For the Quarter Ending September 2025
North America
鈥� In the USA, the Hydroquinone Price Index fell by 1.01% quarter-over-quarter, reflecting weak industrial demand.
鈥� The average Hydroquinone price for the quarter was approximately USD 4738.33/MT, based on FOB Houston transactional averages.
鈥� Hydroquinone Spot Price remained pressured amid high inventories and steady export volumes, limiting upward pressure.
鈥� Hydroquinone Price Forecast indicates modest stability with limited upside absent demand recovery or supply rationalization.
鈥� Hydroquinone Production Cost Trend softened after phenol feedstock costs eased, supporting margins despite weak prices.
鈥� Hydroquinone Demand Outlook remains subdued with cautious downstream procurement from pharmaceuticals, cosmetics, and photographic end-users.
鈥� Hydroquinone Price Index reflected high utilization but producer adjustments moderated supply growth and pricing pressure.
鈥� Elevated inventories, improved logistics fluidity, and competitive export offers constrained domestic Hydroquinone Spot Price strength.
Why did the price of Hydroquinone change in September 2025 in North America?
鈥� Persistent oversupply and weak downstream demand reduced bidding power, driving Hydroquinone Price Index materially lower.
鈥� Declining phenol feedstock costs eased Hydroquinone Production Cost Trend, limiting price adjustments despite demand softness.
鈥� Stable logistics and competitive export offers maintained supply channels, preventing domestic Hydroquinone Spot Price recovery.
APAC
鈥� In Japan, the Hydroquinone Price Index fell by 9.86% quarter-over-quarter, reflecting stock liquidation, weak exports.
鈥� The average Hydroquinone price for the quarter was approximately USD 4495.00/MT, across grades and regions.
鈥� Domestic production robust, pressuring Hydroquinone Spot Price despite elevated Hydroquinone Production Cost Trend squeezing margins.
鈥� Hydroquinone Price Forecast indicates recovery into Q4 driven by seasonal restocking and feedstock cost pressures.
鈥� Hydroquinone Demand Outlook remains firm domestically while export demand weakens, sustaining regional offtake and inventories.
鈥� Inventory drawdowns were limited, exporters offered discounts, pressuring the Hydroquinone Price Index further this quarter.
鈥� Major Japanese producers' output faced higher phenol costs, aligning Hydroquinone Production Cost Trend with inflation.
鈥� Market participants expect selective restocking buying, supporting Hydroquinone Spot Price resilience despite weak external demand.
Why did the price of Hydroquinone change in September 2025 in APAC?
鈥� Elevated feedstock and energy costs reduced margins, prompting producers to pass through costs tighten supply.
鈥� Port congestion and maintenance constrained shipments, bulk purchasing created inventory buildups reducing immediate demand pull.
鈥� Weak export demand from Southeast Asia and Europe forced discounting, depressing the Hydroquinone Price Index.
Europe
鈥� In France, the Hydroquinone Price Index fell by 8.342% quarter-over-quarter in Q3 2025, reflecting subdued demand.
鈥� The average Hydroquinone price for the quarter was approximately USD 4358.33/MT, used for contract settlement reference.
鈥� Hydroquinone Spot Price weakness reflected elevated inventories and competitive export offers from Asian producers pressuring domestic margins.
鈥� Hydroquinone Price Forecast suggests modest recovery as maintenance outages tighten near-term availability and prompt restocking.
鈥� Hydroquinone Production Cost Trend showed contained raw material pressure but rising energy and compliance costs raised floors.
鈥� Hydroquinone Demand Outlook remained soft in automotive and industrial sectors while cosmetics and pharmaceuticals provided stable consumption.
鈥� Hydroquinone Price Index movements were influenced by port logistics, euro depreciation, and distributor inventory adjustments.
鈥� Domestic production operated near optimal levels, but export competition and political uncertainty constrained buyer procurement appetite.
Why did the price of Hydroquinone change in September 2025 in Europe?
鈥� High inventory accumulation pressured prices despite steady downstream demand and muted new orders from automotive.
