For the Quarter Ending September 2025
North America
• In the USA, the Aniline Price Index rose by 6.13% quarter-over-quarter, supported by tighter market supplies.
• The average Aniline price for the quarter was approximately USD 1657.33/MT, reported CFR Texas observations.
• Aniline Spot Price fluctuated, reflecting moderate inventories, and shifting import flows from key exporters.
• Aniline Production Cost Trend eased as Benzene costs reduced manufacturing cost support.
• Aniline Demand Outlook stays neutral to positive, driven by sustained construction consumption from MDI manufacturers to produce materials for the automotive industry amid EV automotive growth.
• Aniline Price Forecast indicates volatility ahead with seasonal stocking and logistical factors influencing near-term quotations.
• Initially, Aniline Price Index movements reflected declining inventories. Then, renewed demand tightened supply balances.
• Major producer outages were limited, while Chinese output moderation and feedstock availability affected regional arbitrage flows.
Why did the price of Aniline change in September 2025 in North America?
• Balanced imports and moderate domestic demand stabilized prices despite occasional benzene-driven production cost fluctuations recent.
• Reduced Asian export volumes tightened availability, prompting buyers to compete, supporting near-term price resilience marginally.
• Logistics improvements eased freight premiums, while seasonal MDI stocking lifted demand and limited downward pressure.
APAC
• In South Korea, the Aniline Price Index fell by 11.62% quarter-over-quarter, amid weak demand and adequate availability of supplies in the market.
• The average Aniline price for the quarter was approximately USD 1031.67/MT, based on CFR Busan quotations.
• Aniline Spot Price movements reflected inventory adjustments, with limited imports and balanced export demand influencing regional flows.
• Aniline Price Forecast indicates modest near-term upside as seasonal MDI procurement and logistical constraints tighten supply.
• Aniline Production Cost Trend eased as lower crude reduced benzene feedstock costs, diminishing producer cost support.
• Aniline Demand Outlook remains stable from MDI industries to produce materials for automotive and construction sectors, supporting baseline consumption.
• Aniline Price Index volatility subsided late-quarter as balanced supply, port congestion easing, and controlled exporter offerings stabilized markets.
• Regional inventories rose then tightened; export demand fluctuations and Chinese production moderation influenced spot and contract negotiations.
Why did the price of Aniline change in September 2025 in APAC?
• Reduced Chinese production rates tightened supplies into APAC, increasing short-term upward pressure on regional Aniline availability.
• Lower crude oil softened benzene feedstock costs, easing Aniline production cost trend and limiting immediate price support.
• Logistical disruptions and port congestion intermittently constrained shipments, causing inventory imbalances and influencing short-term Price Index movements.
Europe
• In Germany, the Aniline Price Index fell by 2.09% quarter-over-quarter, reflecting subdued offtakes and weak restocking.
• The average Aniline price for the quarter was approximately USD 1544.00/MT. with muted demand overall.
• Aniline Spot Price showed volatility as logistics disruptions and Rhine low-water levels constrained transport capacity.
• Aniline Price Forecast indicates range-bound movement with downside risk, keeping the Price Index under pressure.
• Aniline Production Cost Trend rose as benzene and nitric acid cost swings impacted manufacturing margins.
• Aniline Demand Outlook remains moderate supported by MDI consumption in automotive and construction sectors currently.
• Aniline Price Index reflected resilience as plants operated near typical rates despite summer labor shortages.
• Inventories remained constrained in the quarter, reducing export availability while domestic orders softened, pressuring pricing.
Why did the price of Aniline change in September 2025 in Europe?
• Weak offtakes from MDI buyers reduced demand, prompting regional suppliers to lower quotations and inventories to accumulate.
• Feedstock cost swings, notably benzene and nitric acid, alternately supported and eased production cost pressures.
• Logistics disruptions, low Rhine water levels and labor shortages constrained flows, tightening availability, and increasing delivery times.
For the Quarter Ending June 2025
Asia-Pacific (APAC)
• Aniline Price Index in Asia declined 6.1% quarter-on-quarter, settling at USD 1078/MT CFR Busan by early July 2025. Prices fell steadily across the quarter—0.6% in April, 7.3% in May, and 7.5% in June—driven by weaker downstream demand, especially from MDI and rubber chemicals, and ample inventory levels. The sharp May decline reflected growing export difficulties tied to tariff impacts from North America, while June saw intensified price pressure amid reduced feedstock Benzene costs and subdued offtakes from construction and automotive sectors.
• Why did the price of Aniline change in July 2025 in Asia?
• In early July, Aniline prices remained flat at USD 1078/MT, pausing after three months of decline. Although feedstock costs eased further following the Israel-Iran ceasefire and subsequent drop in crude oil prices, bearish demand from polyurethane, dyes, and tire manufacturing persisted. With domestic and export demand weak, suppliers maintained stable offers, awaiting clearer signs of recovery in Q3.
