For the Quarter Ending June 2025
North America
• Cyclohexanone Price Index averaged USD 1503/MT, FOB Texas during Q2 2025, down 3% compared to Q1 2025's average with the prices exhibiting a mixed trend—dropping in April, leveling off in May, and increasing modestly in June.
• The Cyclohexanone Price Index dropped in the initial part of Q2 on account of weak downstream demand from caprolactam and adipic acid markets in conjunction with stable-to-low raw material prices and healthy inventories.
• The April and early May Cyclohexanone Demand Outlook was cautious and remained subdued with muted consumption by textiles, engineering plastics, and solvents. Tariff uncertainty and inflationary pressure restrained restocking.
• A mid-May rise in the Cyclohexanone Price Index was supported by rising benzene costs, increased transpacific freight rates, and global price recovery in Europe and Asia.
• The Cyclohexanone Production Cost Trend remained stable through much of Q2, with falling cyclohexane prices and relatively steady benzene inputs providing cost consistency.
• By late May and June, Cyclohexanone prices stabilized as solvent demand and adipic acid consumption offset weak caprolactam pull; domestic supply was balanced with no major outages.
• Stable production and logistics ensured consistent availability, while restrained export activity amid global oversupply limited pricing power for U.S. producers.
• The Q2 trend concluded with upward pressure from firm automotive demand and rising benzene feedstock values in June, anchoring a modest incline in the Cyclohexanone Price Index.
• Cyclohexanone Price Forecast for July 2025 indicates further upside due to expected increases in benzene contract prices, resilient demand from polyamide and polyurethane sectors, and potential Gulf Coast shipping constraints linked to summer logistics bottlenecks.
APAC
• Cyclohexanone Price Index in China declined by 12% from Q1 2025, with Q2 2025 average assessed at USD 942/MT, FOB Qingdao, reflecting a mixed trend — early-quarter declines followed by a mild recovery toward the end of June.
• The Cyclohexanone Price dropped sharply in April and early May due to weak downstream demand from caprolactam and solvent sectors, leading to oversupply and high inventories.
• Cyclohexanone Demand Outlook remained muted for most of Q2, with downstream buyers adopting cautious procurement strategies, limiting spot transactions, and drawing on existing stocks.
• A temporary rebound occurred mid-May, supported by a rise in benzene feedstock costs, but failed to sustain as upstream support weakened again by late May.
• Cyclohexanone Production Cost Trend was volatile through Q2; initial relief from falling benzene prices was offset by cost pressures from feedstock fluctuations and freight increases in late May and June.
• June saw a moderate upward shift in the Cyclohexanone Price Index, driven by stable caprolactam offtake, recovered adipic acid demand, and tightened supply amid scheduled maintenance at upstream crackers.
• Export interest improved modestly in late Q2 due to tariff-related frontloading, while inventory control efforts by producers helped prevent further price erosion.
• Cyclohexanone Price Forecast for July 2025 indicates a potential price increase, supported by rising raw material benzene values, constrained supply from delayed cracker restarts, and seasonal restocking demand from nylon and solvent industries.
Europe
• Cyclohexanone Price Index averaged USD 1413/MT, FD Hamburg in Q2 2025, reflecting a sharp 15% decline from Q1 2025’s average due to persistent oversupply, logistical constraints, and stagnant downstream demand, especially from caprolactam and adipic acid sectors.
• Cyclohexanone Demand Outlook remained weak throughout Q2, with no substantial recovery from end-use sectors like Nylon 6, 6,6, or automotive and textiles. Procurement stayed limited to operational needs, reflecting caution amid economic uncertainty.
• Cyclohexanone Production Cost Trend was downward in Q2, with falling benzene prices—settling around USD 700/MT by May—allowing suppliers to cut prices to maintain competitiveness amid low margins.
• Logistical disruptions at Hamburg and Bremerhaven ports, including Labour Day closures, yard congestion, and rail interruptions, created delivery backlogs that contributed to stock build-up and pressured sellers to offer discounts.
• Temporary price firming in mid-May was observed due to a surge in benzene costs and intensified port delays. However, this was short-lived, and the Cyclohexanone Price Index returned to its downtrend in late May and June.
