The Indian o-Nitro Toluene market experienced an overall downward trend through late May 2026, as late-month selling pressure and market rebalancing overshadowed a brief, mid-month cost-driven rally. The month opened on a stable note, backed by steady consumption from domestic pharmaceutical and agrochemical intermediate manufacturers. However, a sharp rise in feedstock costs, specifically Sulphuric Acid CFR Kandla, temporarily inflated conversion costs and tightened import-parity economics, driving prices higher mid-month. Despite these cost fluctuations, domestic production remained highly sufficient with no major plant shutdowns reported, ensuring uninterrupted physical availability. This healthy supply ultimately led to a significant monthly correction. Future price movements will stay highly responsive to feedstock volatility and the balance of domestic supply.
