For the Quarter Ending June 2026
Menthol Prices in APAC
- In China, the Menthol Price Index rose by 8.35% quarter-over-quarter, reflecting stronger export enquiries and supply disruptions.
- The average Menthol price for the quarter was approximately USD 11393.33/MT, reflecting elevated export-oriented demand dynamics.
- Menthol Spot Price strengthened early quarter, then eased into June as export enquiries somewhat moderated.
- Menthol Price Forecast expects stability, with holiday logistics and compliance costs producing intermittent upward pressure.
- Menthol Production Cost Trend rose as m-cresol feedstock and coastal electricity tariffs increased conversion expenses.
- Menthol Demand Outlook remains supportive from confectionery and pharmaceutical buying, with exporters prioritizing premium-quality shipments.
- Menthol Price Index volatility reflected low coastal inventories, plant maintenance, and stronger western buyers' restocking.
- Major Jiangsu and Zhejiang plants ran near nameplate, sustaining shipments and supporting competitive FOB offers.
Why did the price of Menthol change in June 2026 in APAC?
- Mint oil arrivals increased supply, while export buying paused, creating downward pressure on June offers.
- Stable electricity tariffs trimmed conversion costs, offsetting feedstock cost risks during contingency shipping route planning.
- International buyers deferred enquiries after vaping restrictions, reducing overseas demand and softening Price Index momentum.
India
- In India, the Menthol Price Index rose by 8.34% quarter-over-quarter, driven by freight, landed-cost increases.
- Menthol Spot Price eased as container availability improved, although higher freight limited some landed-cost relief.
Menthol Prices in North America
- In the USA, the Menthol Price Index rose by 8.56% quarter-over-quarter, driven by firmer Asian offers.
- The average Menthol price for the quarter was approximately USD 11580.33/MT, inclusive of freight-related risk premiums.
- Exporters absorbed higher freight, pressuring the Menthol Spot Price while origin offers remained still competitively priced.
- Menthol Price Forecast indicates modest volatility as shipping disruptions and origin crop timing create transient supply.
- Lower citral costs softened the Menthol Production Cost Trend, enabling synthetic suppliers to discount into Gulf.
- Menthol Demand Outlook remains steady with oral-care and OTC cough remedy purchasing offsetting weaker tobacco-related offtake.
- Buyers built modest safety stocks, supporting the Menthol Price Index despite comfortable import availability and freight.
- Aggressive Asian exporter offers and steady arrivals at Houston pressured local spot quotes, tempering upward momentum.
Why did the price of Menthol change in June 2026 in North America?
- Aggressive exporter discounts amid ample Indian and Chinese shipments increased import availability, capping price pressure.
- Freight and war-risk surcharges rose sharply, elevating landed costs despite exporters absorbing part of rise.
- Seasonal demand softened after spring, while regulatory uncertainty in tobacco kept buyers cautious, reducing purchasing.
Menthol Prices in Europe
- In Europe, the Menthol Price Index demonstrated a stable-to-slightly softening trend quarter-over-quarter, driven by consistent Asian import flows and cautious procurement by regional FMCG manufacturers.
- The Menthol Spot Price experienced late-quarter softening in June as expanded export allocations from Asian coaters and mint distillers improved regional warehouse availability.
- The Menthol Production Cost Trend remained stable to slightly lower, as moderating energy tariffs across Western Europe offset earlier increases in synthetic chemical synthesis inputs (such as m-cresol and thymol).
- The Menthol Demand Outlook stayed cautiously optimistic, supported by steady contractual offtake in pharmaceuticals (topical analgesics and cold remedies) and oral care, though tempered by regulatory uncertainties surrounding menthol-flavored tobacco alternatives.
- The Menthol Price Forecast indicates range-bound movement going into Q3 2026, as buyers maintain lean inventories while monitoring international container freight stability and seasonal OTC pharmaceutical restocking.
- Fluctuations in the Menthol Price Index were kept in check by reliable import deliveries through major Northern European ports, preventing supply shortages.
- Major European distributors prioritized contract allocations over spot market speculation, ensuring steady material availability for large-scale flavor and fragrance houses.
Why did the price of Menthol change in June 2026 in Europe?
- Easing export offers from key Asian suppliers and lower transoceanic freight adjustments reduced landed costs, putting downward pressure on the Menthol Spot Price and the regional Menthol Price Index.
- Downstream pharmaceutical and cosmetics formulators limited incremental spot purchases to optimize working capital ahead of summer plant maintenance shutdowns, softening the overall Menthol Demand Outlook.
- Steady European industrial electricity and gas tariffs capped the Menthol Production Cost Trend, prompting sellers to offer minor discounts to clear port warehouse inventories.
