For the Quarter Ending March 2026
GGBFS Prices in APAC
- In Vietnam, the GGBFS Price Index rose by 6.43% quarter-over-quarter, driven by tighter import availability.
- The average GGBFS price for the quarter was approximately USD 60.67/MT, reflecting steady procurement by infrastructure projects.
- GGBFS Spot Price strengthened on reduced Japanese and Korean export volumes, pressuring ex-warehouse offers upward.
- GGBFS Price Forecast indicates modest further gains in April as seaborne offers remain elevated and inventories tighten.
- GGBFS Production Cost Trend remained stable domestically due to low electricity tariffs, limiting local milling cost inflation.
- GGBFS Demand Outlook stays firm with mandatory clinker substitution and public infrastructure disbursements supporting baseline offtake.
- GGBFS Price Index volatility increased as higher origin FOB offers and freight premiums elevated landed cost parity.
- Limited inventories at Hanoi grinding plants and steady export flows to Cambodia sustained seller discipline and upward pricing.
Why did the price of GGBFS change in March 2026 in APAC?
- Reduced imports from Japan and Korea tightened supply, lifting CIF and ex-Hanoi quotations in March 2026.
- Higher origin FOB offers and increased bunker and insurance costs pushed landed costs higher across North Asia-Vietnam trade.
- Sustained public infrastructure procurement and mandatory 15% clinker substitution maintained strong demand, preventing price correction in March.
GGBFS Prices in Europe
- In Germany, the GGBFS Price Index rose by 8.06% quarter-over-quarter, driven by tighter supply and higher grinding costs.
- The average GGBFS price for the quarter was approximately USD 67.00/MT, supported by port buying and stable orders.
- GGBFS Spot Price hardened at Hamburg as terminal inventories tightened and import arrival schedules remained delayed further.
- GGBFS Price Forecast stays constructive near term given maintenance outages and persistent high electricity-driven conversion costs ongoing.
- GGBFS Production Cost Trend reflected elevated power tariffs and Rhine logistics surcharges, lifting conversion and landed costs.
- GGBFS Demand Outlook remains firm as low-clinker procurement mandates and infrastructure projects sustain steady industrial offtake volumes.
- GGBFS Price Index strength was supported by two-week terminal cover and exporters prioritising domestic German netbacks thereby.
- Major grinding maintenance and selected mill idlings tightened prompt availability, reinforcing sellers pricing power in Hamburg ports.
Why did the price of GGBFS change in March 2026 in Europe?
- Maintenance at a major grinder removed merchant capacity, directly tightening supply and elevating prompt market premiums.
- High wholesale electricity tariffs increased grinding conversion costs, enabling producers to pass through higher landed charges.
- Rhine and Hamburg logistics surcharges plus import frictions raised landed costs and limited incremental pre-ground arrivals.
GGBFS Prices in North America
- In USA, the GGBFS Price Index rose by 8.28% quarter-over-quarter, driven by tight slag supply.
- The average GGBFS price for the quarter was approximately USD 56.67/MT, delivered to Houston terminals.
- GGBFS Spot Price tightened as terminal stocks fell, lifting Price Index and shortening negotiation windows.
- GGBFS Price Forecast revised upward as Production Cost Trend flat while freight and insurance rose.
- GGBFS Demand Outlook stayed firm with infrastructure projects sustaining offtake, preventing winter Price Index decline.
- Thin merchant inventories and port handling delays reduced export availability, increasing lead times and urgency.
- Limited blast-furnace operations constrained granulate supply, prompting grinding plants to rely more heavily on imports.
- Stable electricity and diesel costs limited inflation, yet higher freight and insurance sustained upward momentum.
Why did the price of GGBFS change in March 2026 in North America?
- Constrained domestic blast-furnace slag output reduced feedstock availability, tightening supplies ahead of spring construction demand.
- Port labour shortages and delayed discharge increased lead times, reducing spot availability and pressuring deliveries.
- Higher freight and insurance and import delays raised inbound costs, sustaining upward pressure on prices.
For the Quarter Ending December 2025
GGBFS Prices in 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.
GGBFS Prices in 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.
GGBFS Prices in 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.
