For the Quarter Ending September 2025
North America
鈥� In the USA, the Toluene Diisocyanate Price Index fell by 2.3% quarter-over-quarter.
鈥� The average Toluene Diisocyanate price for the quarter was approximately USD 2478.33/MT domestically and regionally.
鈥� Toluene Diisocyanate Spot Price remained stable as balanced production and moderate feedstock flows limited volatility.
鈥� Toluene Diisocyanate Price Forecast indicates modest upside potential from seasonal restocking and Gulf Coast disruptions.
鈥� Toluene Diisocyanate Production Cost Trend eased with lower crude then firmed as oil prices recovered.
鈥� Toluene Diisocyanate Demand Outlook remains steady, supported by automotive seating and construction insulation offtakes largely.
鈥� Inventories and export flows kept the Toluene Diisocyanate Price Index stable despite intermittent logistical challenges.
鈥� Producer operability remained healthy, limiting spot tightness, and shaping short-term Toluene Diisocyanate pricing dynamics regionally.
Why did the price of Toluene Diisocyanate change in September 2025 in North America?
鈥� Limited feedstock availability amid rising crude prices constrained production, tightening supplies and pressuring contract negotiations.
鈥� Softening polyurethane offtake from some end-use segments reduced spot buying and eased upward price pressure.
鈥� Improved logistics and steady inventories limited volatility despite tariff uncertainties and recurrent geopolitical concerns regionally.
Asia-Pacific (APAC)
鈥� In Japan, the Toluene Diisocyanate Price Index rose by 6.2% quarter-over-quarter, supported by PU demand.
鈥� The average Toluene Diisocyanate price for the quarter was USD 1897.33/MT, reflecting moderate supply conditions.
鈥� Toluene Diisocyanate Spot Price momentum reflected tighter regional availability and stronger intra-Asia procurement flows recently.
鈥� Toluene Diisocyanate Production Cost Trend eased as lower crude and toluene feedstock reduced cost support.
鈥� Toluene Diisocyanate Demand Outlook remains balanced with automotive recovery offsetting weaker construction sector activity regionally.
鈥� Toluene Diisocyanate Price Forecast indicates upside risks due to seasonal pre-winter stocking and export demand.
鈥� Toluene Diisocyanate Price Index volatility was influenced by logistics disruptions, plant maintenance, and inventory rebuilds.
鈥� Toluene Diisocyanate market saw stable operating rates while exporters adjusted offers amid global demand conditions.
Why did the price of Toluene Diisocyanate change in September 2025 in APAC?
鈥� Easing feedstock and crude oil prices lowered production cost support for TDI, pressuring price levels.
鈥� Steady automotive offtake offset construction weakness, producing a net balanced demand effect on TDI prices.
鈥� Logistics constraints and export activity shifts constrained local availability, contributing to short term price adjustments.
Europe
鈥� In Germany, the Toluene Diisocyanate Price Index fell by 0.63% quarter-over-quarter, reflecting supply weakness and demand.
鈥� The average Toluene Diisocyanate price for the quarter was approximately USD 1999.00/MT.
鈥� Toluene Diisocyanate Spot Price firmed as immediate availability tightened due to maintenance and logistics disruptions.
鈥� Toluene Diisocyanate Price Forecast shows modest upside entering autumn, supported by outages and construction restocking demands.
鈥� Toluene Diisocyanate Production Cost Trend eased with lower toluene feedstock, though energy costs may reassert.
鈥� Toluene Diisocyanate Demand Outlook remains mixed; construction supports volumes while automotive seating demand stays subdued.
鈥� Toluene Diisocyanate Price Index volatility increased as port strikes and labor shortages constrained intra-EU flows.
鈥� Inventory drawdowns and moderate operating rates at German plants tightened availability, supporting spot market strength.
Why did the price of Toluene Diisocyanate change in September 2025 in Europe?
鈥� Constrained regional production and scheduled maintenance reduced volumes, tightening market conditions, and lifting spot quotations.
鈥� Softening crude-derived toluene reduced cost support, while energy and freight volatility maintained intermittent upward pressure.
鈥� Balanced construction restocking offset weaker automotive offtake, producing stabilizing effects on the regional Price Index.