鈥� Rising energy and environmental compliance costs increased producers' operating expenses but did not offset supply abundance.
鈥� Logistical stability but political uncertainty and competitive export offers from Asia discouraged aggressive procurement and pricing.
For the Quarter Ending June 2025
North America
鈥� The overall trend for Hydroquinone Spot Price in North America during Q2 2025 showed a downward trajectory, with an average Quarter over Quarter fluctuation of approximately -0.28%, reflecting moderate price erosion despite some volatility. June 2025 saw prices declining further to 4760 USD/mt, marking a continuation of the trend driven by oversupply and weak demand.
鈥� In April, strong export demand combined with steady domestic production drove initial upward price pressure, but tight local availability increased competition among buyers.
鈥� May experienced notable price declines due to weak industrial demand from photographic, rubber, and polymer sectors, alongside surplus inventories caused by tariff-driven export challenges.
鈥� Hydroquinone Production costs remained influenced by steady feedstock prices for benzene and phenol, but inflationary pressures on energy and labor contributed to rising Hydroquinone Production Cost Trend.
鈥� June saw persistent oversupply amid subdued international demand and increased competition from emerging Asian producers, resulting in sharp price decreases.
鈥� Hydroquinone Domestic demand weakened in June owing to contractions in automotive and industrial chemicals sectors as manufacturing PMI fell to 48.1, further aggravating downward price pressures.
鈥� U.S. Hydroquinone supply chains operated efficiently without significant logistic disruptions, though inventory levels remained high due to export market softness.
鈥� New tariffs on Chinese imports introduced downstream pricing uncertainties, encouraging some buyers to front-load purchases in early Q2 before demand waned.
鈥� The Hydroquinone Demand Outlook remains cautious, with no immediate recovery expected unless macroeconomic improvements or export market rebounds occur.
鈥� Forward market sentiment reflects a bearish outlook for North America in the near term, with prices forecasted to stay under pressure amid soft demand and continued inventory accumulation.
Asia-Pacific (APAC)
鈥� APAC's Hydroquinone Spot Price followed an upward trajectory in Q2 2025, with an average Quarter over Quarter increase of about +1.16%. June prices stood at 5060 USD/mt, confirming a stable and rising price environment driven by robust demand and tight supply.
鈥� April saw steady domestic production in Japan complemented by strong pharmaceutical and cosmetics sector demand, supporting stable price gains.
鈥� Hydroquinone Supply tightness in May arose from robust export orders and elevated production costs due to volatile feedstock prices and energy expenses, pushing prices higher.
鈥� The Hydroquinone Production Cost Trend indicated increased input costs due to persistent inflationary pressures, reflected in Japan鈥檚 CPI rising 3.5% year-over-year.
鈥� Hydroquinone Domestic demand in May was partly offset by sluggish industrial activity, but strong export demand from Europe and Asia-Pacific sustained price momentum.
鈥� June featured renewed manufacturing expansion with PMI above 50, and downstream sectors including rubber, paint, and pharmaceuticals steadily increasing consumption.
鈥� Seasonal boosts from cosmetics and dermatology sectors contributed to increased procurement and inventory builds, reinforcing upward price trends.
鈥� Efficient logistics and coordinated export scheduling helped maintain supply chain stability despite global trade uncertainties.
鈥� The Hydroquinone Demand Outlook for APAC is optimistic, anticipating sustained or incremental demand growth driven by diverse downstream industries and favorable macroeconomic perspectives.
鈥� Hydroquinone Price forecasts suggest continued upward movement barring unexpected supply disruptions, supported by balanced supply-demand dynamics and strategic bulk buying from end-users.
Europe
鈥� Europe鈥檚 Hydroquinone Spot Price showed a predominantly downward trend in Q2 2025, with an average Quarter over Quarter decline near -8.18%. June prices remained subdued at 4440 USD/mt, reflecting oversupply and weak demand pressures.
鈥� In April, oversupply conditions combined with dwindling exports and a strengthening Euro exerted downward pricing pressure.
