For the Quarter Ending June 2025
North America
• C9 solvent prices in North America remained broadly stable throughout Q2, supported by consistent downstream demand and counterbalanced by varying supply-side conditions.
• Port logistics showed divergent trends: April and June saw improved freight flows, while May was impacted by renewed West Coast congestion due to labor unrest and a surge in Asian imports.
• Demand conditions strengthened in June, aided by improved activity in key end-use sectors such as automotive and construction.
• Market sentiment was further shaped by ongoing U.S.–China trade discussions and Canadian production disruptions, prompting shifts in procurement and regional demand strategies.
Why did the price of C9 solvent change in July 2025 in the US?
• In July, C9 solvent prices in the U.S. trended lower, driven by subdued demand outlook from the automotive sector, as projected by industry insights from the National Automobile Dealers Association (NADA).
• Production costs showed minimal upward movement, with limited feedstock and upstream price pressure contributing to a softened market.
• The near-term pricing outlook remains bearish, as rising inventory levels and muted performance in end-use industries are expected to prevent any meaningful price rebound.
APAC
• C9 solvent spot prices in the APAC region rose by 2.94% quarter-over-quarter in Q2 2025, particularly in Indonesia, where they closed at USD 910/MT CFR Jakarta by the end of June.
• Tight domestic supply in Indonesia, elevated import costs, and port strikes in Japan during April contributed to a bullish market trend.
• Stable import volumes and softening feedstock prices in May balanced production costs, but weak demand from coatings, adhesives, and automotive sectors limited price growth.
• In June, surging crude prices and regional port congestion added cost-push pressure, outweighing demand softness.
• Automotive sector weakness continued, with Indonesian wholesale car sales falling in May and in June, highlighting macroeconomic strain.
Why did the price of C9 solvent change in July 2025 in the APAC?
• In July 2025, the C9 Solvent Price Index in the APAC region remained under pressure due to persistent demand weakness from the downstream coatings and adhesives sector, particularly impacted by the onset of the monsoon season.
• The C9 Solvent Inventory Trend showed elevated levels across the region, adding to the bearish sentiment amid sluggish market activity.
• The C9 Solvent Price Forecast indicates continued downward pressure, with subdued seasonal demand and oversupply expected to limit any near-term price recovery.
Europe
• C9 solvent prices in the European market registered a net quarterly decline in Q2, with downward pressure observed in Germany by the end of the period.
• The quarter began with a strong price upswing driven by tight supply, tariff-related uncertainties, and significant logistics disruptions. However, prices declined in the following month due to oversupply and lackluster demand, before recovering slightly in the final month amid firm demand from automotive and coatings sectors.
• Supply conditions remained stable to ample, supported by consistent domestic production and steady import inflows, while soft upstream feedstock costs helped cap production expenses.
• Logistics faced notable challenges in the early part of the quarter due to port congestion, vessel rerouting, adverse weather, and labor strikes. Conditions stabilized somewhat by the end of the quarter, though concerns persisted due to labor shortages and sporadic rail closures.
• Downstream demand showed variability: coating and industrial sectors demonstrated gradual recovery by quarter-end, while late-quarter gains in the automotive segment helped bolster market confidence.
Why did the price of C9 solvent change in July 2025 in Europe?
• In July 2025, the C9 Solvent Price Index in Europe remained under pressure due to persistent demand weakness and elevated inventory levels across the region.
• The C9 Solvent Production Cost Trend showed limited support from the feedstock side, as upstream crude oil market weakness curtailed any upward cost momentum.
• The C9 Solvent Price Forecast suggests continued bearish sentiment, with oversupply and sluggish downstream consumption likely to restrain price recovery.
MEA
• The C9 Solvent spot price in the Middle East and Africa (MEA) declined by 6.13% quarter-over-quarter in Q2 2025, settling at USD 937/MT CFR Jebel Ali by the end of June.
• Ample supply supported by high inventory levels, steady imports, and weak upstream crude prices pressured market sentiment despite moderate domestic production.
• Logistical concerns related to Red Sea disruptions and regional tensions were offset by stable freight operations and proactive supply chain adjustments.
• Downstream demand from paints, coatings, and adhesives remained firm, reinforced by a continued rebound in Dubai’s real estate and construction sector.
• Geopolitical instability and rising crude benchmarks were countered by muted manufacturing activity and cautious procurement behavior among buyers.
Why did the price of C9 solvent change in July 2025 in the MEA region?
• In July 2025, the C9 Solvent Price Index in the MEA region remained bearish, influenced by weak upstream crude oil prices and elevated inventory levels across the market.
• Regional prices also faced downward pressure due to low consumption trends in the APAC market during the monsoon season, impacting overall trade sentiment.
• The C9 Solvent Price Forecast suggests continued softness, with limited demand recovery and oversupply concerns likely to weigh on prices in the near term.
