For the Quarter Ending December 2025
North America
•C10 Solvent Price Index softened through Q4 2025, reflecting subdued downstream demand and ample regional aromatic solvent supplies.
•The C10 Solvent Spot Price showed downward pressure in December 2025, as competitive import offers and balanced domestic stock levels reduced prompt tightness and limited price premiums.
•C10 Solvent Production Cost Trend remained muted, with relatively stable crude oil and upstream aromatic fractions lessening cost-push impacts on regional pricing.
•C10 Solvent Demand Outlook weakened modestly, as slower activity in paints and coatings / industrial end-uses dampened offtake in late Q4, contributing to a softer pricing environment.
•C10 Solvent Price Forecast indicates limited near-term upside, with a cautious outlook into early 2026 amid balanced supply and modest seasonal demand improvements expected only gradually.
•Inventory builds and competitive trade flows weighed on offers across North American terminals, reinforcing downward momentum in the Price Index by quarter-end.
Why did the price of C10 Solvent change in December 2025 in North America?
•Balanced import inflows and ample regional stocks reduced prompt supply tightness, limiting upward pressure on the C10 Solvent Price Index.
•Weaker offtake from key downstream sectors (paints & coatings, printing inks) lessened spot buying, contributing to softer prices.
•Stable feedstock and crude-linked costs reduced production cost pressure, allowing sellers to maintain lower offers and cap pricing momentum.
APAC
• In Singapore, the C10 Solvent Price Index fell by 2.96% quarter-over-quarter, reflecting soft demand and inventories.
• The average C10 Solvent price for the quarter was approximately USD 1125.67/MT, per FOB Jurong assessments.
• C10 Solvent Spot Price softened mid-quarter due to elevated stocks and subdued regional export enquiries.
• C10 Solvent Price Forecast shows marginal volatility with modest upside only if export demand recovers significantly.
• C10 Solvent Production Cost Trend tracked crude and naphtha swings, limiting cost-push despite month-end tightening.
• C10 Solvent Demand Outlook remains muted short-term, pressured by weak paints, coatings procurement and slow exports.
• C10 Solvent Price Index showed intra-month recovery in December driven by maintenance-related supply reductions and strategic allocations.
• High terminal inventories and episodic port congestion constrained spot availability, influencing pricing dynamics and buyer caution.
Why did the price of C10 Solvent change in December 2025 in APAC?
• Elevated domestic and terminal inventories earlier in quarter suppressed offers, keeping Price Index under downward pressure.
• Crude and naphtha volatility reduced production cost pass-through, while regional export demand recovery lifted bids late December.
Europe
• In Germany, the Solvent Price Index fell by 3.32% quarter-over-quarter, reflecting logistics constraints and weak demand.
• The average Solvent price for the quarter was approximately USD 1406.67/MT, reflecting year-end costs and tight availability.
• December month-on-month gains near 4.32% were supported by constrained Hamburg berths and selective parcel sales.
• Solvent Spot Price dynamics tightened during late quarter as maintenance and inventory management reduced available spot volumes significantly.
• Solvent Production Cost Trend showed narrowing margins amid electricity and gas costs despite softer crude.
• Solvent Demand Outlook remains muted with weak construction and balanced automotive demand, keeping procurement cautious.
• Solvent Price Forecast expects spring recovery as coatings production ramps and regional exports support replenishment.
• Solvent Price Index volatility reflected REACH compliance costs, logistics friction, and inventory drawdowns across Hamburg.
Why did the price of Solvent change in December 2025 in Europe?
• Ample supply from year-end stock releases and smoother production increased spot availability, limiting upward price momentum.
• Improved port and logistics flows eased distribution bottlenecks, relieving regional scarcity and constraining the Solvent Price Index.
For the Quarter Ending September 2025
United States
• In the United States, the C10 Solvent Price Index remained largely steady with marginal fluctuations during the quarter, reflecting balanced supply-demand conditions.