鈥� May鈥檚 decline was exacerbated by expanded production capacity and improved manufacturing efficiencies, resulting in excess domestic inventories.
鈥� Hydroquinone Downstream demand continued to be weak across polymers, rubber auxiliaries, and photographic chemical sectors amid challenging macroeconomic conditions.
鈥� The Hydroquinone Production Cost Trend was relatively stable, with raw material prices steady but offset by low market pricing power.
鈥� In June, high inventory accumulation persisted due to softened international demand and strong competition from Asian producers in export markets.
鈥� Manufacturing PMI contracted to 48.1, indicating faltering industrial production and compounded by political uncertainties impacting business confidence.
鈥� Hydroquinone Export demand remained feeble, with global economic softness and tariff-related concerns further limiting offtake.
鈥� Domestic buyers adopted cautious procurement strategies, running down inventories, and delaying purchases amid price volatility.
鈥� The Hydroquinone Price Forecast for Europe suggests the downward pressure will continue in the near term, pending improvements in macroeconomic conditions or demand revitalization in export destinations.
For the Quarter Ending March 2025
North America
In Q1 2025, Hydroquinone prices in the U.S. experienced significant fluctuations, initially trending downward in January due to weak demand from the pharmaceutical and food sectors. High inventory levels and global oversupply from key producers, coupled with logistical disruptions at major U.S. ports, contributed to a 3% price decline. However, by February, the market reversed course, with prices rising sharply.聽
This increase was driven by strong domestic and export demand, particularly from the cosmetics industry, which ramped up production for the summer season. Supply constraints worsened as port congestion caused shipment delays, further tightening the market. Rising raw material costs, particularly for Phenol due to higher Benzene prices, added to the upward pressure. The upward trend continued into March, supported by sustained demand from both the domestic and international markets, especially Europe and Asia-Pacific.聽
Seasonal demand from the cosmetics sector, along with inflationary pressures encouraging bulk purchasing, kept prices elevated. Logistical challenges, such as port congestion in Los Angeles, continued to strain supply. By the end of Q1, Hydroquinone prices were significantly higher than at the start, driven by strong demand, supply constraints, and rising raw material costs. This trend is expected to continue into Q2 2025.
Asia
In Q1 2025, the Chinese Hydroquinone market experienced a dynamic pricing trajectory, transitioning from bearish to bullish amid fluctuating supply-demand fundamentals. January saw persistent downward pressure on prices due to sluggish downstream demand, elevated inventory levels, and aggressive discounting by suppliers amid geopolitical uncertainties and deflationary pressures. The market remained subdued despite stable freight rates and post-holiday production recovery, with international buyers deferring purchases in anticipation of further declines.
However, February marked a sharp turnaround. The Lunar New Year holiday created a temporary supply gap, as factory closures and lean inventories coincided with a post-holiday surge in demand鈥攑articularly from the pharmaceutical sector. Rising energy and raw material costs, coupled with tight phenol supply, added upward pressure on production expenses, which were passed onto buyers. Efficient supply chain management and limited stockpiles further tightened the market.
The bullish momentum continued into March, driven by intensified export demand, logistical disruptions at major ports, and increased domestic consumption. As manufacturers cleared pre-holiday inventories at lower prices, new batches entered the market at higher costs due to labor, energy, and raw material inflation. Strengthening PMI figures and robust demand from food and pharmaceutical sectors reinforced the upward trend, culminating in a quarter characterized by a significant rebound in Hydroquinone prices.