For the Quarter Ending June 2025
Asia-Pacific (APAC)
鈥� Toluene Diisocyanate Price Index in APAC declined by 10.8% quarter-on-quarter, settling at USD 1,630/MT FOB Qingdao by the end of June 2025. The quarterly trend was driven by a significant 5.7% price drop in April amid soft downstream demand and surplus inventories, followed by a marginal 1.1% dip in May due to cautious procurement and weak project activity in the construction sector.聽
鈥� However, prices rebounded slightly by 1.4% in June, supported by seasonal restocking, stable automotive-grade polyurethane demand, and modest recovery in export activity despite logistical bottlenecks. Overall, early Q3 2025 reflected a bearish sentiment in early months with a moderate correction toward quarter-end.
鈥� Why did the price of Toluene Diisocyanate change in July 2025 in APAC?
鈥� In early July 2025, TDI prices are expected to remain firm due to seasonal restocking and moderate rebound in construction activities, supported by improved supply-chain fluidity. Additionally, persistent EV production across Asia sustained automotive-grade PU foam consumption, even as container shortages and freight costs saw partial easing.
鈥� The Toluene Diisocyanate Price Forecast for early Q3 2025 points toward continued stability with slight upside potential, influenced by elevated energy input costs, feedstock tightness due to refinery output shifts, and firm procurement by downstream PU processors, especially in Southeast Asia and India.
鈥� The Toluene Diisocyanate Production Cost Trend remains volatile, shaped by unpredictable crude oil price movements and constrained toluene availability. Although upstream cost pressures eased temporarily after a ceasefire in the Middle East, heightened shipping risks and inland logistics issues across APAC continued to inflate producer margins.
鈥� Toluene Diisocyanate Demand Outlook is broadly stable but segmented. While the automotive industry鈥檚 NEV segment drives steady demand for PU interior components, the construction sector reflects mixed trends. Green building initiatives and infrastructure spending support insulation and sealant demand, but project delays and financing constraints moderate overall offtakes.
鈥� China鈥檚 export performance remained relatively firm in June 2025, supported by increased shipments to North America and Southeast Asia. Exporters front-loaded cargoes ahead of anticipated tariff shifts, leveraging restored vessel availability and partial easing of congestion at coastal terminals.
鈥� Domestic consumption in regions like Eastern and Southern China remained steady, supported by flexible PU applications in automotive interiors and energy-efficient construction projects. Ongoing urbanization, EV incentives, and infrastructure-led growth in provinces like Guangdong and Jiangsu contributed to resilient local demand despite global trade headwinds.
North America
鈥� Toluene Diisocyanate (TDI) Price Index in North America declined by 6.1% quarter-on-quarter, with FOB Texas quotations falling from USD 2540/MT in early April to USD 2430/MT by the start of July 2025. April and May experienced notable downward momentum due to mounting inventories, soft demand, and trade disruptions under newly implemented tariff regimes. However, June saw a modest rebound, driven by automotive sector demand, steady production, and logistics-driven supply tightening.
鈥� In early July 2025, the Price Index for TDI remained firm at USD 2430/MT FOB Texas. This was supported by consistent activity in the polyurethane sector, especially for automotive applications, while eased geopolitical tensions and a drop in crude oil prices lowered feedstock toluene costs, reducing production pressure.
鈥� According to the Toluene Diisocyanate Price Forecast, prices are likely to remain rangebound through mid-Q3 2025. However, upward risks could emerge if geopolitical instability re-escalates, particularly in the Middle East, or if supply constraints intensify due to tariff regimes or seasonal disruptions.
鈥� The Toluene Diisocyanate Production Cost Trend stayed moderately elevated. Despite the softening of crude oil prices in early July due to a ceasefire agreement, prior spikes in WTI crude during late Q2 had already increased production costs. Additionally, ongoing freight rate volatility, compounded by port congestion and trade rerouting, added to cost pressure.
鈥� The Toluene Diisocyanate Demand Outlook remained stable in Q2 2025. Automotive sector demand was supported by strong vehicle output and growth in electric vehicle manufacturing, while construction sector offtakes were moderated by high mortgage rates, tariff-inflated costs, and a slowdown in new housing projects. However, renovation and infrastructure activity provided limited support to PU material usage.
鈥� Toluene Diisocyanate imports showed marginal fluctuations through Q2 2025. While port congestion and freight limitations constrained some inbound shipments, total container traffic remained resilient. U.S. trade volumes were partially supported by digitalized logistics and advanced inventory planning, ensuring reasonable supply-chain efficiency.