• Aniline Price Forecast for early Q3 2025 signals a stable-to-soft outlook, hinging on recovery in PU-grade MDI production, normalization of trade with the U.S., and fluctuations in upstream Benzene and Nitric Acid prices. Downside risks stem from continued logistics bottlenecks, oversupply, and delayed stimulus-driven demand revival in China and Southeast Asia.
• Aniline Production Cost Trend remained volatile in Q2. While input costs eased in May and June due to falling crude oil and Benzene prices, freight disruptions, container shortages, and inland delivery delays across China, South Korea, and Southeast Asia added uncertainty to producer margins and export planning.
• Aniline Demand Outlook in Asia was muted overall, with MDI manufacturers reducing run rates, particularly in Japan and South Korea. Automotive applications saw stable offtake tied to EV battery insulation, but broader PU consumption remained weak. The tire and rubber sector offered some support, especially in India and Southeast Asia, though not enough to counterbalance slowdowns in construction and furniture segments.
• Export performance was mixed, impacted by U.S. tariff barriers, rising freight rates, and extended port clearance times. Shipments to North America and Europe declined, while intra-Asia trade held steady, supported by short-term procurement needs and better freight coordination in regional routes.
• Domestic consumption in China remained sluggish, with low downstream operating rates, ongoing inventory drawdowns, and economic headwinds limiting new offtakes. In India, demand remained comparatively firmer, supported by steady auto-sector growth, though import dependence and shipping delays capped stronger expansion.
North America
• Aniline prices exhibited upward fluctuation throughout Q2 2025. The quarter closed with a 9.9% total increase, driven primarily by favorable trade policy adjustments and balanced demand–supply fundamentals. Prices began at USD 1484/MT in early April, rising by 3.3% due to a surge in import orders following the temporary 90-day tariff suspension on April 2. The upward trend continued into May, with prices climbing another 7.2%, supported by improved arbitrage conditions and strong import interest from the EU. By June, the pace of increase slowed, with a marginal 1.2% rise, as demand from MDI producers stabilized while downstream consumption in construction and automotive sectors remained subdued.
• In early July, Aniline prices held steady at USD 1610/MT CFR Texas, reflecting a neutral sentiment across the U.S. market. Consumption remained stable in the automotive and rubber chemicals sectors, particularly for electric vehicle tire applications. However, downstream demand in furniture and residential construction remained soft, restrained by high mortgage rates, limited credit access, and a seasonal slowdown post-holidays. Simultaneously, easing crude oil prices—following the Israel-Iran ceasefire—reduced feedstock Benzene costs, capping further price hikes and maintaining flat weekly quotations.
• Aniline prices are expected to remain stable with limited upside, as the market balances post-tariff policy uncertainties, supply chain normalization, and steady procurement from key end-use sectors. Potential price volatility could re-emerge based on U.S. policy changes following the upcoming tariff review, as well as any renewed logistics disruptions or crude oil fluctuations tied to Middle East instability.
• Aniline production costs remained moderately elevated across Q2, driven by firm feedstock Benzene availability and fluctuating upstream crude prices. While OPEC+ output increases helped ease crude prices in late May and June, persistent freight rate volatility and port congestion sustained input cost pressures. Rising compliance costs after the de minimis exemption suspension in May further inflated logistics costs, affecting both e-commerce and containerized shipments, particularly from China.
• Aniline demand remained moderate but stable, supported by MDI production for PU components in automotive and infrastructure applications. While vehicle production saw a slight 1.9% decline in Q2 due to affordability concerns and tariff drag, electric vehicle manufacturing sustained consistent pull for high-performance PU foams. The construction sector, driven by non-residential infrastructure investments, provided some support, though residential building activity lagged due to reduced permits and housing completions.
• Aniline export activity was disrupted by tariff changes and shipping constraints. The temporary tariff reduction on EU imports led to front-loaded procurement, while overall export volumes faced pressure from rising freight costs, a 20% reduction in sailings, and port delays. Despite this, strong inventory management and steady Chinese production ensured a stable supply environment, though exporters faced margin compression from elevated shipping and compliance costs.
• The 90-day tariff reprieve, reducing duties from 145% to 30%, catalyzed bulk imports, particularly from the European Union, making Aniline more competitive. Buyers moved quickly to secure material ahead of the July 2 deadline, anticipating potential reinstatement of higher tariffs. Despite subdued spot activity post-Easter holidays, this anticipated policy shift drove strategic procurement across key sectors, helping maintain elevated Aniline prices through the end of the quarter.
