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.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American C9 Solvent market experienced significant price fluctuations due to several key factors. Prices for C9 Solvent increased this quarter, driven by higher production costs, robust demand from the construction sector, and ongoing global geopolitical tensions.
Elevated crude oil prices raised production costs, pushing market prices higher. Additionally, challenges in the global freight industry, such as rising freight rates and shipping delays, further increased the costs of importing raw materials and finished products. In the USA, the market saw the most notable price changes, reflecting strong demand across various sectors, including construction.
Despite a decrease in C9 Solvent prices compared to the same quarter last year, there was a modest rise from the previous quarter of 2024, indicating a recovery phase. A slight increase was observed between the first and second halves of the quarter. Overall, despite rising production costs and fluctuating demand, the market sentiment remained positive, fostering a stable and cautiously optimistic pricing environment.
APAC
During Q2 2024, the APAC region experienced a declining trend in C9 Solvent prices, primarily influenced by several key factors. One significant factor was the overall decrease in the price of feedstock crude oil, which had a direct impact on the production costs of C9 Solvent. Additionally, subdued demand from downstream industries, such as paints and coatings, contributed to the decreasing prices. The market also faced challenges due to low trading activity and lackluster demand from the construction sector. These factors combined to create a bearish market sentiment, resulting in a decline in C9 Solvent prices. South Korea, in particular, witnessed the maximum price changes in the region. The overall trend in the country mirrored the APAC region, with prices experiencing a continuous decline. Seasonality and correlation in price changes played a role, with the second quarter historically experiencing lower demand compared to the first quarter. The percentage change from the same quarter last year was not provided, but the quarter-on-quarter change in 2024 was recorded at -1%. Furthermore, there was a -1% price difference between the first and second half of the quarter. As of the end of the quarter, the price of C9 Solvent FOB Busan in South Korea stood at USD 985/MT. Overall, the pricing environment for C9 Solvent in the APAC region during Q2 2024 was negative, characterized by declining prices influenced by factors such as low demand, reduced trading activity, and lower feedstock crude oil prices.
MEA
In Q2 2024, the MEA region witnessed a significant decrease in prices of C9 Solvent, with the United Arab Emirates experiencing the maximum price changes. Several factors contributed to the declining market prices. First, there was an influx of cheaper imports from overseas, particularly from Asian countries, which resulted in abundant availability of the product in the market. This increased competition and led to traders implementing discounts to alleviate pressure on existing stockpiles. Secondly, the off-demand winter season dampened the demand for C9 Solvent in the region. The sluggish demand, combined with high inventories at ports, further pushed prices down. Additionally, the price of upstream crude oil, which has a direct impact on C9 Solvent prices, remained relatively restrained during this period. Looking specifically at the United Arab Emirates, the market experienced a negative pricing trend throughout the quarter. The overall price change from the previous quarter in 2024 was recorded at -7%, indicating a significant decline. Moreover, there was a -3% price difference between the first and second half of the quarter, reflecting a downward trajectory. The quarter-ending price for C9 Solvent in the UAE stood at USD 1075/MT, further confirming the decreasing sentiment in the pricing environment. Overall, the MEA region, particularly the UAE, faced a challenging market situation with high supply and low demand, leading to a bearish pricing trend for C9 Solvent in Q2 2024.
Europe
In Q2 2024, the European C9 Solvent market experienced a dynamic and upward pricing trend. This increase was primarily driven by higher feedstock costs and escalating freight rates and resulted a bullish trend in the European market. The cost of feedstock Crude Oil rose, directly impacting production expenses, while the global container freight index surged by over 30%, inflating logistical costs. Additionally, geopolitical tensions in the Middle East heightened concerns over potential crude oil supply disruptions, further boosting upstream costs. Strong demand for the product from the downstream construction and automobile sectors supported the market, despite concerns about gasoline demand and overall production expenses. In Germany, significant price changes were noted, largely influenced by rising feedstock costs and robust demand from key industries. Prices remained stable compared to the previous quarter but fell from the same period last year due to lower baseline figures. The price increase was observed between the first and second halves of the quarter, indicating a steady climb.