For the Quarter Ending March 2025
North America
In Q1 2025, the North American C9 Solvent market exhibited a mixed price trend influenced by fluctuating crude oil prices, demand shifts in the paints and coatings industry, and developments in the automotive sector. In January, prices held steady despite a rise in crude oil prices that increased upstream production costs. However, weak demand from the automotive industry—evident from a 25% month-on-month drop in vehicle sales—reduced consumption of paints and coatings, limiting fresh demand for C9 Solvent. Additionally, severe winter storms disrupted logistics, but the impact on pricing was minimal due to sufficient inventory levels across the region.
In February, the market turned bullish as automotive production rebounded and restocking activity increased amid concerns over potential tariff hikes on imported vehicles. This proactive buying behavior, combined with rising crude oil prices, added upward pressure to solvent prices. Downstream demand showed moderate improvement, contributing to positive sentiment.
However, in March, the price trend reversed due to softened crude oil costs and cautious procurement by end-users. With inventories already replenished, fresh demand slowed, especially as buyers waited for clearer market signals, leading to a modest price correction by the quarter’s end.
Europe
The European C9 solvent market displayed a mixed price trend in Q1 2025, influenced by fluctuating supply-demand fundamentals and economic factors. January began on a bullish note, with prices supported by tight supply due to low inventories and higher production costs amid rising naphtha and global crude oil prices. Strong restocking activity and firm demand from the paints and coatings sector, along with a recovery in automotive manufacturing, especially in electric vehicles—further elevated prices. However, February saw a reversal in market direction as improved inventory levels and a 3.8% drop in crude oil prices eased production costs. Despite modest gains in domestic manufacturing, demand remained subdued due to weak seasonal consumption, muted export orders, and significant port congestion in Hamburg, Rotterdam, and Le Havre, which hindered logistics and reduced arbitrage opportunities. In March, the market rebounded sharply, particularly in Germany, driven by tightening inventories, reduced imports from Asia, and operational disruptions caused by ongoing labor strikes at major ports. Additionally, a slight uptick in downstream demand from coatings and civil engineering led to anticipatory buying. Overall, Q1 ended with a cautiously bullish sentiment supported by supply tightness and sector-specific demand.
APAC
In Q1 2025, the Asia-Pacific C9 Solvent market experienced an overall bearish price trend, influenced by shifting dynamics in supply, demand, and production costs. January began with a brief price increase, driven by tight supply conditions, elevated production costs due to surging naphtha and crude oil prices, and robust demand from the paints and coatings sector. Additional upward pressure came from supply chain disruptions caused by the Lunar New Year holidays and port congestion across the region. However, market sentiment shifted in February, with prices stabilizing as a more balanced supply-demand scenario emerged. Feedstock costs declined—naphtha prices fell by 2.8% and crude oil by 3.8%, which eased production expenses. Demand remained moderate, supported by continued offtake from paints and coatings and a mild recovery in automotive production. By March, the market turned clearly bearish, with prices falling by 4.09%, particularly in Singapore, reaching USD 830/MT FOB Jurong. This decline was attributed to a supply surplus, elevated inventory levels, and softened upstream costs. Ongoing logistical bottlenecks at major Asian ports further contributed to domestic inventory accumulation. On the demand side, subdued end-user consumption and cautious procurement strategies limited price support, solidifying the overall bearish outlook for the quarter.
For the Quarter Ending December 2024
North America
In Q4 2024, the North American C9 solvent market experienced a mixed price trend, influenced by the fluctuating global crude oil market and demand from the paints and coatings sector. At the start of the quarter, C9 solvent prices remained stable, supported by steady demand from the paints and coatings industry, driven by seasonal demand and higher activity in the construction and automotive sectors. These key sectors helped maintain a balanced supply-demand situation, which kept prices steady.
However, by mid-quarter, prices saw a brief increase due to tightening supply conditions. The volatility in global crude oil prices pushed production costs higher, and logistical disruptions, such as delays in shipping and distribution, further strained the solvent supply chain, contributing to price hikes across the region.
In the final month of the quarter, prices began to rise due to low inventory levels, further tightening supply conditions. Despite the easing of crude oil prices, the limited stock and continued demand from the paints and coatings sector pushed prices higher, marking a period of upward price movement at the close of the quarter.
APAC
In Q4 2024, the APAC C9 solvent market experienced fluctuations, primarily driven by weak demand and broader economic factors. Early in the quarter, prices remained stable due to sufficient inventory levels in the region, despite rising freight charges and a decline in crude oil prices. This period saw subdued demand, particularly from the paints and coatings and automotive sectors, limiting any price movements. By mid-quarter, prices started to soften further as domestic consumption remained weak, and supply continued to outpace demand. The drop in crude oil prices, driven by concerns over reduced future oil consumption and easing geopolitical tensions, helped reduce production costs. In the last part of the quarter, C9 solvent prices fell in the region significantly due to an oversupply in the market, coupled with muted export activity. Ample inventory levels, discounted imports, and rising domestic supply further contributed to price reductions. By the end of the quarter, C9 solvent prices in Singapore dropped by 7.96%, settling at USD 856/MT FOB Jurong.
