For the Quarter Ending September 2025
North America
• In the USA, the MEA Triazine Price Index fell by 3.46% quarter-over-quarter, amid softer feedstocks.
• The average MEA Triazine price for the quarter was approximately USD 1303.33/MT, reflecting dynamics across the summer.
• August feedstock tightness lifted MEA Triazine Spot Price, reducing immediate spot liquidity and seller flexibility.
• Freight and operational issues affected landed costs, shaping the MEA Triazine Production Cost Trend regionally.
• Refinery utilization increases supported the MEA Triazine Demand Outlook, maintaining steady downstream offtake and procurement.
• Near-term volatility expected; MEA Triazine Price Forecast indicates modest monthly adjustments into early Q4 2025.
• Middle East cargo arrivals pressured the MEA Triazine Price Index, prompting selective seller discounting strategies.
• Operational outages and hurricane logistics tightened supply, creating regional scarcity, intermittent MEA Triazine spot strength.
Why did the price of MEA Triazine change in September 2025 in North America?
• Reduced imports and elevated freight increased landed costs, tightening availability across Gulf Coast warehouses.
• Feedstock MEA price shifts and Saudi export strategies moderated production costs, affecting landed competitiveness margins.
• Downstream refinery demand recovered modestly, supporting offtake while surplus cargoes intermittently pressured spot availability levels.
APAC
• In China, the MEA Triazine Price Index fell by 7.88% quarter-over-quarter, driven by inventory liquidation.
• The average MEA Triazine price for the quarter was approximately USD 1130.00/MT, CFR Shanghai, subdued.
• MEA Triazine Spot Price declined as sellers discounted cargoes to reduce inventories and stimulate buying.
• MEA Triazine Price Forecast remains bearish, anticipating modest declines as imports persist and demand softens.
• MEA Triazine Production Cost Trend eased; feedstock MEA prices fell, enabling lower-priced exports into China.
• MEA Triazine Demand Outlook remains weak, keeping MEA Triazine Price Index under sustained downward pressure.
• Rising inventories pressured the Price Index as export flows and delayed shipments increased coastal spot availability.
• Major producers maintained shipments while freight volatility and Red Sea tensions intermittently affected market schedules.
Why did the price of MEA Triazine change in September 2025 in APAC?
• Excess imports and domestic inventory liquidation raised supply volumes, outweighing refinery-driven consumption gains in September.
• Lower feedstock MEA prices reduced manufacturing costs, enabling exporters to offer discounts, pressuring domestic quotations.
• Normalized freight and fewer disruptions improved arrivals, allowing sellers to negotiate discounts and preserve margins.
Europe
• In Europe, the MEA Triazine Price Index fell quarter-over-quarter in Q3 2025, reflecting subdued demand from oil & gas and water treatment sectors.
• MEA Triazine Spot Price movements remained soft, with limited volatility due to cautious procurement behavior and elevated inventories across Western Europe.
• The MEA Triazine Price Forecast for Q4 2025 signals mild downside risk, especially in upstream oilfield applications, unless seasonal drilling activity improves.
• The MEA Triazine Production Cost Trend remained stable, supported by consistent monoethanolamine (MEA) feedstock availability and normalized energy inputs. No major disruptions were reported across European manufacturing hubs.
• The MEA Triazine Demand Outlook remains cautious. While oil & gas, water treatment, and industrial biocide applications-maintained baseline consumption, substitution trends and cost sensitivity limited aggressive restocking.
• The MEA Triazine Price Index reflects restrained buying behavior and soft momentum in refining and gas sweetening operations, offset by steady demand in wastewater treatment.
• Inventory levels across European distributors remained elevated, limiting bulk-buying activity, and supporting disciplined pricing strategies.
• Regulatory compliance and environmental standards in H2S scavenging continue to support demand for high-performance MEA Triazine formulations, especially in offshore and refinery settings.
Why did the price of MEA Triazine change in September 2025 in Europe?
• Demand from upstream oilfield operations remained weak, contributing to a modest decline in the MEA Triazine Price Index.
• Feedstock costs for monoethanolamine and formaldehyde remained stable, while freight and packaging costs eased slightly, softening landed prices.