Europe
In Q1 2025, the French Hydroquinone market experienced a declining price trend due to surplus production, lower raw material costs, and ongoing logistical disruptions. The market started the year with a moderate price rise in January, driven by strategic procurement from pharmaceutical and industrial manufacturers. However, this was tempered by stable supply levels, preventing sharp price fluctuations.聽
In February, prices declined as a result of surplus production, facilitated by lower phenol prices and improved energy efficiency in production. Logistical challenges, including port congestion and labor strikes, further exacerbated the oversupply, leading to a bearish market. Despite these challenges, demand remained steady across key sectors such as cosmetics, pharmaceuticals, and industrial manufacturing, helping to stabilize the market to some extent.聽
In March, the downward price trend continued due to the persistent oversupply and logistical bottlenecks, coupled with the cancellation of the Europe Peak Season Surcharge. While the appreciation of the Euro enhanced export competitiveness, global demand remained flat, limiting producers' pricing power. Overall, the first quarter of 2025 saw French Hydroquinone prices decrease as supply exceeded demand, with logistical disruptions adding further pressure on the market. Moving forward, price stability will depend on resolving these supply chain issues and any shifts in global demand.
For the Quarter Ending December 2024
North America
The fourth quarter of 2024 witnessed a significant downturn in the U.S. Hydroquinone market, driven by oversupply, subdued demand, and aggressive destocking. Despite efforts to stimulate demand through competitive pricing, market confidence remained low, with domestic and export prices declining. Inventory management challenges persisted, compounded by seasonal slowdowns and weak downstream demand from key sectors like pharmaceuticals and food.
The Manufacturing PMI showed slight improvement, rising from 48.5 in October to 49.4 in December, but remained in contraction territory. While supply chain conditions improved, weak international demand and cautious purchasing activity continued to impact production rates. The holiday season drove strategic inventory clearances, yet elevated stock levels and competitive pricing dominated market dynamics.
Export activity faced additional pressure due to weak global demand and looming tariff concerns, while stable input costs like Phenol failed to provide relief. Overall, the U.S. Hydroquinone market grappled with excess supply, constrained demand, and muted sentiment, signaling persistent headwinds for producers and exporters.聽
Asia
The Hydroquinone market in Japan demonstrated a mixed trend, starting with price declines due to oversupply but concluding with a strong rebound driven by demand recovery and strategic supply constraints. The Hydroquinone market in Q4 2024 exhibited a dynamic landscape marked by fluctuating trends and evolving challenges. October experienced a significant price drop due to high inventories, reduced raw material costs, and subdued demand. Producers revised pricing strategies to tackle surplus stock, but market sentiment remained bearish. Japan's economy faced mounting inflation and weakening demand, with the manufacturing PMI declining to its lowest since March.
In November, Hydroquinone prices dipped further as destocking measures intensified ahead of the holiday season, although demand remained steady. Lower Phenol prices, a key input, exerted additional downward pressure. Meanwhile, Japan鈥檚 manufacturing sector contracted for the fifth consecutive month, with sharp declines in new orders and employment.
December saw a market rebound, fueled by tight inventories, production throttling, and heightened post-holiday demand from pharmaceutical and cosmetics sectors. Suppliers gained pricing power amid supply chain disruptions and inflationary pressures. Japan鈥檚 manufacturing PMI showed signs of stabilization, driven by improving output and demand recovery. Rising input costs and optimistic business sentiment highlighted a potential recovery in early 2025.
Europe
The Hydroquinone market in Europe faced a challenging Q4 2024, marked by an overall downturn despite a brief recovery in December. Throughout the quarter, the Hydroquinone market grappled with declining demand, surplus inventories, and falling raw material costs, particularly Phenol, which drove prices lower. October was notably bleak, with inflationary pressures, reduced production activity, and a sharp drop in France鈥檚 Manufacturing PMI to 44.5. Weak domestic consumption, a sluggish construction sector, and falling international sales compounded the situation. Producers adopted aggressive pricing strategies, yet pessimism persisted across the supply chain.
November saw continued price declines in France and Italy, as subdued demand and lower production costs dominated. Spot market activity remained limited, and future quotations were adjusted downward, reflecting bearish economic conditions across the eurozone.
In December, the market experienced a temporary rebound, driven by a surge in downstream demand from pharmaceuticals and cosmetics during the holiday season. However, rising production costs and logistical constraints, including plant shutdowns and shipping disruptions, tightened supply, pushing prices higher. Overall, Q4 2024 highlighted significant structural challenges for the Hydroquinone market.