• Inventory pressure worsened through June as terminal delays, low caprolactam operating rates, and minimal export activity extended product dwell times, forcing domestic sellers into destocking at lower price levels.
• By end-June, weak industrial activity (e.g., falling car registrations, sluggish textile output) and reduced offtake kept prices depressed despite relatively stable Cyclohexane feedstock costs.
• Cyclohexanone Price Forecast for July 2025 indicates a likely increase in the Price Index driven by anticipated production cuts in Northwest Europe, seasonal rebound in coatings and adhesives demand, and tightening inventories post-rail maintenance.
For the Quarter Ending March 2025
North America
Cyclohexanone prices in North America showed a mixed trend during Q1 2025, reflecting shifting demand and supply dynamics across the quarter. In early January, prices remained largely stable, supported by balanced market fundamentals and steady demand from downstream sectors like caprolactam and adipic acid.
However, in mid-January, prices began to rise, driven by tight supply conditions and increased downstream activity, especially in the nylon industry. This upward momentum continued into February as rising benzene prices and ongoing logistical issues further tightened supply, leading to incremental price increases. Despite inflationary pressures and port congestion, market sentiment stayed optimistic due to a recovery in manufacturing activity.
Entering March, the trend reversed as weak demand from key sectors, particularly automotive and textiles, led to price declines. Lower benzene costs and ample inventory levels also contributed to this downward movement. Additionally, trade policy uncertainties and cautious buyer behavior affected overall procurement. By the end of March, despite earlier gains, the market settled lower due to reduced consumption, closing the quarter with a balanced yet volatile pricing pattern.
However, Cyclohexanone prices witnessed a slight incline of approximately 1% compared to the previous quarter
APAC
The Cyclohexanone market in Thailand displayed a mixed trend in Q1 2025, shaped by shifting demand dynamics and raw material cost fluctuations. The quarter began with a sluggish tone in January as market activity slowed post-New Year. Despite some restocking ahead of the Lunar New Year, downstream demand from sectors like chemical fibers and solvents remained moderate, preventing any strong upward momentum. February saw a brief phase of stability supported by steady production and mild recovery in procurement activity. However, sentiment remained cautious due to limited cost support from upstream benzene and inconsistent downstream performance.
Moving into March, the market faced renewed downward pressure. Weaker consumption in the textile and coatings sectors, combined with steady domestic supply and an influx of cheaper imports from regional producers like China and South Korea, contributed to oversupply. Additionally, falling benzene prices and cautious buying behavior prompted sellers to lower offers to stimulate movement. Export demand was also tepid, reinforcing the soft tone in the market. As a result, Cyclohexanone prices in Thailand dropped to USD 1085/MT, CFR Bangkok, by the end of March.
However, Cyclohexanone prices witnessed a decline of approximately 5% compared to the previous quarter.
Europe
Cyclohexanone prices in the Netherlands showed a mixed trend during Q1 2025, starting with price stability in early January due to balanced supply and moderate demand from sectors like paints, coatings, and textiles. However, mid-January saw a brief dip in prices, driven by softening demand for caprolactam and adipic acid, along with improved production margins due to lower cyclohexane costs. By late January and early February, prices began to rise again as downstream demand rebounded and logistical disruptions at Rotterdam port tightened supply. Higher benzene costs further pushed up production expenses, contributing to price hikes through mid-February. Although prices stabilized by the end of February due to steady supply and easing port congestion, demand remained moderate.
In March, market sentiment weakened, leading to consecutive price declines as caprolactam demand dropped and inventories remained high. Falling benzene prices and subdued procurement activity also pressured prices downward. By the end of Q1, Cyclohexanone prices in the Netherlands had declined overall, reflecting a quarter marked by early gains offset by later downturns due to weaker demand and improved supply chain conditions.
However, Cyclohexanone prices witnessed a decline of approximately 7% compared to the previous quarter.
