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Ground Granulated Blast Furnace Slag (ggbfs) Price Trend and Forecast

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Historical Data Since 2015
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Forecast for 2026
  • Commodity Pricing

ground granulated blast furnace slag (ggbfs) Price Trends by Country

jpJapan

Global ground granulated blast furnace slag (ggbfs) Spot Market Prices, Trend Analysis and Forecast

Price-Watch’s most active coverage of Ground Granulated Blast Furnace Slag (GGBS) price assessment:

  • Non-trade Prices (GGBFS): Ex-Dolvi, India
  • Non-trade Prices (GGBFS): Ex-Nandyal, India
  • Non-trade Prices (GGBFS): Ex-Salboni, India

Ground Granulated Blast Furnace Slag (GGBFS) Price Trend Q3 2025

In Q3 2025, the Indian Ground granulated blast furnace slag (GGBFS) market displayed a stable to firm trend supported by steady demand from construction and cement sectors. Non-trade prices at Dolvi rose through July and August amid strong infrastructure activity before leveling off in September as supply-demand equilibrium was achieved.

Consistent procurement from integrated steel plants and smooth logistics sustained balanced trading conditions through the quarter. Western Indian buyers maintained regular offtake, enabling producers to hold firm prices without resistance. Market sentiment closed steady by September, with stability expected to persist into the next quarter under continued infrastructure-led demand support.

India

Ground granulated blast furnace slag (GGBFS) market update Non-trade Prices (Ex-Dolvi).

According to Price-Watch, In Q3 2025, Ground Granulated Blast Furnace Slag (GGBFS) non-trade prices (Ex-Dolvi, India) exhibited a stable to firm trend, with consistent demand from the construction and cement sectors supporting price steadiness.

The quarter began with successive monthly increases in July and August, led by strong industrial and infrastructure activity, before holding flat in September as market balance was achieved between supply and demand. Prices moved within the range of INR 5,400–5,500 per metric ton during the quarter.

Moderate buying interest and consistent supply from integrated steel plants maintained regular trade flow, with smooth logistical conditions helping stabilize pricing sentiment. Western Indian markets continued to absorb steady volumes, ensuring producers retained firm rates without pushback from buyers.

By September 2025, GGBFS prices remained unchanged at INR 5,500/MT, marking a pause in the earlier upward momentum. The market is expected to remain stable in the near term as producers maintain balanced dispatch operations while infrastructure-driven demand continues to support firm non-trade price levels into the next quarter. 

Ground granulated blast furnace slag (GGBFS) market update Non-trade Prices (Ex-Dolvi).

According to Price-Watch, in Q3 2025, Ground granulated blast furnace slag (GGBFS) non-trade prices (Ex-Dolvi, India) exhibited a stable to firm trend, with consistent demand from the construction and cement sectors supporting price steadiness.

The quarter began with successive monthly increases in July and August, led by strong industrial and infrastructure activity, before holding flat in September as market balance was achieved between supply and demand. Prices moved within the range of INR 5,400–5,500 per metric ton during the quarter.

Moderate buying interest and consistent supply from integrated steel plants maintained regular trade flow, with smooth logistical conditions helping stabilize pricing sentiment. Western Indian markets continued to absorb steady volumes, ensuring producers retained firm rates without pushback from buyers.

By September 2025, GGBFS prices remained unchanged at INR 5,500/MT, marking a pause in the earlier upward momentum. The market is expected to remain stable in the near term as producers maintain balanced dispatch operations while infrastructure-driven demand continues to support firm non-trade price levels into the next quarter.

Ground Granulated Blast Furnace Slag (GGBFS) Price Trend Analysis: Q2 2025

In Q2 2025, the Ground Granulated Blast Furnace Slag (GGBS) market maintained its upward trajectory, with prices advancing 8% quarter-over-quarter. As of June 2025, GGBS prices have been assessed at USD 10.22 per metric ton FOB Kobe, Japan, extending the recovery seen in Q1. The price strength was underpinned by persistently tight supply as Japanese steel mills prioritized crude steel output over slag processing, constraining GGBS availability.

