Pumice: Cycles
The 2022 spike in a usually sleepy price
What this tab covers Price history and what drives booms and busts, including this commodity's super-cycles, the drivers behind them and the metrics to track. It charts monthly prices (World Bank) with a switch to inflation-adjusted annual prices; where there is no World Bank series it uses USGS US prices.Pumice is cheap, and its unit value moves in small steps. The US average unit value was $46 per tonne in 2021, spiked to $65 in 2022 and fell back to $41-44 since. Volumes follow construction and horticulture, and they are erratic. US production dropped from 504,000 t in 2021 to 295,000 t in 2022 before recovering. Imports also swing widely, from 53,000 t in 2023 to 144,000 t in 2024. USGS notes production is sensitive to mining and transport costs.
US price, US average unit value, f.o.b. mine or mill
2021 46.0 2022 65.0 2023 41.0 2024 42.0 2025 44.0 dollars per metric ton. USGS MCS 2026; 2025 is an estimate.Super-cycles in pumice
Pumice has no super-cycle. It is a cheap, local industrial mineral whose price reflects mining and freight costs. The US average value moved between $41 and $65 per tonne in 2021-2025 with no trend, while output and imports swung year to year with construction and shipping conditions. World output is steady at about 20 Mt, led by Turkey. Longer-term interest comes from natural pozzolans as a way to cut cement CO2.
- 2021-2022
US output fell sharply while the average unit value jumped.
US output fell from 504 kt to 295 kt while the average value rose from $46/t to $65/t (USGS MCS 2026)
- 2023-2024
Output recovered and imports surged, mainly from Greece.
Unit value fell back to $41/t (2023) and $42/t (2024); imports rose from 53 kt to 144 kt (USGS MCS 2026)
- 2025
US output rose 5% and imports fell; world output slipped from 20.2 Mt to 20 Mt.
US unit value $44/t (USGS MCS 2026)
What drives the cycle
- Construction in Turkey, the Middle East and Europe. Building blocks and lightweight concrete take most world pumice (USGS).
- Freight costs. Decide the maximum economic shipping distance (USGS).
- Land access. Legal challenges and public land designations can limit US deposits (USGS).
- Low-carbon cement. Natural pozzolans can replace part of clinker.
Metrics to track
| Metric | Why it matters | Where to track it |
|---|---|---|
| US pumice output, imports and unit value | Annual market balance | USGS Mineral Commodity Summaries |
| Turkey construction and pumice exports | Largest producer | TurkStat; Comtrade (HS 2513) |
| Blended cement share | Signals pozzolan demand | Global Cement; national cement associations |
| Dry bulk freight rates | Sets import competitiveness | Baltic Exchange indices |