After the sharp rise in boric acid, traders maintained high quotes to the outside world. The average price of boric acid in the domestic market in October was 11800 yuan/ton. At present, the quotation range for domestic boric acid traders is 10500-12100 yuan/ton (the actual transaction price of different brands, specifications, and products is mainly negotiated).
In terms of overseas import sources, the current external quotation for import sources is concentrated at 11000-12100 yuan/ton (the actual transaction price of different brands, specifications, and products is mainly negotiated). According to the monitoring of Business Society, the current market is operating within the high range of the year.
2、 Analysis of influencing factors
Supply side: Overseas supply is highly concentrated, with import arrivals dominating the spot market
The global boric acid production capacity is highly concentrated in Türkiye, Chile, the United States and other regions, and the domestic market is highly dependent on import sources, with an import dependency of about 68.7%. In October, overseas boron ore production ran smoothly, and external quotations remained high. Although international shipping was affected by the tight Middle East shipping routes, which pushed up insurance and fuel surcharges, imported cargo still arrived at the port on schedule. Domestic port inventory remained at a moderate level, with no obvious accumulation or significant destocking. The domestic boric acid plant has stable operation, supplemented by domestic sources, but there is a gap in quality compared to imports, and the price difference has existed for a long time. Overall, the core reason for the high and stable prices is that there has been no shortage of supply and no significant increase in new sources of goods impacting the market.
2. On the demand side: The marginal weakening of demand after the end of Jin Jiu, supported by structural increment
Boric acid is mainly used downstream in glass, ceramics, and enamel, with a small amount used in agriculture and electronic materials. In October, as the peak season of the Golden September and Silver October comes to an end, the operating margins of the glass and ceramic industries weaken, and the support for essential procurement weakens; The recovery of the terminal real estate industry chain is relatively weak, and the increase in orders for glass and ceramic enterprises is limited. Downstream enterprises tend to maintain on-demand procurement and have a weak willingness to actively hoard goods. The demand in the agricultural sector is in the off-season. However, the increase in demand for boric acid driven by the expansion of photovoltaic glass production (expected to be about 21000 tons) and the penetration of thermal management flame retardants for new energy vehicles (about 13000 tons) form a structural bottom line, and the demand for high-grade goods is relatively stable. The overall demand is in a weakly balanced pattern, lacking strong demand that drives prices to continue rising.
3. Cost side: External boron ore prices remain firm, supporting the bottom of domestic imported boric acid
Overseas boron ore raw materials, production and processing costs remain high, and overseas mines have a strong willingness to support prices. Türkiye’s Eti Maden maintains a global market share of about 61% and continues the strategy of both volume and price rise (sales target in 2026 is 2.7 million tons and revenue is 1.56 billion dollars). The cost of imports to the shore remains high, forming a bottom support for the domestic import price of boric acid. At the same time, the tense Middle East shipping routes in October pushed up maritime insurance and fuel surcharges, and the two-way fluctuation of the US dollar exchange rate amplified the uncertainty of landed costs. The price fluctuation of domestic boron raw materials is not significant, and the cost changes of domestic boric acid are limited.
4. Macro and market sentiment: weak financial attributes have a relatively weak impact on boric acid
The fluctuations in commodity sentiment caused by Middle Eastern geopolitics and Federal Reserve policies this month mainly affect energy, industrial metals, and precious metals; Boric acid is a traditional non-metallic raw material with weak financial properties and low speculative sentiment, so there has been no significant surge or drop in prices.
3、 Future prospects

In the short term (November), the boric acid market is likely to continue to fluctuate at a high level with a narrow range. There is currently no maintenance plan for overseas mining production on the supply side, and the expected arrival of imported goods is stable; On the demand side, with the end of the Golden September and Silver October, downstream demand for glass and ceramics may weaken marginally, lacking sustained upward momentum. From a cyclical perspective, boric acid has shifted from a high of 5.14% in 60 days and 4.82% in 90 days to a sideways consolidation.
Key observation points in the fourth quarter: boron ore production in Türkiye/Chile, external quotation, port import source and port arrival, as well as changes in the commencement of glass-ceramic industry. If there is a disturbance in overseas supply, imported boric acid may continue to strengthen; If downstream terminals continue to be sluggish and demand remains weak, there will be downward pressure on the high level of boric acid.