For the Quarter Ending December 2024
North America
Cyclohexanone prices in the United States exhibited an overall decline throughout Q4 2024, driven by a combination of supply, demand, and market dynamics. The quarter started with price drops in October due to increased domestic production, improved plant efficiencies, and higher inventory levels, which led to a temporary market surplus. This, combined with a seasonal slowdown in demand from key downstream sectors like adipic acid and caprolactam, exerted significant downward pressure on prices. Declining benzene costs, a critical raw material, further contributed to reduced production expenses, supporting lower prices.
In November, logistical challenges such as port congestion and delays—stemming from earlier disruptions caused by labor strikes and hurricanes—introduced supply chain uncertainties. However, efforts to address backlogs and stabilize operations minimized their overall impact on cyclohexanone prices. The bearish trends persisted throughout the month, driven by stable raw material costs and moderate demand. Although freight rate fluctuations and supply chain issues added pressure, their influence on pricing remained limited.
By late December, cyclohexanone prices experienced a slight rebound as downstream industries began replenishing inventories, and demand from sectors like nylon production increased. However, this late-quarter recovery was insufficient to counter the declines observed earlier in the quarter. Overall, cyclohexanone prices in Q4 2024 recorded a 5% decline compared to the previous quarter, reflecting a combination of supply surpluses, reduced production costs, and fluctuating demand patterns.
APAC
In Q4 2024, Cyclohexanone prices in China exhibited notable fluctuations, characterized by a declining trend in the first half of the quarter, followed by a recovery in the latter months. The quarter began with stable pricing during early October, largely driven by steady demand from key industries like nylon, adipic acid, and caprolactam, coupled with consistent domestic production. However, the market faced a slowdown, primarily due to a seasonal dip in demand and weaker economic indicators, leading to a 2.4% price decline by mid-November. This was compounded by increased domestic production, a surplus of supply, and a drop in the cost of raw materials like benzene, further exerting downward pressure on prices. Port congestion and logistical disruptions caused by weather events like Typhoons also temporarily hindered market activities.
However, in the latter half of November and into December, Cyclohexanone prices began to rise. This uptick was largely driven by increased demand from downstream sectors, particularly adipic acid and caprolactam, which saw restocking and strengthened consumption. Rising production costs, particularly from higher benzene prices, and logistical bottlenecks further tightened supply, fueling price increases. By December, the market had stabilized at higher levels, concluding the quarter with a positive price trend despite earlier weaknesses.
The substantial 14% decrease from the previous quarter in 2024 highlighted the volatility within the market, as price fluctuations were heavily influenced by seasonal demand shifts, production adjustments, and external disruptions. In addition to the price movements, the market faced significant logistical challenges, notably severe port congestion caused by Typhoons and increased blanked sailings. These disruptions, coupled with rising freight rates and anticipated port strikes, added to supply-side constraints and contributed to the overall market volatility during Q4 2024.
Europe
In Q4 2024, Cyclohexanone prices in Germany followed a consistent downward trajectory, influenced by a combination of weaker demand, supply surpluses, and ongoing logistical challenges. The quarter began with a decline in November, primarily driven by a seasonal slowdown in demand from key downstream industries, including adipic acid and caprolactam production. Additionally, the broader economic slowdown in Germany further dampened industrial activity, contributing to lower consumption of Cyclohexanone. Increased domestic production during this period led to an oversupply in the market, putting further downward pressure on prices.
Logistics, particularly port congestion at major European hubs such as Hamburg, exacerbated the situation. Delays in shipments and longer transit times, especially from Asia, compounded supply chain uncertainties and created additional market instability. In December, the downward pressure continued as reduced demand from sectors like construction and textiles added to the overall market weakness. Despite stable raw material costs like benzene, the oversupplied market, coupled with weak demand, kept prices under pressure throughout the quarter.
Overall, Q4 2024 concluded with a significant decline in Cyclohexanone prices, with a decrease of approximately 2% from the previous quarter, reflecting the combined impact of reduced demand, oversupply, and logistical disruptions.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American Cyclohexanone market experienced a mixed pricing trend. A period of declining prices was observed during the first half of the quarter, primarily driven by subdued demand across various industries. Factors such as a seasonal slowdown in downstream sectors like nylon production and adipic acid manufacturing significantly impacted market prices. Additionally, stable domestic production levels led to a surplus, further pushing prices downward. Stability in key raw material prices, particularly benzene, played a crucial role in reducing production costs and facilitating lower selling prices for Cyclohexanone.