• Buyers delayed restocking amid economic caution and high inventory levels, reducing spot market activity across key European regions.
For the Quarter Ending June 2025
North America
The MEA Triazine Price Index in North America rose by 1.8% quarter-on-quarter in Q2 2025, driven by seasonal demand recovery from the refining sector, tight overseas supply, and elevated freight rates that pushed landed costs higher across the region.
• April witnessed a 3.1% increase in the Price Index, supported by rising production costs, inventory delays, and logistical disruptions at the Port of Houston. Reduced imports from Saudi Arabia and a surge in feedstock Monoethanolamine (MEA) prices reinforced supply tightness, while a modest rise in refinery utilization added to the bullish momentum.
• In May, the Price Index climbed another 3.8%, as higher refinery run rates and seasonal gasoline production drove up demand for MEA Triazine in hydrogen sulfide (H2S) scavenging applications. Simultaneously, slower production in the Middle East ahead of Eid holidays led to reduced export volumes, keeping supply-side pressure intact.
• June sustained the upward trajectory with a 2.2% rise in the Price Index, supported by tightened supply, higher freight costs, and improved demand from oilfield services and petrochemical sectors. Regional stock depletion and localized shortages along the Texas Gulf Coast contributed to bullish pricing, despite a slight decline in feedstock costs.
• Across Q2 2025, the overall MEA Triazine Price Index rose steadily, underpinned by constrained global supply flows, resilient downstream consumption, and seasonal refinery demand. While logistical bottlenecks and international shipping disruptions intensified cost pressures, moderate inventory restocking and stronger utilization rates helped sustain positive market sentiment throughout the quarter.
Why did the price of MEA Triazine stay stable in July 2025 in North America?
The Price Index of MEA Triazine in North America in July 2025 remained stable due to:
• Balanced supply-demand fundamentals, with consistent production levels adequately meeting downstream requirements from oilfield services and fuel treatment sectors.
• Softening feedstock Monoethanolamine (MEA) prices, which offset upward cost pressures and helped maintain price equilibrium despite external market volatility.
• Cautious purchasing activity by downstream buyers, who refrained from aggressive spot procurement amid steady inventory levels and uncertain economic outlook.
• Stable refinery utilization rates, which supported consistent demand for MEA Triazine as an H2S scavenger without prompting sudden surges in consumption.
• Minimal logistical disruptions across major ports and transport corridors, ensuring smooth regional distribution and avoiding cost spikes associated with freight volatility.
• Let me know if you'd like this adapted for a Q3 forecast or another region.
Europe
• The MEA Triazine Price Index in Europe remained broadly stable on a quarter-on-quarter basis in Q2 2025, as moderate demand from refineries and petrochemical units balanced out easing upstream costs and steady regional supply availability.
• April saw a marginal increase in pricing, as procurement activities picked up following the Easter holiday lull. However, supply remained sufficient, and no significant feedstock disruptions were reported, keeping the price rise contained.
• In May, the market observed flat movement in the Price Index, with steady contract flows from domestic suppliers and low volatility in Monoethanolamine (MEA) feedstock pricing. Seasonal fuel blending activities supported demand, but without aggressive spot buying.
• June concluded the quarter with a mild dip in spot sentiment, as inventories remained adequate and downstream buyers showed limited interest in forward bookings. Import activity from North Africa and the Middle East remained predictable and uninterrupted.
• Across the quarter, the European MEA Triazine market was shaped by supply stability, muted logistics concerns, and consistent but unexceptional demand, leading to a largely unchanged
Why Did the Price Index of MEA Triazine be stable in Europe?
The Price Index of MEA Triazine in Europe remained stable due to:
• Stable regional production and import flows, with adequate availability from both domestic and nearby overseas suppliers preventing any supply shocks.
• Low volatility in feedstock MEA pricing, which eased upstream cost pressures and contributed to a flat pricing structure throughout the quarter.
• Predictable demand from refineries and gas processing units, with no major uptick in consumption to trigger price momentum.
• Lack of logistical disruptions, as port operations and inland transport routes across Europe operated smoothly, avoiding any cost escalations from supply chain inefficiencies.
