Asia
In Q3’25, prices in Asia moved lower in the early part of the quarter and began to steady by September. Demand from key end-use sectors such as chemicals and metal processing remained weak, especially in July and August. Buyers delayed purchases due to falling prices and uncertain market direction. In China, oversupply and reduced industrial activity added pressure. Export volumes also stayed low, reflecting weaker interest from international markets.
Raw material trends contributed to the softness, as feedstock values were either flat or declined. By September, production cuts and slightly stronger cost pressures helped stabilize the market. Additionally, improvements in regional trade flows and relaxed restrictions in neighbouring countries lifted sentiment slightly. However, overall demand was still cautious, and recovery was limited.
Europe
In Europe, the market stayed subdued throughout the quarter. During July and August, seasonal slowdowns due to summer holidays caused many buyers to delay orders. Economic concerns also kept industrial activity muted, especially in sectors like coatings and aerospace, which are large consumers. Supply levels remained steady, but the lack of strong demand prevented any upward movement in pricing. By September, some stability returned, but overall conditions remained soft. Sellers held firm on offers to manage margins, but deals were mostly negotiated on a case-by-case basis. There were no major disruptions in logistics or production, so supply continued to outpace demand.
North America
In North America, prices followed a slow downward path during the quarter. Industrial consumption stayed soft, and downstream users showed little urgency in placing large orders. Strong production and steady availability of raw materials added to the pressure. Export activity remained active, but weaker global demand meant excess supply still lingered in the domestic market. Producers tried to manage volumes carefully, but price levels were affected by limited consumption and lack of strong seasonal demand. The market showed some signs of levelling out by September, but remained generally sluggish.