During the second half of Q3 2024, Cyclohexanone prices in the USA exhibited an upward trend. Stabilized demand from downstream industries like nylon and adipic acid production, coupled with production constraints and stable benzene prices, contributed to the price rise during this period. By mid-September, prices rose due to heightened procurement activity and inventory replenishment after destocking. Additionally, exports to countries like Israel and Ireland tightened domestic supply, while concerns over port congestion due to a potential ILA strike added further upward pressure on prices.
There was only a 1% change observed from the last quarter compared to this quarter. Moreover, the comparison between the first and second halves of the quarter indicated a further decrease of -1%. This environment culminated in a quarter-ending price of USD 1614/MT for Cyclohexanone FOB Texas in the USA.
Europe
In Q3 2024, the European Cyclohexanone market experienced a hybrid pricing trend. The first half of the quarter saw a decline in prices, primarily driven by a temporary slowdown in downstream industries such as nylon, adipic acid, and caprolactam production, which led to reduced demand and created a market surplus. Increased domestic production and inventory adjustments further contributed to the price drop. Additionally, the overall economic slowdown in Europe aligned with global trends of falling prices. However, stabilized prices were observed towards the end of the quarter in the Netherlands, where balanced supply and demand dynamics prevailed. Consistent imports from Belgium and Germany ensured adequate supply, while a slight decline in benzene prices helped maintain production costs. Seasonal slowdowns in downstream applications like adipic acid and nylon tempered demand, preventing significant price fluctuations. Effective inventory management among manufacturers also reduced stockpiles, contributing to price stability. Despite global port congestion challenges, these factors collectively supported a steady pricing environment. Within the region, the Netherlands experienced the most significant price changes, with an 8% decline from the previous quarter. Additionally, there was a 3% decrease in prices between the first and second half of the quarter. The latest quarter-ending price for Cyclohexanone FD Rotterdam in the Netherlands stood at USD 1848/MT, reflecting a consistently decreasing pricing environment.
APAC
In Q3 2024, the APAC region witnessed a significant increase in Cyclohexanone prices, driven by multiple factors. Demand from downstream industries, such as nylon, adipic acid, and caprolactam production, remained strong, leading to heightened consumption levels. Concurrently, supply constraints, including unexpected production issues and maintenance shutdowns, created temporary market fluctuations. In Japan, Cyclohexanone prices increased primarily due to rising benzene costs, which escalated production expenses, while inventory depletion among manufacturers heightened reliance on spot purchases. Additionally, port congestion in Japan significantly impacted Cyclohexanone prices, as logistical delays strained supply chains and tightened domestic supply. Although some easing of congestion was noted, ongoing capacity constraints and vessel redistribution to alternative ports, like Taiwan, continued to create disruptions. This situation further drove up prices amid existing demand pressures. The substantial 22% rise from the previous quarter in 2024 underscored the market's volatility, with Japan experiencing the most significant price changes that reflected overall regional trends. Seasonal fluctuations, coupled with a 7% price disparity between the first and second halves of the quarter, highlighted the dynamic nature of the market. The quarter-ending price of USD 1463/MT for Cyclohexanone FOB Osaka in Japan exemplified the prevailing upward pricing trajectory in the region.
FAQs
1. What was the average Cyclohexanone Price Index in Q2 2025?
In Q2 2025, the average Cyclohexanone Price Index was USD 1503/MT in North America, USD 942/MT in China, and USD 1413/MT in Europe.
2. Why did Cyclohexanone prices fall in Q2 2025?
Prices declined due to weak downstream demand, ample supply, and falling benzene feedstock costs across all regions.
3. What is the Cyclohexanone Price Forecast for July 2025?
Prices are expected to rise in July 2025, driven by higher benzene values, tighter supply, and seasonal demand recovery.
4. How did the Cyclohexanone Production Cost Trend behave in Q2 2025?
Production costs mostly declined or remained stable due to falling feedstock prices and manageable energy input levels.
