCl) market in the MEA region experienced a consistent bullish price trend, with prices rising each month due to various supply and demand factors. In January, prices increased significantly, driven by pre-Ramadan stocking activities and heightened industrial demand, particularly from the steel sector. Although maintenance shutdowns had limited supply in the prior month, stable domestic production and robust steel output in helped maintain market this price trend. In February, prices continued to rise due to constrained supply, further exacerbated by manufacturers adjusting operations for Ramadan, which led to reduced production and logistical challenges. Strong demand, particularly from both domestic and export markets, kept procurement high. By March, HCl prices rose again, propelled by seasonal production slowdowns during Ramadan and Eid, combined with continued strong demand from both domestic steel production and seasonal consumption. Despite some production declines, the industrial and steel sectors remained steady, supporting price stability. In the MEA region, the Saudi Arabian market saw significant fluctuations, with prices rising by 8.5% over the quarter, reaching USD 105/MT Ex-Riyadh by the end of the period.
