Toluene prices in the U.S. rose sharply through March due to tightening supply driven by upstream and logistical disruptions. Strong increases in crude oil and naphtha costs elevated production expenses and squeezed refinery margins, reducing merchant availability. Additional pressure came from inventory builds, trade restrictions, and delays in catalyst imports, which constrained refinery run rates. On the demand side, steady consumption from solvents and coatings combined with stronger pull from the polyurethane chain, particularly TDI, supported market strength. Buyers became more active in securing supply amid limited availability. Overall, supply-side constraints and firm downstream demand kept the market upwardly pressured.