Europe
• Aniline prices in Europe registered a quarterly decline of approximately 4.1% in Q2 2025, as FD Hamburg quotations moved to USD 1530/MT by early July. April recorded a marginal 2.1% increase, driven by firm demand from MDI producers and rising feedstock costs. However, this momentum reversed in May and June with declines of 4.6% and 2.1%, respectively, due to a weakening demand outlook, elevated inventories, and softened upstream crude oil values. Market participants adopted cautious procurement strategies amid logistic inefficiencies and inflationary pressure, weighing on overall performance.
• Why did the price of Aniline change in July 2025 in Europe?
• In early July 2025, the Price Index stabilized as feedstock volatility reduced post-Israel-Iran ceasefire, inventories improved, and downstream demand from MDI producers leveled off. However, logistics inefficiencies continued to restrict faster market recovery.
• The Aniline Price Forecast for early Q3 2025 indicates a rangebound to soft market trajectory, contingent on feedstock Benzene price behavior, PU demand stabilization, and the easing of Europe’s persistent logistical bottlenecks. While balanced fundamentals may provide short-term support, underlying weakness in the construction and automotive sectors continues to pressure downstream offtakes.
• Aniline Production Cost Trends showed mixed movement through the quarter. Early Q2 costs were bolstered by rising feedstock Benzene prices and geopolitical tensions in the Middle East, which temporarily spiked Brent crude oil values. However, this upward cost pressure eased in June following a ceasefire between Israel and Iran, which led to a 6% fall in crude prices and lowered feedstock values. Despite this, logistical constraints—such as low Rhine River levels, port congestion at Antwerp and Hamburg, and regulatory toll changes in Denmark and the Netherlands—kept freight and compliance costs elevated.
• The Aniline Demand Outlook remained mixed across Europe. While construction demand remained underwhelming due to high borrowing rates, weak new project activity, and inflationary drag, some offsetting support came from the automotive sector. Electric vehicle production, particularly in Germany and Italy, maintained steady Aniline offtakes for MDI-based foams and PU components. However, the broader slowdown in traditional vehicle sales, coupled with restrained procurement in insulation and furniture segments, limited overall Aniline consumption.
• European trade flows for Aniline encountered significant disruptions in Q2 2025, with strikes, labor shortages, and rail bottlenecks hampering material movement. Regulatory adjustments under the EU’s Import Control System 2 and toll reforms added further complexity, extending lead times and raising landed costs. Inland cargo via the Rhine River also faced limitations due to persistently low water levels, constraining shipping volumes.
• Regional consumption patterns displayed variation across key markets. Germany and France reported sluggish demand from both automotive and construction, reflecting weak consumer confidence and delayed project spending. In contrast, Italy and Eastern Europe exhibited moderate resilience, supported by active EV manufacturing and infrastructure development. Nevertheless, these pockets of demand strength were insufficient to counter the broader bearish trend in Aniline pricing and market activity across Europe.
For the Quarter Ending March 2025
North America
In Q1 2025, the price trend for Aniline in the North American market exhibited a moderate to bullish movement, influenced by a combination of supply chain dynamics, geopolitical factors, and sector-specific demand. Early in the quarter, Aniline prices faced downward pressure due to sluggish demand from key sectors like automotive and construction, coupled with a surplus supply from China following the Lunar New Year. However, supply chain disruptions, including port congestion and fluctuating freight rates, began to tighten the market, leading to a shift in sentiment.
Mid-quarter, the market showed signs of recovery, with prices trending upward as geopolitical tensions, including new U.S. tariffs on Chinese imports, led to increased stockpiling and a surge in U.S. imports. Additionally, the automotive sector began to show resilience, particularly with the growth in electric vehicle (EV) sales, which supported steady demand for MDI (Methylene Diphenyl Diisocyanate) and related products.
The demand for Aniline from the pharmaceutical industry also provided positive support, with increased usage in the production of key compounds for antibiotics and analgesics. By the end of Q1 2025, the market saw a moderate but consistent upward movement in prices, driven by tightening supply, steady demand in the automotive and construction sectors, and ongoing geopolitical complexities.
APAC
During the first quarter of 2025, the Aniline market in China experienced an overall moderate to bullish price trend driven by shifts in supply and demand dynamics. At the beginning of the quarter, Aniline production remained stable as the availability of feedstock Benzene improved, but demand from key industries like MDI and rubber was weak, contributing to a decrease in prices. Geopolitical factors, including rising crude oil prices and trade tensions, particularly with the U.S., disrupted supply chains, exacerbating market volatility. However, as the quarter progressed, there was a rebound in China's manufacturing activity after the Spring Festival, though export growth slowed, partly due to new U.S. tariffs. This, along with supply constraints in shipping and logistics, led to an overall tightening of supply. Demand for Aniline in the MDI sector remained steady, bolstered by growth in electric vehicle sales and infrastructure projects. However, challenges in the construction sector, driven by sluggish property markets, limited the growth of Polyurethane materials, impacting Aniline demand in MDI and rubber industries.
