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JapanQ1 2025:
In the first quarter of 2025, the Ground granulated blast-furnace slag (GGBS) market began to show signs of recovery, with GGBS prices rising by around 10% quarter-over-quarter to reach USD 9.46 /MT FOB Kobe, Japan. This rebound was fuelled by pre-summer inventory rebuilding in Vietnam and India, coupled with a 12% QoQ surge in coking coal prices that elevated steel production costs. Japanese steelmakers’ strategic shift toward prioritizing steel production over slag processing created tighter market conditions, providing additional support for the price increase.
Q4 2024:
The final quarter of 2024 saw GGBS prices stabilize at USD 8.63/MT FOB Kobe Japan, demonstrating negligible QoQ variation. This equilibrium resulted from Japanese mills’ strategic inventory management through year-end clearances, while domestic infrastructure stimulus measures helped counterbalance weaker demand from ASEAN markets. Steel production levels remained consistent at approximately 7.2 million metric tons per quarter, ensuring stable slag output without creating significant market imbalances.
Q3 2024:
GGBS Prices declined by a further 14% QoQ to USD 8.6/MT FOB Kobe Japan during the third quarter. This reduction reflected the characteristic seasonal slowdown in construction activity across Southeast Asia due to monsoon conditions, which typically reduces regional demand by 20–25%. The price decline was further compounded by a 7% reduction in clinker prices, diminishing the economic advantage of GGBS for cement blending applications. The Japanese yen’s depreciation, which lost 5% of its value against the US dollar during this period, placed additional pressure on exporter margins, limiting any potential for price recovery.
Q2 2024:
The second quarter witnessed a decline in GGBS prices to USD10/MT FOB Kobe Japan. This correction was largely attributable to weakening Chinese demand resulting from the ongoing property sector crisis, which significantly reduced Import volumes. This correction was largely attributable to weaken Chinese demand resulting from the ongoing property sector crisis, which significantly reduced import volumes. Additionally, the emergence of competitively priced Indonesian GGBS price offerings in the USD 9/MT range intensified market competition. The stabilization of global freight rates following Q1 disruptions further facilitated this downward price adjustment by reducing transportation cost pressures.
Q1 2024:
GGBS prices experienced a significant 23% quarter-on-quarter (QoQ) increase in Q1 2024, reaching USD12/MT FOB Kobe Japan. This upward trajectory was primarily driven by Japan’s resurgent steel production following pandemic-related disruptions, which increased slag availability. Concurrently, robust pre-monsoon demand from key Southeast Asian markets, particularly Vietnam and the Philippines, created upward pressure on prices. Temporary supply chain disruptions caused by the Red Sea crisis further exacerbated the situation by elevating export costs, contributing to the quarter’s substantial price appreciation.
Q1 2025 –
By Q1 2025, GGBS prices at Ex-Nandyal dropped to USD 46/MT, reflecting a 2% decline quarter-on-quarter. The GGBS market in South India continued to face challenges from subdued real estate demand and persistent competition from fly ash. However, renewed infrastructure investments and pre-election government projects in Andhra Pradesh and Karnataka provided some support, hinting at a potential recovery in the coming quarters.
Q4 2024 –
In Q4 2024, GGBS prices at Ex-Salboni remained unchanged at USD 39/MT. The GGBS market in East India experienced a 2% decrease in prices, driven by reduced government spending and the depletion of year-end infrastructure budgets in West Bengal and Odisha. Despite expectations of a year-end construction surge, weak demand and competitive pricing from alternative materials kept GGBS prices under pressure.
Q3 2024 –
During Q3 2024, GGBS prices at Ex-Dolvi held steady at USD 62/MT, with no percentage change from the previous quarter. The GGBS market in West India stabilized as balanced demand and supply offset the impact of monsoon-related construction slowdowns. Steel production remained consistent, ensuring a steady supply of slag for GGBS production. Cement manufacturers maintained stable procurement levels, resulting in price stability throughout the quarter.
Q2 2024 –
For Q2 2024, GGBS prices at Ex-Nandyal were USD 47/MT, showing a 2% decline quarter-on-quarter. The GGBS market in South India faced headwinds due to a slowdown in real estate activities in Andhra Pradesh and Karnataka. Increased competition from fly ash alternatives further pressured prices. Despite these challenges, some demand was supported by ongoing construction projects, but overall market activity remained muted.
Q1 2024 –
In Q1 2024, GGBS prices at Ex-Salboni stood at USD 40/MT, reflecting a 2% increase compared to the previous quarter. The GGBS market in East India saw this uptick despite weak demand from infrastructure projects in West Bengal and Odisha. The post-monsoon period was marked by cautious procurement from cement manufacturers, but limited supply and steady steel production helped support prices. The market sentiment remained subdued, yet the slight price rise indicated resilience amid challenging conditions.
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2023: Sustained Demand Amid Stable Supply
Government infrastructure spending under programs like Bharatmala and PMAY maintained strong GGBS demand throughout 2023. Stable steel production ensured consistent slag supply, though regional variations emerged. While South and West India saw steady demand from real estate projects, East India experienced slight price pressure from imported slag competition. Rising diesel prices added minor cost pressures, but overall the market remained balanced without major price spikes, demonstrating the material’s relative stability compared to more volatile construction commodities.
2022: Geopolitical Tensions and Cost Pressures
The Russia-Ukraine conflict in 2022 disrupted global energy markets, increasing steel production costs and marginally affecting slag output. Unlike crude-linked commodities, GGBS prices showed relatively moderate volatility, with only 2-3% increases due to logistical and energy cost pressures rather than supply constraints. Cement manufacturers facing higher clinker costs found GGBS slightly more attractive for blending, though economic uncertainty limited demand growth and prevented sharper price movements.