• C10 Solvent market sentiment was supported by stable import availability, ensuring adequate supply coverage.
• C10 Solvent spot discussions showed limited movement as buyers adopted a cautious procurement approach amid logistical delays at select ports.
• C10 Solvent production cost trends stayed subdued as crude oil benchmarks softened and naphtha prices stabilized.
• C10 Solvent demand outlook from the downstream paints and coatings sector reflected cautious offtake from construction activities, while the automotive segment continued to support selective procurement.
• C10 Solvent price forecast indicates stable market conditions, supported by distributor restocking and routine supply management.
• Declining upstream crude oil trends eased feedstock cost pressure, reducing production cost support and limiting price volatility.
• Domestic operating rates for C10 Solvent improved, although port congestion and labor constraints intermittently restricted throughput.
Why did the price of C10 Solvent remain stable with marginal fluctuations in September in the United States?
• Weaker crude oil benchmarks reduced feedstock cost pressure, limiting cost pass-through and discouraging aggressive price adjustments.
• Steady procurement from automotive and coatings sectors encouraged precautionary buying, while comfortable distributor inventories capped any significant upward movement.
APAC
• In Singapore, the C10 Solvent Price Index rose by 1.05% quarter-over-quarter, supported by constrained supply.
• The average C10 Solvent price for the quarter was approximately USD 1160.00/MT, FOB Jurong, reflecting freight and logistics.
• C10 Solvent Spot Price improved slightly with port congestion-related supply tightness, pushing the Price Index higher.
• C10 Solvent Production Cost Trend showed limited inflation as crude benchmarks eased, restraining Price Index.
• C10 Solvent Demand Outlook remains mixed with stronger automotive coatings but construction delays reducing procurement.
• Major producer operational adjustments and Jurong port efficiency shifts influenced procurement timing and pricing dynamics.
• C10 Solvent Price Forecast indicates modest near-term upside driven by seasonal restocking and festival procurement.
Why did the price of C10 Solvent change in September 2025 in APAC?
• Port congestion and logistics disruptions increased lead times, elevating procurement urgency despite higher inventory levels.
• Recovery in automotive and coatings demand improved consumption, supporting prices against otherwise subdued construction activity.
Europe
• In Germany, the C10 Solvent Price Index rose by 0.99% quarter-over-quarter, reflecting balanced supply demand dynamics.
• The average C10 Solvent price for the quarter was approximately USD 1455/MT, driven by imports.
• C10 Solvent Spot Price showed limited upside as buyers deferred purchases amid port delays domestically.
• C10 Solvent Production Cost Trend stayed muted as crude benchmarks softened and naphtha prices stabilized.
• C10 Solvent Demand Outlook shows stronger automotive and coatings procurement, partly offset by subdued construction.
• C10 Solvent Price Forecast anticipates modest gains supported by export restocking and seasonal distributor replenishment.
• Domestic operating rates for C10 Solvent improved while port congestion and labour shortages limited throughput.
Why did the price of C10 Solvent change in September 2025 in Europe?
• Weaker crude benchmarks eased feedstock cost pressure, limiting producer pass-through and restraining aggressive price increases.
• Firm automotive and coatings procurement prompted precautionary buying while elevated distributor inventories tempered price rallies.
MEA
• In the MEA region, the C10 Solvent Price Index recorded a slight quarter-over-quarter decline due to abundant supply and limited cost support.
• C10 Solvent Spot Prices remained subdued as downstream demand stayed constrained, keeping the Price Index under pressure.
• The C10 Solvent Production Cost Trend weakened further, influenced by softer crude oil benchmarks.
• The C10 Solvent Demand Outlook remains moderate, supported by steady paints and coatings procurement alongside gradual recovery in construction activity.
• The C10 Solvent Price Forecast suggests a marginal upside later in the year, with inventories and demand trends shaping price movement.
• Planned year-end maintenance at regional facilities may temporarily tighten supply, providing mild upward pressure on prices.
