# Flame retardants: Cycles

How Chinese bromine closures sent prices soaring, then crashing

Source page: https://www.materialinsights.org/chemicals/flame_retardants/cycles/

What this tab covers How its prices and margins move: past booms and busts with price levels, the spread or margin that the industry watches, the drivers of the cycle and the metrics to track.

Flame retardant prices follow their raw materials. Brominated FR prices track Chinese bromine, which swings sharply with environmental closures; antimony trioxide spikes with Chinese antimony export controls; ATH is stable. Demand follows electronics, construction and cable markets, and regulation can delete a product line within a few years. Producer earnings show the cycle: Albemarle's bromine business improved in 2025 on volume and cost, but expects lower earnings in 2026 on weaker clear brine fluid demand and lithium specialties pricing.
 The spread to watch **Brominated FR price minus bromine content**

Not published; producer segment margins (Albemarle Specialties about 20% adjusted EBITDA in 2025) are the public proxy.

#### Booms and busts

1. 2020-2022

Chinese environmental closures and strong demand for FRs and intermediates tightened bromine.

China bromine RMB 28,017/t (Q3 2020) to RMB 69,500/t (16 Oct 2021); 2022 average RMB 51,188/t (Gulf Resources, via bromine tile)

2. 2023-2024

Weak electronics and construction demand and Dead Sea imports pushed bromine down.

China average RMB 24,072/t (2023) and RMB 17,561/t (2024) (Gulf Resources)

3. 2024-2026

Albemarle Specialties improved on volume and productivity, then guided lower for 2026.

Specialties adjusted EBITDA $228.5 million (2024) to $275.7 million (2025); 2026 guidance $170-230 million (Albemarle)

#### What drives the cycle

- **Chinese bromine and antimony supply.** Closures and export controls move halogen FR costs.
- **Electronics and construction output.** Main end markets.
- **Regulation.** Stockholm listings and EU restrictions remove products and create substitution demand.
- **EV batteries and data centres.** New fire-safety demand for enclosures and cables.

#### Metrics to track

| Metric | Why it matters | Where to track it |
|---|---|---|
| **China bromine price** | BFR cost | SunSirs; Gulf Resources |
| **Antimony trioxide price** | synergist cost | Fastmarkets, Argus |
| **Producer results** | margins | Albemarle, ICL, Lanxess, Clariant |

## Other sections

- [Summary](https://www.materialinsights.org/chemicals/flame_retardants/index.md)
- [Overview](https://www.materialinsights.org/chemicals/flame_retardants/overview/index.md)
- [Correlation](https://www.materialinsights.org/chemicals/flame_retardants/correlation/index.md)
- [Production route](https://www.materialinsights.org/chemicals/flame_retardants/routes/index.md)
- [Production](https://www.materialinsights.org/chemicals/flame_retardants/production/index.md)
- [Feedstocks](https://www.materialinsights.org/chemicals/flame_retardants/feedstocks/index.md)
- [Trading](https://www.materialinsights.org/chemicals/flame_retardants/trading/index.md)
- [Movement](https://www.materialinsights.org/chemicals/flame_retardants/movement/index.md)
- [Regulation](https://www.materialinsights.org/chemicals/flame_retardants/regulation/index.md)
- [Characteristics](https://www.materialinsights.org/chemicals/flame_retardants/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/chemicals/flame_retardants/emissions/index.md)
- [Relationships](https://www.materialinsights.org/chemicals/flame_retardants/links/index.md)