• Cautious market sentiment, as buyers limited their procurement to contractual volumes and avoided speculative stocking, keeping the market well-balanced.
APAC
• The MEA Triazine Price Index in the APAC region rose by 1.9% quarter-on-quarter in Q2 2025, primarily supported by stronger refinery run rates and seasonal demand recovery for hydrogen sulfide (H2S) scavenging applications.
• In April, the Price Index witnessed an upward push due to constrained supply from the Middle East, higher feedstock Monoethanolamine (MEA) costs, and shipment delays from Saudi Arabia, which tightened inventory availability across key Southeast Asian markets.
• May saw a continued increase in the Price Index, fueled by reduced production rates among Middle Eastern exporters ahead of Eid holidays and persistent supply chain tightness, while domestic buyers re-entered the spot market amid rising fuel production.
• The Price Index remained elevated in June, supported by firm downstream demand from refineries and petrochemical units, along with restricted inflows of cargoes from the Middle East due to elevated freight rates and geopolitical disruptions in key trade routes.
• Throughout Q2 2025, the APAC market experienced a bullish pricing environment, driven by seasonal fuel demand, limited availability of import cargoes, and moderate improvements in spot procurement activity despite stable to slightly softening feedstock trends in late June.
Why Did the Price Index of MEA Triazine stay stable in APAC?
1. The Price Index of MEA Triazine in APAC remained stable due to:
• Consistent regional production and steady import volumes, with sufficient availability from local suppliers and Middle Eastern exporters preventing any sharp supply imbalances.
• Moderate fluctuations in feedstock MEA prices, which helped cushion upstream cost pressures and maintain pricing stability across the quarter.
• Predictable downstream demand from refineries and petrochemical units, with no significant spikes in consumption that could drive upward price movement.
• Smooth regional logistics and shipping operations, despite isolated delays, ensured steady flow of cargoes and prevented transport-related cost surges.
• Measured procurement activity, as buyers prioritized fulfilling short-term requirements through existing contracts and remained cautious amid a gradually normalizing supply environment
For the Quarter Ending March 2025
North America
The North American MEA Triazine market faced a predominantly bearish situation during Q1 2025, despite an initial price increase in January. In January, prices rose by 3.7% due to low supply, increased demand from the oil and gas refining industry, and logistical disruptions caused by a winter storm.
However, by February, prices began to slide, falling by 3% due to weaker demand from the oil and gas sector, improved freight conditions, and a decrease in feedstock costs from the Middle East. This downward trend continued in March, with prices declining further by 4.8% as oversupply persisted, supported by existing inventories and weak refinery operating rates in the US.
Supplies from the Middle East were low, with much of the inventory redirected to India, and weather-related disruptions at the Port of Houston contributed to inventory delays. Despite a minor increase in feedstock MEA prices, the market remained bearish due to sluggish demand and ample inventory. The Ramadan season further curtailed imports from the Middle East, but domestic stocks ensured sufficient supply, keeping prices under pressure throughout the quarter.
Europe
The European MEA Triazine market faced a predominantly bearish situation during Q1 2025, despite an initial price increase in January. In January, prices rose by 3.7% due to low supply, increased demand from the oil and gas refining industry, and logistical disruptions caused by a winter storm. However, by February, prices began to slide as weaker demand from the oil and gas sector, improved freight conditions, and a decrease in feedstock costs from the Middle East exerted downward pressure. This downward trend continued in March, with prices declining further as oversupply persisted, supported by existing inventories and weak refinery operating rates in Europe.
Supplies from the Middle East were low, with much of the inventory being redirected to other markets, and weather-related disruptions at key ports contributed to inventory delays. Despite a minor increase in feedstock MEA prices, the market remained bearish due to sluggish demand and ample inventory. The Ramadan season further curtailed imports from the Middle East, but domestic stocks ensured sufficient supply, keeping prices under pressure throughout the quarter.
APAC
The APAC MEA Triazine market experienced fluctuating dynamics during Q1 2025. In January, prices rose due to improved demand conditions and a recovery in crude throughput after a slump in 2024. However, by mid-February, prices dropped as supply remained ample, supported by existing inventories and low freight charges. This decline was further influenced by reduced imports from the Middle East, due to Ramadan and port congestion.
