- Fly ash prices remained firm to slightly rising across regions, with tight supply in Europe and Asia offsetting moderate demand conditions
- Reduced coal-fired power generation limited fresh ash output, tightening upstream availability despite stable coal inventories in parts of North America
- Cement and infrastructure demand supported consumption, though uneven construction activity, especially in China, capped sharper price increases
Fly ash prices in Q1’26 showed a firm trend globally, largely driven by constrained supply rather than strong demand expansion. The prices were about RMB 0.07/kg FOB in January to RMB 0.18/kg FOB in February in China. Declining coal-based power generation in China and India reduced ash availability, while India’s utilisation rate reached about 96%, leaving limited surplus volumes for open market supply, which pushed prices upward. However, weak construction activity in China moderated demand-side pull. In Europe, the continued decline in thermal coal imports, projected to fall by 15–20% in EU15 during 2026, significantly reduced fly ash generation, tightening supply and supporting prices despite only a modest recovery in cement demand. In North America, relatively stable coal inventories and muted coal market activity kept fly ash supply steady, though structural coal plant retirements and reliance on beneficiated landfill ash increased supply costs, lending mild price support. Downstream demand from cement and concrete sectors remained stable across regions, preventing price declines.