Europe
In Q4 2024, the European C9 solvent market experienced a mixed trend due to fluctuating demand and supply-side challenges. Early in the quarter, prices remained steady, supported by consistent demand from downstream sectors such as paints and coatings, particularly in the automotive industry. However, supply was slightly constrained by logistical issues, including shipping delays. By mid-quarter, prices began to decrease, primarily due to a reduction in global crude oil and energy prices, which lowered production costs. Despite this, demand from the paints and coatings sector remained weak, and the automotive industry showed sluggish growth, contributing to the bearish trend. Logistic disruptions, including port congestion and delays in key hubs like Rotterdam and Hamburg, further affected the market. By the end of the quarter, the market continued to soften, driven by ongoing subdued demand in the automotive sector and the broader paint industry.
MEA
In Q4 2024, the C9 solvent market in the Middle East and Africa (MEA) region saw a declining price trend, largely driven by weak demand and external economic pressures. Early in the quarter, prices remained stable, supported by balanced supply and demand dynamics. The MEA market benefitted from sufficient inventory levels and steady manufacturing activities, though the impact of global crude oil fluctuations remained a concern. Demand from key downstream sectors like paints and coatings was steady but muted, leading to a balanced market with little price movement. By mid-quarter, C9 solvent prices began to decrease, primarily due to the softening of global crude oil prices. Lower production costs from cheaper crude oil imports, combined with weak consumption in the paints and coatings sector, contributed to a bearish outlook. Regional supply remained ample, but sluggish demand, especially from automotive and construction sectors, kept prices under pressure. By the final quarter, the trend continued to decline, with the UAE's C9 solvent prices falling significantly due to ongoing low demand and abundant supply. Prices dropped to USD 980/MT CFR Jebel Ali, marking a 5.13% decrease compared to earlier in the quarter.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American C9 solvent market experienced a notable decline in prices, primarily driven by weak demand from key downstream industries, particularly paints and coatings, couple with the diminished end-use automotive sector. This sluggish demand created a surplus of inventory, placing additional downward pressure on pricing. The overall pricing environment was further influenced by a significant decrease in crude oil prices, which saw a 7% drop compared to the previous quarter.
The lower crude oil prices can be attributed to various factors, including geopolitical tensions and fluctuating demand from major economies such as India and China. Initially, there were expectations of increased summer fuel consumption in North America, which supported prices; however, rising inventories of crude oil and gasoline indicated weaker-than-anticipated demand, contributing to the overall price drop.
By the end of the quarter, C9 solvent prices reflected this downward trend, with a significant decrease in the second half compared to the first half. The market concluded with a persistently bearish sentiment, as the ongoing challenges in downstream demand and upstream pricing dynamics shaped the landscape.
APAC
In Q3 2024, the APAC region experienced a significant decline in C9 Solvent prices, marked by a substantial 15% drop compared to the same quarter last year. This sharp downturn was primarily driven by several interrelated factors, including weak demand from critical downstream sectors such as paints, coatings, and construction. Additionally, while feedstock prices remained stable, they were generally lower, contributing to the overall price pressure.
The market faced further challenges from rising global freight rates, which escalated transportation costs and adversely affected product pricing, as trade volumes remained low. India was particularly impacted, experiencing the most significant price changes, in line with the broader negative trend across the region. Throughout the quarter, prices consistently declined, showing a 3% decrease from the previous quarter, indicating a challenging pricing environment and diminishing market confidence.
By the end of the quarter, C9 Solvent prices Ex-Dahej in India were recorded at USD 980/MT, highlighting the prevailing downward trajectory in pricing and the ongoing struggles within the market landscape.
Europe
In Q3 2024, the European C9 solvent market experienced a marked decline in prices, primarily driven by low demand from downstream sectors, particularly paints and coatings, alongside a weakened automotive market. This downturn can be linked to the broader economic challenges affecting the region, which contributed to reduced consumption levels. The diminishing demand created excess inventory, further pressuring prices downward. The influence of upstream crude oil prices significantly impacted the C9 solvent market, as crude oil prices also saw a substantial decline. The European crude oil market faced a 7% decrease compared to the same quarter last year, with an 8% drop from the previous quarter. Geopolitical tensions, particularly in the Middle East, coupled with concerns about weakening global economic conditions, notably in China, compounded the negative sentiment across the market. Germany, as a key player in the European region, experienced notable price fluctuations that mirrored the overall trends in the market. By the end of the quarter, the prevailing pricing dynamics reflected a bearish sentiment, signaling ongoing challenges for C9 solvent producers in Europe.
FAQs
1. Why did C9 solvent prices fall in APAC in July 2025?
• Demand weakened due to the monsoon season and sluggish coatings sector.
• Elevated inventories and slow buying activity kept prices under pressure.
2. What was the impact of logistics on the C9 solvent market in Q2 2025?
• Europe faced port congestion and strikes; APAC saw vessel delays in June.
• North America dealt with West Coast congestion in May.
3. Which sectors drove C9 solvent demand in Q2 2025?
• Key demand came from automotive, coatings, adhesives, and construction, especially in June across most regions.
4. Why did C9 solvent prices decline in MEA in Q2 2025?
• Prices fell due to ample supply, high inventories, and weak crude benchmarks.
• Cautious procurement and soft manufacturing demand added pressure.