鈥� Asian and European producers of Toluene Diisocyanate maintained moderate operating rates, with exports to North America impacted by shifting trade policies and cost escalations. The removal of de minimis exemptions and the introduction of baseline tariffs under the "Liberation Day" initiative disrupted low-value imports, though bulk chemical trade remained broadly functional.
Europe
鈥� Toluene Diisocyanate (TDI) prices in Europe registered a quarterly decline of approximately 12.5% in Q2 2025, amid persistently weak demand from key downstream sectors and logistical headwinds. FD Hamburg quotations began the quarter at around USD 2243/MT in early April but trended downward by late May, before marginally stabilizing in June and early July. Despite minor recoveries toward the quarter鈥檚 end, the overall bearish sentiment and subdued offtakes outweighed any late gains. This was driven by sluggish construction and automotive activity, cautious purchasing patterns, and cost-side volatility, leading to a net price drop across the quarter.
鈥� In early July 2025, TDI prices in Europe remained stable, reflecting balanced demand-supply conditions. Demand from the polyurethane sector held steady, particularly for automotive applications, although broader market pressures persisted due to year-on-year declines in vehicle sales. Feedstock toluene costs eased following a sharp decline in crude oil prices, triggered by a ceasefire between Israel and Iran. This helped soften production costs, although logistical strain continued to influence regional dynamics.
鈥� The Toluene Diisocyanate Price Forecast for early Q3 2025 suggests a cautiously stable-to-bullish trend, contingent on feedstock cost stability, sustained demand from PU end-use sectors, and resolution of lingering logistics challenges such as driver shortages and port inefficiencies.
鈥� Toluene Diisocyanate Production Cost Trends remained mixed throughout Q2. While easing upstream crude prices offered some relief, supply-side costs were elevated due to regulatory changes, toll adjustments in Northern Europe, and congestion at major ports. Compliance-related disruptions under the EU鈥檚 Import Control System 2 further strained trade logistics and inflated operational expenses.
鈥� The Toluene Diisocyanate Demand Outlook stayed under pressure, despite some regional stability. In automotive, declining vehicle registrations and weak combustion engine sales constrained PU foam demand. Meanwhile, construction activity showed mixed signals鈥攕teady in Eastern Europe and the UK but slow in Germany and France鈥攔esulting in overall subdued TDI consumption.
鈥� 鈥⒙燛uropean imports and exports of TDI faced continued disruption, as congestion at Antwerp, Bremerhaven, and Hamburg, along with Rhine River transport constraints and inland freight challenges, restricted shipment flows and delayed deliveries. Regulatory toll adjustments further escalated costs, limiting trade efficiency.
鈥� 鈥⒙燚emand variation across Europe added complexity. While Germany and France saw sluggish TDI offtakes due to inflationary headwinds and low consumer confidence, Italy and Eastern Europe experienced relatively steady demand from footwear, insulation, and automotive interiors. These regional stabilizers offered modest support against broader market weakness.
For the Quarter Ending March 2025
North America
In Q1 2025, the North American Toluene Diisocyanate (TDI) market displayed a bullish price trend, primarily driven by supply-side constraints and steady downstream demand. The quarter began with stable TDI production and improving business confidence amid a modest expansion in U.S. manufacturing. Although upstream crude oil prices fell initially, easing feedstock Toluene costs, production costs remained influenced by evolving trade policies and geopolitical factors.
In the mid-quarter, the Arctic Blast disrupted production, and port congestion鈥攑articularly in New York and New Jersey鈥攈ampered logistics. Despite these challenges, TDI prices held firm due to steady demand from the automotive and construction sectors. Automotive sales rebounded slightly, with notable increases in electric vehicle and light truck purchases, supporting PU-based material consumption. Meanwhile, construction demand remained mixed, constrained by high input costs and labor shortages, though overall spending is forecasted to grow by 5.5% in 2025.聽
Towards the end of the quarter, bullish momentum continued as supply issues persisted and U.S. chemical exports surged, leading to a trade surplus. While rising tariffs and trade uncertainties under the Trump administration posed risks, strong automotive demand and moderate construction activity kept TDI consumption stable, reinforcing the overall bullish price trend across the quarter.