Why did the price of C10 Solvent change in September 2025 in MEA?
• Ample import arrivals combined with steady domestic output increased overall supply, exerting downward pressure on regional prices.
• Weaker crude benchmarks and stable feedstock parity reduced production cost support, restricting any significant upward movement.
•Efficient logistics and limited congestion, coupled with muted downstream demand and seasonal moderation, capped price recovery.
For the Quarter Ending June 2025
North America
• C10 solvent prices in North America remained largely stable on a quarterly basis in Q2 2025, underpinned by steady downstream demand and offsetting supply-side factors.
• Port logistics trends were mixed, with improved freight movement in April and June, while May experienced renewed West Coast congestion due to labor disputes and increased import volumes from Asia.
• In June, demand improved, supported by better performance in key end-use sectors such as automotive and construction.
• U.S.–China trade negotiations and Canadian production outages continued to shape market sentiment, influencing procurement strategies and regional demand alignment.
Why did the price of C10 solvent change in July 2025 in the US?
• In July 2025, the C10 solvent Price Index in the US trended downward, primarily impacted by weak demand expectations from the automotive sector, as highlighted by projections from the National Automobile Dealers Association (NADA).
• The C10 solvent Production Cost Trend showed limited upward pressure from feedstock and upstream markets, contributing to a softer pricing environment.
• The C10 solvent Price Forecast remains bearish, with rising inventory levels and tepid end-use sector performance likely to suppress any significant price recovery.
Europe
• C10 solvent prices in the European market registered a net quarterly decline in Q2 2025, with Germany recording a 1.17% decrease, closing at USD 1,440/MT FOB Hamburg in June.
• The quarter started with a 2.97% price increase in April, driven by tight supply, tariff-induced uncertainties, and severe logistics disruptions, but May month saw a 2.2% decline due to oversupply and weak demand before rebounding 1.05% in June amid firm automotive and coatings demand.
• Supply remained stable to ample, supported by consistent domestic production and import flows. Feedstock naphtha and crude prices stayed soft, containing production costs throughout the quarter.
• Logistics were strained in April and May due to port congestion, vessel diversions, adverse weather, and labor strikes, though June showed relative stability despite underlying risks from labor shortages and rail closures.
• Downstream demand fluctuated: the coatings and industrial segments showed gradual recovery by June, while automotive sector growth in late Q2 helped support price gains.
Why did the price of C10 solvent change in July 2025 in Europe?
• In July 2025, the C10 Solvent Price Index in Europe remained under pressure due to persistent demand weakness and elevated inventory levels across the region.
• The C10 Solvent Production Cost Trend showed limited support from the feedstock side, as upstream crude oil market weakness curtailed any upward cost momentum.
• The C10 Solvent Price Forecast suggests continued bearish sentiment, with oversupply and sluggish downstream consumption likely to restrain price recovery.
APAC
• C10 solvent prices in the Asian market posted a marginal increase of 0.35% in Q2 2025, with prices in Singapore closing at USD 1,154/MT FOB Jurong in June.
• Q2 started with a 1.23% rise due to firm overseas demand and pre-summer stocking activity, followed by a marginal decline in May amid cautious downstream sentiment and soft feedstock prices. June closed with a 1.23% rebound, driven by constrained supply and stronger retail/export demand.
• Supply conditions remained moderately stable throughout the quarter, though June faced tightening availability due to rising crude prices and geopolitical tensions.
• Logistics were challenged by mounting global port congestion, with Singapore experiencing increasing vessel queues and cargo delays, peaking in June.
• Demand showed steady growth, with June marking a significant rebound due to higher motor vehicle sales, retail growth, and a jump in exports.
Why did the price of C10 solvent change in July 2025 in the APAC?
• In July 2025, the C10 Solvent Price Index in the APAC region remained bearish due to persistent demand weakness, particularly from the coatings and adhesives sector, which was impacted by the onset of the monsoon season.