Europe
The Aniline market in Europe experienced volatility in the first quarter of 2025, with prices fluctuating due to a mix of supply disruptions, geopolitical tensions, and varying demand. Early in the quarter, prices remained stable, supported by steady demand from the automotive sector and stable production. However, disruptions at European ports caused by severe weather and labor strikes led to supply chain bottlenecks, pushing prices higher. Geopolitical factors, such as U.S. sanctions on Iran and export restrictions, further complicated supply dynamics, which contributed to market uncertainty. Mid-quarter saw temporary price declines, driven by increased stock availability after China’s reopening post-Lunar New Year and sluggish demand from industries like MDI. However, rising crude oil prices and continued geopolitical challenges caused a rebound in Aniline prices. The automotive sector remained resilient, supporting steady demand for Aniline in MDI production, while the pharmaceutical sector’s growing need for Aniline added stability. By the end of Q1 2025, prices surged again due to ongoing logistical challenges and shifting trade relations, particularly the impact of U.S. tariffs.
For the Quarter Ending December 2024
North America
Throughout the fourth quarter of 2024, the Aniline market experienced a bearish price trend, with a 12% decrease from the previous quarter. The market faced consistent pressure due to moderate demand and rising production costs. In October, Aniline production rates remained stable, but supply from Asian exporters was low. The Typhoon Kong-Rey caused disruptions in the East China Sea, affecting container shipping and further straining supplies. While demand from the automotive and pharmaceutical sectors remained steady, consumption in the construction sector was weak, contributing to the downward price movement.
In the mid-quarter, Aniline production remained stable, but rising Benzene prices increased production costs. The demand for Aniline remained moderate, particularly from the polyurethane sector. U.S. imports of Aniline declined due to typical seasonal decreases, though trade with China showed some resilience. Despite this, a slow decline in Aniline imports was observed.
Towards the end of Q4, Aniline prices continued to fall as supply chain disruptions persisted, and production remained steady. Demand from MDI industries was subdued, though the automotive sector saw some growth. U.S. stockpiling efforts ahead of tariff changes led to higher import volumes, but the overall demand remained weak, reinforcing the bearish price trend throughout the quarter.
APAC
Like, the North American region, throughout Q4 2024, the Aniline market saw a consistent 12% decline in prices from the previous quarter, driven by a combination of weak demand and rising production costs. In October, Aniline prices started on a bullish note due to consistent consumption, although the market was pressured by supply chain disruptions, particularly from Typhoon Kong-Rey, which impacted shipping and caused supply shortages. However, prices began to weaken as the month progressed, with reduced exports from China and stagnant demand in key sectors like automotive and construction. Mid-quarter continued the downward trend, with production rates remaining steady but rising Benzene prices adding cost pressures. The automotive sector saw a 6.4% drop in car sales, and demand from the polyurethane sector slowed as the construction market weakened. The pharmaceutical industry's demand for Aniline also remained subdued due to a surplus of stock, contributing to lower overall consumption. By the end of Q4, prices remained flat, with a slight uptick in Aniline quotations, but demand dynamics were subdued, particularly from the manufacturing sector. While the automotive sector maintained stable demand for MDI-based materials, the broader market struggles, including weaker orders and rising operational costs, kept downward pressure on prices. Overall, the market faced persistent challenges, leading to a 12% decrease in prices for the quarter.
Europe
In Q4 2024, the Aniline market showed a 5% increase compared to the previous quarter. This uptick was driven by moderate demand and supply chain challenges. At the beginning of the quarter, Aniline saw subdued demand due to weak consumption in the construction sector and lower offtakes from MDI manufacturers. However, strong demand from the pharmaceutical industry helped support the market. In mid-Q4, Aniline production remained steady, but reduced downstream demand from the Polyurethane sector kept the market in a cautious state. The automotive sector, however, showed resilience, boosting demand for MDI-based solutions. Supply chain disruptions and limited export activity in Europe further tightened regional supply, which helped stabilize prices. By end of Q4, logistical issues continued to impact the market, with delays and capacity constraints in key European ports. Despite the sluggish construction sector and weak housing activity, demand from the automotive sector remained steady, helping to sustain Aniline consumption. With moderate feedstock availability and stable production rates, the overall market saw a slight increase in prices, as regional supplies remained tight amid continued disruptions in shipping and manufacturing output. The market's performance in Q4 highlights a balancing act between weak demand in certain sectors and stronger consumption from others, particularly in automotive applications.