APAC
During the first quarter of 2025, the Toluene Diisocyanate (TDI) market experienced a mixed trend, with fluctuations in both prices and demand across the region. At the beginning of the quarter, TDI prices rose due to stronger cost support from improved feedstock Toluene availability and stable production levels in China. However, the positive price movement was tempered by weak domestic demand, particularly in the automotive and construction sectors. February marked a shift toward a bearish trend as stock availability increased after the Lunar New Year holidays, putting downward pressure on prices. Sluggish demand from key industries, including the automotive and construction sectors, exacerbated the decline. Towards the end of the quarter, the market sentiments remained moderate, with steady demand in Southeast Asia, especially for TDI in Polyurethane (PU) production, but China鈥檚 weak property market and declining automotive sales kept the overall market subdued. The combination of stable production, fluctuating feedstock costs, and varied demand across regions contributed to a cautious and mixed overall trend for TDI prices and market conditions during the quarter.
Europe
Like the North American region, the European Toluene Diisocyanate (TDI) market witnessed a bullish trend during Q1 2025, driven by ongoing supply disruptions and steady demand from key end-use sectors. January prices rose due to seasonal weather events like dense fog and snowfall that disrupted European port operations, leading to delivery delays and reduced availability. Despite lower crude oil prices easing feedstock Toluene costs, logistical challenges maintained upward pressure on TDI prices. The automotive sector provided consistent support, with a 13% rise in production and 19% growth in exports helping stabilize demand. February continued this momentum, as geopolitical tensions鈥攕uch as U.S. sanctions on Iran and a Ukrainian drone strike on Russian infrastructure鈥攄isrupted oil supply chains and lifted upstream costs. Strikes at major ports like Rotterdam and Le Havre further strained logistics. Although construction demand remained weak due to inflation and high interest rates, moderate growth in Italy鈥檚 construction orders and ongoing automotive activity helped support pricing. By March, bullish sentiment persisted, with supply constraints and elevated feedstock costs outweighing softening demand from both sectors. Overall, the quarter ended with firm pricing, driven more by limited availability and logistical setbacks than strong demand fundamentals.
For the Quarter Ending December 2024
North America
In Q4 2024, the Toluene Diisocyanate (TDI) market saw a 4% price decrease compared to the previous quarter. This decline was mainly due to weak demand for Polyurethane materials in the construction sector and moderate supply chain disruptions. While the automotive sector boosted demand with higher vehicle sales, the construction sector struggled with sluggish growth, high interest rates, and labor/material shortages. The furniture industry also faced reduced demand, affecting the Polyurethane sector.
Feedstock Toluene costs remained moderate, but a decline in crude oil prices in December pressured production costs. Although TDI production remained stable, export rates, especially to Europe and Australia, fell due to weaker global demand and customer hesitation on new projects.
In the U.S., TDI's demand to manufacture PU materials stayed steady in the automotive sector, driven by strong vehicle sales. However, the paints and coatings industry saw restructuring efforts that reduced TDI consumption. As a result, there was a soft demand in construction, reduced export orders, and fluctuating prices led to a 4% decrease in TDI prices for the quarter.
APAC
In the fourth quarter of 2024, the Toluene Diisocyanate (TDI) market saw a 2% price decrease compared to the previous quarter. This drop was due to moderate demand from sectors like construction and automotive, alongside supply chain disruptions caused by typhoons and logistical issues. TDI production rates remained stable, supported by steady feedstock availability, but rising crude oil prices increased production costs. The demand for PU products from the automotive sector stayed strong, driven by growth in new car registrations, particularly in China. However, weaker demand from the construction sector, due to subdued activity and a slowdown in real estate, reduced TDI consumption. China's exports grew slightly, though at a slower pace, hindered by global economic factors and U.S. tariffs. Despite consistent TDI production, rising production costs placed downward pressure on prices. While the paints and coatings market and the recovering construction sector supported some demand, overall market dynamics led to a 2% decrease in TDI prices for the final quarter of 2024.
Europe
In the fourth quarter of 2024, the Toluene Diisocyanate (TDI) market in Europe experienced a 6% decrease in prices compared to the previous quarter. This decline was primarily driven by weak demand in the construction sector, which continued to struggle with economic and political uncertainties, as well as rising inflation. Although the automotive sector saw some demand growth, it wasn鈥檛 enough to offset the overall market slowdown. TDI production remained stable, supported by moderate feedstock availability, but production costs rose due to higher crude oil prices and logistical disruptions at key European ports. Exports continued to decline, marking the eighth consecutive month of decreases, while imports saw a slight increase. Despite some resilience in real estate and automotive sales, particularly in major markets like Germany and France, the overall market conditions remained subdued. The combined effect of weak demand in key sectors and ongoing supply chain challenges, including disruptions at ports, contributed to the 6% drop in TDI prices during the quarter.
