For the Quarter Ending September 2025
North America
• In United States, Dimer Acid Price Index remained stable in Q3 2025, despite TOFA export prices falling 5.11% in the quarter.
• Dimer Acid production costs decreased in Q3 2025, as TOFA export prices fell 5.11%, but rose 1.30% in September 2025.
• Dimer Acid demand is supported by US light-vehicle sales reaching 16.4 million units SAAR in September 2025.
• Dimer Acid price outlook influenced by federal EV tax credit expiration on September 30, 2025, driving pull-ahead demand.
• Residential construction spending rose 0.1% in July 2025; nonresidential spending fell 0.5% in July 2025.
• Henry Hub natural gas spot price averaged $3.03 per MMBtu in Q3 2025, influencing energy costs for production.
• Light-vehicle inventory reached 2.65 million units by September 2025, up 6.2% from August 2025.
• Effective average tariff rate in the United States soared to 17.7% by August 7, 2025, impacting import costs.
Why did the price of Dimer Acid change in September 2025 in North America?
• TOFA prices rose 1.30% in September 2025, increasing Dimer Acid production costs.
• US light-vehicle sales climbed to 16.4 million units SAAR in September 2025.
• Federal EV tax credit expiration on September 30, 2025, drove pull-ahead demand.
APAC
• In China, the Dimer Acid Price Index fell quarter-over-quarter in Q3 2025, influenced by declining industrial producer prices.
• Dimer Acid production costs decreased significantly as tall oil fatty acids import price dropped 20.4% in July 2025.
• Demand for Dimer Acid was supported by industrial production expanding 6.5% year-on-year in September 2025.
• Retail sales of consumer goods grew 3.0% year-on-year in September 2025, boosting Dimer Acid demand.
• Manufacturing's value-added industrial output expanded 5.2% year-on-year in August 2025, indicating sector growth.
• Fixed asset investment in manufacturing increased 4.0% year-on-year from January-September 2025, supporting Dimer Acid.
• New Energy Vehicle production surged 31.4% year-on-year from January-August 2025, driving Dimer Acid demand.
• Combined inventories of major vegetable oils rose to 2.51 million tonnes by August 29, 2025, suggesting ample supply.
Why did the price of Dimer Acid change in September 2025 in APAC?
• Producer Price Index for industrial products fell 2.3% year-on-year in September 2025.
• Tall oil fatty acids import price dropped 20.4% in July 2025, reducing production costs.
• Industrial Production expanded 6.5% year-on-year in September 2025, offering demand support.
Europe
• In Germany, the Dimer Acid Price Index fell quarter-over-quarter in Q3 2025, influenced by a year-on-year decline in the Producer Price Index for industrial products.
• Dimer Acid production costs were impacted by Germany's average electricity price increasing 5.2% month-on-month in September 2025.
• The Dimer Acid demand outlook was mixed, with new orders in manufacturing declining 2.9% in July and 0.8% in August 2025.
• Industrial Production in Germany showed volatility, decreasing 3.7% in August 2025 but increasing 1.3% in July and September 2025.
• New passenger car registrations in Germany rose 13% in September 2025, supporting Dimer Acid demand in automotive applications.
• New electric vehicle registrations in Germany jumped 48% in September 2025, indicating growth for Dimer Acid in EV-related sectors.
• Construction output in Germany decreased 2.20% in September 2025 year-over-year, signaling weaker Dimer Acid demand from this sector.
• The European natural gas market remained stable in September 2025, with the ICE TTF index fluctuating between 32.50 and 33.5 EUR/MWh.
• The Producer Price Index for industrial products in Germany declined 1.7% year-on-year in September 2025, impacting Dimer Acid pricing.
• Dimer Acid price forecast suggests continued pressure from declining industrial product PPI, despite some automotive sector strength.
Why did the price of Dimer Acid change in September 2025 in Europe?
• The Producer Price Index for industrial products in Germany declined 1.7% year-on-year in September 2025.
• Germany's average electricity price increased 5.2% month-on-month in September 2025, impacting production costs.
• New orders in manufacturing in Germany increased 1.1% month-on-month in September 2025, indicating slight demand recovery.
