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US hydrogen peroxide markets entered February 2026 with a cautious tone, showing a modest uptick after maintenance tightened merchant availability. The softer January backdrop gave way to firmer spot interest as Houston inventories tightened and Gulf Coast FOB offers attracted export nominations to Canada and Mexico. Demand remained mixed but constructive, with pulp-and-paper as the domestic anchor. Southeast mills sustained a intake, supporting merchant volumes, while specialty channels such as propylene-oxide synthesis and healthcare sterilization contributed incremental demand. Electronics and semiconductor orders provided a reliable floor for specialty demand, while textiles and industrial bleaching showed activity with potential to ease after winter downtime. Export demand was notable, helping sustain price direction despite occasional cost pressures from gas swings. On the supply side, abundant shale-based hydrogen supported favorable production economics, though a gas spike and maintenance constrained merchant flow and pushed producers to favor contract volumes. The outlook remains mixed, with oscillation as restocking and seasonal dynamics unfold toward a spring rebound.