• The C10 Solvent Inventory Trend showed elevated stock levels across the region, further pressuring prices amid limited buying activity.
• The C10 Solvent Price Forecast indicates continued downward momentum, with seasonal demand slowdown and oversupply expected to weigh on market sentiment.
For the Quarter Ending March 2025
North America
In Q1 2025, the price trend of C10 Solvent in North America reflected a mixed market sentiment, shaped by fluctuating crude oil costs, uneven downstream demand from the paints and coatings sector, and shifting dynamics in the automotive industry.
In January, prices remained largely stable, supported by a slight rise in crude oil prices which increased upstream production costs. However, this was counterbalanced by weak automotive sales, which saw a 25% month-on-month decline, limiting fresh demand for paints and coatings, a key application of C10 Solvent. Additionally, winter storms disrupted logistics, but ample inventory levels prevented supply-side price pressures.
By February, the market turned bullish amid a rebound in automotive production and increased restocking by buyers, supported by fears of impending tariff changes affecting vehicle imports. Rising crude oil prices further contributed to increased solvent manufacturing costs. However, in March, the market corrected with a price decline, as crude prices softened slightly, and end-user demand tapered off due to sufficient inventory levels and cautious procurement.
Europe
The European C10 solvent market witnessed a mixed price trajectory throughout Q1 2025, marked by distinct shifts in supply-demand dynamics and macroeconomic conditions. January opened with a bullish momentum, driven by tight supply stemming from limited inventories and elevated production costs linked to surging naphtha and global crude oil prices. Robust demand from the paints and coatings industry and strong restocking activity—amplified by a rebound in automotive production, particularly in electric vehicles—further supported price gains. However, February witnessed the reversed price trend. The market saw improved supply conditions backed by ample inventory and lower feedstock costs due to a 3.8% drop in crude oil prices. Although domestic manufacturing showed mild improvement, demand faltered amid weak seasonal consumption. Despite growth in the EV segment, muted export demand and widespread port congestion—especially at Hamburg, Rotterdam, and Le Havre—disrupted logistics and limited arbitrage opportunities. March saw a sharp rebound, with prices surging 7.36%, especially in Germany and prices reached to USD 1415/MT FOB Hamburg, driven by tightening inventories, reduced Asian imports, and ongoing operational bottlenecks due to labor strikes across major ports. Meanwhile, modest recovery in downstream demand from the coatings and civil engineering sectors contributed to anticipatory buying. Overall, Q1 closed with a net bullish tone, driven by constrained supply and sector-specific demand resilience amid fluctuating economic indicators.
APAC
In Q1 2025, the C10 solvent market in the Asia-Pacific (APAC) region, exhibited an overall bullish price trend, underpinned by a complex interplay of supply constraints, volatile feedstock costs, and fluctuating downstream demand. In January, prices surged due to tight inventory levels and elevated production costs, driven by a sharp increase in Naphtha prices—up 4.31%, amid rising global crude oil benchmarks. The global crude rally was propelled by renewed sanctions on Russian and Iranian oil exports and severe weather disruptions in North America. Additionally, regional port congestion, heightened by pre-Lunar New Year shipping volumes and adverse weather, further strained supply chains despite steady freight charges. Although demand from paints and coatings remained stable, subdued automotive sales due to the Lunar New Year slowdown in limited consumption growth. In February, in C10 solvent prices trend remained bullish rose by 1% especially in South Korea and reached at USD 1115/MT FOB Busan. Lower naphtha costs spurred production, ensuring supply stability, while robust downstream demand, especially from the automotive sector, supported price resilience. Notably, car sales jumped, fueled by increased operational days and strong performance from both domestic and foreign automakers. Additionally, intensified procurement activity from neighboring Asian markets sustained upward pressure on prices. By March, the market stabilized at elevated levels, as tight inventories and lower import volumes offset softened upstream costs and marginal freight rate declines. Steady demand from the paints and coatings industry, coupled with resilient automotive performance, anchored prices.