2021: Gradual Recovery with Infrastructure Revival
As restrictions eased in 2021, government stimulus for infrastructure projects helped revive GGBS demand. The steel industry’s production ramp-up increased slag availability, creating balanced supply-demand dynamics that kept prices stable. Key initiatives like the National Infrastructure Pipeline supported cement consumption, indirectly benefiting GGBS usage. However, the material faced stiff competition from cheaper fly ash alternatives, which capped any significant price increases despite the improving market conditions.
2020: Pandemic-Induced Construction Slowdown
The COVID-19 pandemic caused severe disruptions across India’s construction sector in 2020, leading to a sharp decline in GGBS demand as infrastructure and real estate projects came to a standstill during lockdowns. With cement production plummeting, the need for GGBS as a supplementary material reduced significantly. Steel plants, the primary source of slag, operated at reduced capacities due to weak demand, though careful supply management by mills prevented a complete price collapse. While construction activity partially resumed in late 2020, GGBS prices remained subdued due to slow demand recovery and cautious market sentiment.
This research methodology ensures that PriceWatch delivers the most accurate, timely, and actionable GGBS pricing assessments, helping our clients stay ahead of market trends and make informed business decisions.
Molecular Weight[g/mol]
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Molecular Formula
Ground granulated blast-furnace slag (GGBS), often called "slag," is a fine, glass-like substance created when molten blast-furnace slag is quickly cooled, typically submerged in water. This non-metallic material is made up of calcium silicates and aluminosilicates, along with other bases, and is produced alongside iron in a blast furnace. GGBS serves as a cement-like component in Portland cement concrete.
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Incoterms Used
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PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
| Sr. No. | Characteristic | Requirement as per BS:6699 |
| 1 | Fineness (M²/KG) | 275 (Min.) |
| 2 | Residue by wet sieve on 45μ (%) | – |
| 3 | Initial Setting Time (Min) | Not less than IST of OPC |
| 4 | Insoluble Residue (%) | 1.5 (Max.) |
| 5 | Magnesia content (%) | 14.0 (Max.) |
| 6 | Sulphide Sulphur (%) | 2.00 (Max.) |
| 7 | Sulfate content (%) as SO₃ | 2.50 (Max.) |
| 8 | Loss on Ignition (%) | 3.00 (Max.) |
| 9 | Manganese content (%) | 2.00 (Max.) |
| 10 | Chloride content (%) | 0.10 (Max.) |
| 11 | Moisture content (%) | 1.00 (Max.) |
| 12 | Glass content (%) | 67 (Min.) |
| 13 | Compressive Strength (N/mm²) – 7 days | 12.0 (Min.) |
| Compressive Strength (N/mm²) – 28 days | 32.5 (Min.) | |
| 14 (A) | CaO + MgO + SiO₂ (%) | 66.66 (Min.) |
| 14 (B) | (CaO + MgO)/SiO₂ | >1.0 |
| 14 (C) | CaO/SiO₂ | <1.40 |
Applications
GGBS is a versatile supplementary cementitious material widely used in the construction industry, primarily as a partial replacement for Portland cement in concrete. Its most significant application is in durable and sustainable concrete production, where it enhances strength, workability, and resistance to chemical attacks, making it ideal for infrastructure projects such as bridges, dams, marine structures, and high-rise buildings. The growing emphasis on green construction and low-carbon cement alternatives has further boosted its adoption in modern engineering projects.
The pozzolanic properties of GGBS contribute to the long-term durability of concrete by reducing permeability and mitigating alkali-silica reactions, which are critical for marine and wastewater structures exposed to harsh environments. Additionally, its low heat of hydration makes it particularly suitable for mass concrete applications, such as foundations and large retaining walls, where thermal cracking must be minimized.
Beyond concrete, GGBS is used in stabilization and soil improvement, where it enhances the mechanical properties of weak soils for road subgrades and embankments. It also finds application in grouts and mortars, providing enhanced sulphate resistance, which is beneficial for underground construction and repair works.
The main factors affecting GGBS pricing are primarily the levels of steel production, since GGBS is a direct byproduct of steel manufacturing—higher steel output increases supply and can lower prices, while production cuts may lead to shortages and price hikes. Demand from the construction sector, especially for sustainable building materials, also plays a significant role, with major projects often driving up consumption and prices. Competition from alternative cementitious materials like fly ash can suppress GGBS prices when these substitutes are readily available. Transportation costs are crucial as well, given GGBS’s heavy and bulky nature, making proximity to steel plants and efficient logistics important determinants of final pricing. Additionally, government policies promoting low-carbon construction and carbon credit systems can boost demand and support higher prices in environmentally conscious markets.
To negotiate better GGBS pricing, buyers should leverage bulk purchasing by consolidating orders or forming consortiums to qualify for volume discounts, and consider establishing long-term contracts with fixed or capped pricing to reduce exposure to market volatility. Monitoring steel industry trends and timing purchases when supply is abundant can also help secure better rates. Emphasizing a commitment to sustainable construction may align with supplier goals and lead to preferential terms, while exploring more efficient logistics or shared transportation can reduce overall procurement costs. Maintaining relationships with multiple suppliers fosters competition and provides fallback options if disruptions occur.
Key risks in GGBS procurement include supply chain disruptions due to the dependence on steel production, which can be managed by sourcing from multiple regions and maintaining buffer stocks. Quality variability is another risk, as slag characteristics may differ between sources, so rigorous quality control and regular testing are essential. Price volatility, driven by fluctuating energy, transport, and demand, can be addressed through fixed-price contracts or price adjustment formulas. Regulatory risks are increasing as environmental standards evolve, making it important to stay informed and participate in industry groups. Finally, technological risks exist as new alternative materials are developed, so buyers should monitor advancements and adapt procurement strategies accordingly.
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