# Pumice: Cycles

The 2022 spike in a usually sleepy price

Source page: https://www.materialinsights.org/commodities/pumice/cycles/

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.

1. 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)

2. 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)

3. 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 |

## Other sections

- [Summary](https://www.materialinsights.org/commodities/pumice/index.md)
- [Overview](https://www.materialinsights.org/commodities/pumice/overview/index.md)
- [Correlation](https://www.materialinsights.org/commodities/pumice/correlation/index.md)
- [Extraction](https://www.materialinsights.org/commodities/pumice/extraction/index.md)
- [Production](https://www.materialinsights.org/commodities/pumice/production/index.md)
- [Stocks](https://www.materialinsights.org/commodities/pumice/stocks/index.md)
- [Trading](https://www.materialinsights.org/commodities/pumice/trading/index.md)
- [Movement](https://www.materialinsights.org/commodities/pumice/movement/index.md)
- [Criticality](https://www.materialinsights.org/commodities/pumice/criticality/index.md)
- [Characteristics](https://www.materialinsights.org/commodities/pumice/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/commodities/pumice/emissions/index.md)
- [Relationships](https://www.materialinsights.org/commodities/pumice/links/index.md)