As the quarter progressed, prices rebounded in March due to a tighter supply, lower inventory volumes, and increased manufacturing costs from the Middle East. The market saw higher feedstock prices after Indorama Ventures’ price revision in mid-March, adding upward pressure. Demand conditions improved in March, supported by increased refining activity and higher crude throughput. Private refineries, such as Yulong Petrochemical, boosted their output, further supporting demand for MEA Triazine. Despite the tight supply, the overall market sentiment remained bullish, with suppliers passing on higher costs to downstream buyers.
For the Quarter Ending December 2024
North America
The North American MEA Triazine market experienced mixed conditions in late 2024, with prices initially rising by 1.7%, followed by a 6% depreciation and a further 12% decline. The initial price increase was driven by a strike at US East Coast ports that began on October 1 and lasted three days, causing disruptions in shipping capacity. The strike, resolved on October 4 with a tentative agreement between the International Longshoremen’s Association (ILA) and employers, created uncertainty about future disruptions, leading to volatility in the market. The disruption resulted in a 10% loss in shipping capacity from the Mediterranean to the US East Coast, which worsened to 25% with longer delays. These supply chain issues, combined with the ongoing hurricane season, tightened MEA Triazine inventories and drove prices higher, while extending delivery lead times.
By mid-Q4 2024, despite a 2% rise in feedstock Monoethanolamine (MEA) prices in the Middle East, US supplies remained abundant as hurricane disruptions were largely resolved, and port congestion cleared. However, as the year-end approached, suppliers focused on destocking inventories due to tax concerns and the potential depreciation of held goods. This led to an influx of supply in the market, resulting in price depreciation.
In the final weeks of 2024, concerns over a potential strike on January 15, 2025, prompted suppliers to place bulk orders in November and December, further increasing inventories. The rush to liquidate these inventories before the holidays caused prices to fall sharply, despite a 3.3% rise in MEA feedstock costs in the Middle East.
Europe
The European MEA Triazine market experienced an initially bullish trend at the start of Q4 2024, driven by improved demand conditions as the petrochemical industry showed activity following the summer break, leading to price increases. This was further supported by rising feedstock MEA prices across the European market. However, as the quarter progressed, demand conditions turned predominantly negative. Demand from the diesel industry and refining activity remained low, and consumption slowed as many downstream players reduced operations as the year came to a close. Extended holidays worsened the demand situation, with liquidation activities typical at the end of the year as European suppliers sought to offload inventories, resulting in ample supply across the market. With the market largely being a buyer’s market, price volatility was limited, and the market ended the quarter in a predominantly bearish state.
APAC
The Asian MEA Triazine market experienced mixed conditions in late 2024, with prices initially rising by approximately 1% in October, followed by a 7% decline, and further falling by another 12% as the year came to a close. Early in the quarter, the market was supported by reduced supplies and high demand, driven by lower inventory levels reported by suppliers, which created tight supply conditions. Supply disruptions were exacerbated by escalating conflicts across the Red Sea, causing major shipping carriers to implement surcharges ranging from USD 400 to USD 1,100 per 40-foot equivalent unit (FEU), averaging USD 639, representing a 12% increase from the previous month. These surcharges added to the cost of importing MEA Triazine into China, contributing to higher prices in the domestic market. Additionally, typhoon-related disruptions in early October further impacted inventory flow in China, compounding the supply challenges.
However, toward the middle of the quarter, supplies of MEA Triazine in China improved as Saudi suppliers worked to liquidate existing inventories, despite a 2% price increase in the Saudi Arabian market. Disruptions caused by seasonal typhoons were mostly resolved, and operations at the Port of Shanghai returned to normal, allowing accumulated inventories to be unloaded and boosting supply conditions. Price reductions of Yuan 150–300/MT were observed in the domestic market, reflecting the overall price decline during the period. Despite a 3.5% increase in feedstock Monoethanolamine prices, the market remained bearish, primarily driven by inventory liquidation across both the Middle Eastern and domestic markets. Demand conditions remained positive in October but became unfavorable in November and December, leading to a sharp decline in prices as the market ended the year in bearish conditions.
