Copper smelters are relying on by-product sulfuric acid revenues to offset losses from negative concentrate treatment charges. Strong acid prices are supporting smelter profitability, with prices remaining elevated. The trend underscores the key role of sulfuric acid in smelter economics and suggests continued price strength.
Korea's FTC fined Daesang, Sajo CPK, Samyang, and CJ CheilJedang a record 747.6 billion won for fixing starch and starch sugar prices from 2018-2025. The companies must reset prices to pre-collusion levels, which is expected to lower costs for food and manufacturing industries.
HMF is a bio-based platform chemical produced through the acid-catalyzed dehydration of hexose sugars such as glucose and fructose, tying its pricing closely to sugar and corn syrup feedstock dynamics. It is used in food and beverage processing as a flavoring agent, in specialty chemical and pharmaceutical formulations, and increasingly as an intermediate for biopolymer synthesis.
Through H1 2026, HMF prices remained broadly range-bound, supported by stable feedstock availability but tempered by cautious downstream purchasing. Glucose and corn syrup procurement was orderly through Q1, with adequate inventories at starch processors capping production costs. In Asia, moderate demand from liquid sugar processors and pharmaceutical intermediaries sustained baseline activity, though buyers largely avoided building inventories. Europe's cautious industrial environment kept purchasing measured, while North American dynamics mirrored these themes. Entering Q2, sentiment showed tentative firming as Asian producers registered improved export inquiries.
Analyst Insight
According to Procurement Resource, HMF prices should stay stable to mildly firm, contingent on glucose supply and biopolymer demand growth.
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Asia
In Asia, HMF prices were mostly stable during Q4’25. Demand from the food and beverage industries grew slightly, especially in China, where liquid sugar consumption increased. However, regulatory changes on sugar imports and processing created some uncertainty for producers. Supply of raw materials such as glucose and corn syrup remained adequate, and local manufacturers kept inventories steady to avoid shocks. Overall, Asian HMF prices moved within a narrow range, supported by balanced supply and moderate demand.
Europe
HMF prices in Europe remained relatively firm but cautious in the last quarter of 2025. Downstream industries like specialty chemicals, food additives, and pharmaceuticals were buying at a steady pace, limiting strong price movements. Supply chains were largely stable, although import dependency on Asian sugar and corn products meant any disruption abroad could influence costs. Despite this, European producers maintained steady offers, and inventories were sufficient to meet current demand, keeping HMF prices consistent.
North America
In North America, HMF prices stayed flat through Q4’25. Domestic production of sugar and corn derivatives was sufficient, and soft demand from industrial users prevented significant price increases. Import volumes of sugar and corn syrup were also stable, helping producers manage costs effectively. Even with some global supply uncertainties, U.S. buyers and manufacturers managed inventories cautiously, which kept prices within a narrow range.
HMF is a highly soluble whitish-yellow solid formed by the dehydration of reducing sugars. It consists of a furan ring substituted at 2 and 5 positions by formyl and hydroxymethyl groups, respectively. It is often produced by sugar-containing food while in storage, especially while cooking. The food industry mainly uses it as a flavor-enhancing agent, and it can act as a carbon-neutral feedstock or produce other chemical compounds.
C6H6O3
5-(Hydroxymethyl)furan-2-carbaldehyde, HMF, 5-(Hydroxymethyl)-2-furaldehyde, 5-(Hydroxymethyl)furfural, Industrial Uses:, Flavoring Agent, Additives, Biomarker, Chemical Feedstock
AVA Biochem, Robinson Brothers, Nowa Pharmaceuticals Co. Ltd., Merck, Zhejiang Sugar Energy Technology Co. Ltd.
CurrencyUS$ (Data can also be provided in local currency)
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The glucose present in the undergoes acid-catalyzed poly-dehydration in the presence of sulfuric acid to produce HMF. The HMF yields using the classical route used to be relatively low as the HMF produced reacted with the unreacted acid to form levulinic acid. However, new techniques using ionic liquids and continuous liquid-liquid extraction help to remove the HMF before it reacts further, thereby increasing the reaction yields.
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