日本Q1 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.
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.
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.
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.
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.
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 スチール production helped support prices. The market sentiment remained subdued, yet the slight price rise indicated resilience amid challenging conditions.
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.
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.
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.
分子量[g/mol］
CAS番号
HSコード
分子式
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.
包装タイプ
対象学年
使用されるインコタームズ
同義語
PriceWatch 見積もり条件：
元ロケーション この契約は、売り手が商品をその構内で入手できるようにし、買い手が送料、保険料、その他の手数料を含むすべての輸送費を負担する配送契約を指す。
CIF： CIFとは、商品のCost, Insurance, and Freight (CIF)条件のこと。CIF条件では、売主は商品が仕向港に到着するまでの商品代金、保険料、運賃を負担する。
FDだ： FDとはFree Deliveredの略で、売り手が商品を場所/港に届ける全責任を負うことを意味します。これにより、買い手は輸入関税を除くすべての必要な費用を負担した上で、指定された港で商品を受け取ることができます。
本船渡し： FOBとは、Free On-Board shippingの略で、売り手が商品を港に届ける費用とリスクを負うことを指します。商品が本船に積み込まれた後は、船積みや保険を含むすべての費用について買い手に責任が移ります。
| 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 |
アプリケーション
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.
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.
PriceWatch is your trusted resource for tracking global ground granulated blast-furnace slag 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 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 prices worldwide. Stay ahead of the curve with PriceWatch’s reliable, accurate, and timely ground granulated blast-furnace slag market data.
Track PriceWatch's ground granulated blast-furnace slag 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.
この調査 方法論 を保証する。 プライスウォッチ delivers the most 正確, タイムリーそして実行可能である。 GGBS 価格査定を行い、お客様が市場動向を先取りし、十分な情報に基づいたビジネス上の意思決定を行えるよう支援します。
分子量[g/mol］
CAS番号
HSコード
分子式
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.
包装タイプ
対象学年
使用されるインコタームズ
同義語
PriceWatch 見積もり条件：
元ロケーション この契約は、売り手が商品をその構内で入手できるようにし、買い手が送料、保険料、その他の手数料を含むすべての輸送費を負担する配送契約を指す。
CIF： CIFとは、商品のCost, Insurance, and Freight (CIF)条件のこと。CIF条件では、売主は商品が仕向港に到着するまでの商品代金、保険料、運賃を負担する。
FDだ： FDとはFree Deliveredの略で、売り手が商品を場所/港に届ける全責任を負うことを意味します。これにより、買い手は輸入関税を除くすべての必要な費用を負担した上で、指定された港で商品を受け取ることができます。
本船渡し： FOBとは、Free On-Board shippingの略で、売り手が商品を港に届ける費用とリスクを負うことを指します。商品が本船に積み込まれた後は、船積みや保険を含むすべての費用について買い手に責任が移ります。
| 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 |
アプリケーション
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.
著作権2025年。無断複写・転載を禁じます。ニディヤナ・プライスウォッチ・データ・アナリティクス・プライベート・リミテッド