Seasonal demand remained firm, driven by Southeast Asian construction activity preparing for post-monsoon projects. Additionally, coking coal prices rose by 7% QoQ, adding further production cost pressures. Vietnam’s infrastructure expansion and India’s pre-festival inventory buildup sustained import demand. Market fundamentals remained finely balanced, with prices reflecting both cost-push inflation and strategic supply discipline in Japan’s steel sector. 

In Q2 2025, the Ground Granulated Blast Furnace Slag (GGBS) market recorded a notable price escalation, with Ex-Dolvi values reaching USD 61 per metric ton, according to PriceWatch. The upward trend was driven by restricted supply, as steel mills prioritized core steel production over slag processing, limiting availability.

Demand remained firm, particularly in western and northern regions, supported by improved logistics networks and a renewed push in government-backed infrastructure projects ahead of the monsoon.

Stabilized coking coal prices exerted moderate cost pressures, reinforcing the upward momentum. Additionally, post-election infrastructure spending accelerated, fostering stronger procurement activity and signalling sustained price strength heading into the second half of 2025 as construction pipelines remain active. 

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 per metric ton 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. 

By Q1 2025, GGBS prices at Ex-Nandyal dropped to USD 46 per metric ton, 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. 

Ground Granulated Blast Furnace Slag (GGBFS) Price Trend Analysis: Q4 2024

The final quarter of 2024 saw GGBS prices stabilize at USD 8.63 per metric ton 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. 

In Q4 2024, GGBS prices at Ex-Salboni remained unchanged at USD 39 per metric ton. 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. 

GGBS Prices declined by a further 14% QoQ to USD 8.6 per metric ton 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. 

During Q3 2024, GGBS prices at Ex-Dolvi held steady at USD 62 per metric ton, 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. 

The second quarter witnessed a decline in GGBS prices to USD 10 per metric ton 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 attribute able 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 per metric ton range intensified market competition. The stabilization of global freight rates following Q1 disruptions further facilitated this downward price adjustment by reducing transportation cost pressures.

For Q2 2024, GGBS prices at Ex-Nandyal were USD 47 per metric ton, 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. 

GGBS prices experienced a significant 23% quarter-on-quarter (QoQ) increase in Q1 2024, reaching USD12 per metric ton 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. 

In Q1 2024, GGBS prices at Ex-Salboni stood at USD 40 per metric ton, 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. 

Technical Specifications of Ground Granulated Blast Furnace Slag (ggbfs) Price Trends

Product Description

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.

Identifiers and Classification:

  • CAS No – 65996-69-2
  • HS Code – 26180000
  • Molecular Formula – The primary chemical constituents are calcium oxide (CaO), silicon dioxide (SiO2), and aluminum oxide (Al2O3).


Ground granulated blast-furnace slag (GGBS) Grades Specific Price Assessment:

Non-Trade


Ground granulated blast-furnace slag (GGBS) Global Trade and Shipment Terms

  • Quotation Terms (Product & Country Specific): Min.1000 Bags
  • Packaging Type (Product & Country Specific): 50 Kg bag


Ground granulated blast-furnace slag (GGBS) Price Reporting

Shipping Term  Location  Definition 
Ex-Dolvi  Dolvi, India  Domestically Traded GGBS Depot price in Dolvi 
Ex-Nandyal   Nandyal, India  Domestically Traded GGBS Depot price in Nandyal 
Ex-Salboni   Salboni, India  Domestically Traded GGBS Depot price in Salboni 

*Quotation Terms refers to the quantity range specified for the GGBS being quoted or offered in a commercial transaction.

**Packaging Type refers to standard packaging size commonly used for GGBS packing, ease of handling, transportation, and storage in industrial and commercial applications.

Ground granulated blast-furnace slag (GGBS) Manufacturers

Manufacturer 
JSW Steel 
JFE Mineral & Alloy Company Ltd 
Tata Steel 
Sagar Cement 
Nippon Steel Corporation 
LKAB Minerals 
IVS industries 

Ground Granulated Blast Furnace Slag (ggbfs) Industrial Applications

GGBS market share end use

Historically, several events have caused significant fluctuations in Ground Granulated Blast Furnace Slag (ggbfs) prices

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. 

 

Why PriceWatch?

PriceWatch is your trusted resource for tracking global ground granulated blast furnace slag (ggbfs) price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the ground granulated blast furnace slag (ggbfs) market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, PriceWatch keeps you fully informed of market dynamics.

