Boron Prices, Pricing, Demand & Supply
Boron Prices, Pricing, Demand & Supply
Moving into November, prices saw an uptick due to constrained supply and increased demand from paint coating and fertilizer sectors, driven by restricted imports and disruptions in the Panama Canal route.

North America

In the last quarter of 2023, the North American Boron market demonstrated a steady performance, influenced by several key factors affecting pricing dynamics. To begin with, in October, Boron prices in the US spot market experienced a decline attributed to reduced demand from the glass industry, which was linked to a slowdown in construction activities and economic uncertainties. The plastic industry surpassed the growth of the glass sector, resulting in a 1.8% decline in revenue for domestic glass industries over five years. The closure of furnaces by Owens-Illinois further impacted warehouse supplies. 

 

Moving into November, prices saw an uptick due to constrained supply and increased demand from paint coating and fertilizer sectors, driven by restricted imports and disruptions in the Panama Canal route. December witnessed a consistent pricing trend influenced by reduced demand during the winter season and disruptions in trade routes, including the Panama Canal and the Red Sea, attributed to drought and rebel attacks. 

Adverse weather conditions led to a decrease in demand from the downstream construction sector, while there was sustained demand from paint, coating, and glass manufacturing, contributing to stable prices. The global economic instability and cautious buying behavior also played a role in maintaining a stable Boron price trend in the US spot market.

Asia-Pacific

The fourth quarter of 2023 saw a declining price trend in the APAC region's Boron market. The market was influenced by several key factors. Firstly, in October, the cost of Boron in the Indian spot market increased due to heightened demand from the paint, coating, and glass manufacturing industries. The rising demand in the glass sector was driven by the potential establishment of India's first gorilla glass manufacturing facility through a joint venture between Optiemus and Corning Inc. However, in November, Boron prices experienced a decline as demand decreased locally and globally. Increased production in Indian mills led to higher inventory levels, while disruptions in the Panama Canal and trade issues in the Red Sea negatively impacted export activities. Economic uncertainties, decreasing raw material prices, and the approaching winter and holiday season prompted buyers to adopt a cautious stance, reducing large orders. The oversupply in the Indian spot market persisted due to decreased consumption, trade disruptions, and adverse winter conditions, affecting downstream construction, automotive, paper, pulp, and glass manufacturing industries. Consumer concerns about rebel attacks in the Red Sea further contributed to a subtle decline in various sectors of the Indian market. The price of Natural Boron Ore CFR JNPT in India at the end of the quarter stood at USD 568/MT.

 

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Europe

In the fourth quarter of 2023, the European Boron market experienced a notable decline in prices and market dynamics. Firstly, The Boron market in Spain is facing challenges with declining prices attributed to weakened demand from domestic and international downstream industries. Construction activity remained stable in October, but the glass industry slowed down due to market instability caused by federal interest rate hikes. The Glass Alliance Europe's commitment to EU decarbonization raised hopes for increased Boron consumption in Spain. In November, Boron prices further declined as demand decreased from both local and overseas industries. Increased production in Spain contributed to higher inventory levels. Economic uncertainties, falling raw material prices, and the approaching winter and holiday season led buyers to adopt a cautious stance, refraining from large orders. Surplus supply resulted from reduced consumption by local and international industries. Disruptions in Red Sea trade and attacks by the Houthi Rebel group affected export activities and increased freight costs. Severe winter conditions in Spain, coupled with global shifts towards electric vehicles, contributed to a modest decline in downstream sectors, including automotive, paper and pulp, paint, and glass manufacturing industries in the Spanish market. Consumer concerns about rebel attacks in the Red Sea further dampened order placements. The quarter ended with the latest price of USD 545/MT of Natural Boron Ore FOB Barcelona in Spain.

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