In addition, PriceWatch provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With PriceWatch, you gain a competitive edge in understanding all the elements that influence ground granulated blast furnace slag (ggbfs) prices worldwide. Stay ahead of the curve with PriceWatch’s reliable, accurate, and timely ground granulated blast furnace slag (ggbfs) market data.

Track PriceWatch's ground granulated blast furnace slag (ggbfs) price assessment on a weekly basis since 2015 onwards, along with short-term forecasts, and get access to the detailed report in a downloadable format.

Data Collection and Sources​

  • Real-Time Market Data: PriceWatch aggregates real-time pricing data from a diverse range of sources, including global commodity exchanges, industry reports, and proprietary databases. This ensures that our assessments reflect the most current market conditions. 
  • On-the-Ground Intelligence: Our team gathers insights directly from key market participants, including producers, suppliers, traders, and end-users, across major GGBS production hubs. This ground-level intelligence is crucial for understanding localized market dynamics. 
  • Supply Chain Monitoring: We track the entire GGBS supply chain, from raw material availability to production and distribution channels. This includes monitoring feedstock prices, production capacities, and transportation logistics. 

Event Tracking and Impact Analysis​

  • Geopolitical Tensions: PriceWatch continuously monitors global geopolitical developments, such as conflicts or trade disputes, which can significantly impact GGBS prices. Our analysis includes potential disruptions to supply chains and their immediate and long-term effects on pricing. 
  • Natural Disasters and Climate Events: We assess the impact of natural disasters, such as hurricanes or winter storms, on GGBS production facilities, particularly in vulnerable regions like the APAC coasts. These events are factored into our price forecasts and supply outlooks. 
  • Economic Shifts: PriceWatch evaluates macroeconomic trends, including global economic growth, inflation rates, and sector-specific demand (e.g., automotive, packaging, to predict shifts in GGBS demand and corresponding price movements. 

Production Capacity and Supply Analysis

  • Current Production Monitoring: We maintain a comprehensive database of global GGBS production facilities, tracking their operational status, maintenance schedules, and output levels. This allows us to assess current supply availability accurately. 
  • Future Capacity Projections: Our research includes detailed forecasts of upcoming GGBS production capacities, factoring in new plant constructions, expansions, and technological advancement. This helps in predicting future supply trends and potential price stabilization. 

Demand Forecasting

  • Sectoral Demand Analysis: PriceWatch provides an in-depth analysis of demand trends across key sectors like construction, Concrete Production, Soil Stabilization, waste solidification etc. We track year-on-year demand growth and project future consumption patterns based on economic indicators and industry developments. 
  • Global Demand Dynamics: Our methodology considers regional demand variations and how they influence global GGBS pricing. This includes understanding the impact of shifts in manufacturing bases, trade policies, and environmental regulations. 

Pricing Model Development

  • Dynamic Pricing Models: PriceWatch utilizes advanced econometric models to forecast GGBS prices, incorporating real-time data, historical trends, and projected market conditions. Our models are continuously refined to enhance accuracy and predictive power. 
  • Scenario Analysis: We conduct scenario-based assessments to evaluate potential future market conditions. This includes best-case, worst-case, and most-likely scenarios, helping our clients prepare for a range of market outcomes. 

Reporting and Client Support

  • Comprehensive Reports: Our clients receive detailed reports that include current price assessments, future price forecasts, and in-depth analysis of market drivers. These reports are designed to be actionable, providing clear insights and recommendations. 
  • Ongoing Support: PriceWatch offers continuous updates and personalized support to our clients, ensuring they have the most up-to-date information to make informed decisions. Our experts are available to discuss specific market developments and provide tailored advice. 

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. 

Ground Granulated Blast Furnace Slag (ggbfs) Market Price Trend provided by PriceWatch is a base price and excludes VAT/Taxes, discounts, or offers. The information herein is accurate to the best of our knowledge as of the date indicated and is provided solely for the convenience of our customers as a reference for ground granulated blast furnace slag (ggbfs). PriceWatch disclaims any warranties or representations regarding the accuracy of results derived from this information. It is the sole responsibility of the user to assess the suitability of the product for their specific application. This document does not constitute an endorsement to use the product in violation of any applicable patent rights.

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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