For the Quarter Ending March 2026
Menthol Prices in North America
- In USA, the Menthol Price Index fell by 1.56% quarter-over-quarter, reflecting firmer origin offers overall.
- The average Menthol price for the quarter was approximately USD 10667.67/MT, reflecting CFR Houston levels.
- Asian supplies anchored the Menthol Spot Price, while comfortable stocks limited immediate upward price pressure.
- Menthol Price Forecast indicates mild gains later as importers cautiously rebuild inventories and freight normalises.
- Rising mint oil and solvent costs influenced the Menthol Production Cost Trend, supporting FOB offers.
- Menthol Demand Outlook remains steady as tobacco and care sectors sustain consumption despite regulatory uncertainty.
- The Menthol Price Index displayed mild volatility driven by freight spikes and origin FOB adjustments.
- US buyers remained cautious, keeping safety stocks thin while Gulf port operations stayed broadly efficient.
Why did the price of Menthol change in March 2026 in North America?
- Modestly tighter Asian export offers reduced availability, lifting landed costs and outweighing steady domestic demand.
- Rising Shanghai-Houston freight indices increased transport costs directly adding to CFR Houston landed cost base.
- Importers held thin inventories amid regulatory uncertainty, limiting aggressive purchasing but not preventing price gains.
Menthol Prices in APAC
- In China, the Menthol Price Index fell by 1.64% quarter-over-quarter, reflecting softer export enquiries and inventories.
- The average Menthol price for the quarter was approximately USD 10515.00/MT, reflecting stable export demand.
- Menthol Spot Price remained subdued after Lunar New Year, as producers met orders from bonded warehouses.
- Menthol Price Forecast indicates gradual firmer offers as overseas restocking strengthens heading into summer production cycles.
- Menthol Production Cost Trend rose due to higher winter energy tariffs and hydrogenation cost increases.
- Menthol Demand Outlook improved internationally in March as confectionery and oral-care buyers advanced third-quarter procurement.
- Menthol Price Index recovered in March as Chinese exporters tightened FOB offers against supply gaps.
- Inventories stayed comfortable overall, enabling producers to prioritize contract allocations rather than reactive spot sales.
Why did the price of Menthol change in March 2026 in APAC?
- Export restocking in March absorbed excess spot availability, thereby supporting a modest price uptick globally.
- Winter energy surcharges raised marginal hydrogenation costs, nudging the production cost curve higher in March.
- Comfortable on-site inventories and smooth logistics reduced immediate supply tightness despite regional peppermint shortages recently.
Menthol Prices in Europe
- In Europe, the Menthol Price Index showed a slightly firm trend during Q1 2026, supported by steady pharmaceutical and FMCG demand alongside stable import flows.
- The average Menthol Price Index for the quarter remained balanced, reflecting adequate inventories and consistent supply from major exporting regions.
- Menthol Spot Price remained range-bound through most of the quarter but edged higher toward March as restocking activity increased.
- The Menthol Production Cost Trend moved upward due to higher energy costs and rising peppermint oil and hydrogenation input expenses.
- Menthol Demand Outlook remained firm, driven by its key downstream uses in pharmaceuticals (cough syrups, balms), oral care products (toothpaste, mouthwash), confectionery, cosmetics, and tobacco alternatives.
- Demand from healthcare and personal care sectors provided steady baseline consumption across the region.
- The Menthol Price Index reflected stable supply-demand balance, with mild volatility driven by seasonal procurement cycles.
- Menthol Price Forecast indicates a stable-to-firm outlook, supported by upcoming summer demand and continued consumption from FMCG and pharmaceutical industries.
Why did the price of Menthol change in March 2026 in Europe?
- Prices increased slightly in March 2026 due to rising procurement activity from pharmaceutical and FMCG sectors.
- Higher feedstock and energy costs elevated the Menthol Production Cost Trend, supporting the Menthol Price Index.
- Import cost pressures and moderate restocking ahead of seasonal demand contributed to the upward price movement.
For the Quarter Ending December 2025
North America
- In the USA, the Menthol Price Index rose by 0.87% quarter-over-quarter, driven by replenishment and winter demand.
- The average Menthol price for the quarter was approximately USD 10836.67/MT, reflecting weighted import and domestic settlements.
- Menthol Spot Price softened in December amid increased import arrivals, placing downward pressure on the Price Index.
- Menthol Price Forecast indicates softening absent a freight rebound or clearer regulatory signals to restore forward buying.
- Menthol Production Cost Trend remained stable as domestic synthetic units experienced steady feedstock and energy costs overall.
- Menthol Demand Outlook shows mixed drivers: pharmaceutical winter uptick offset by cautious tobacco sourcing amid regulatory uncertainty.
- Gulf Coast inventories and greater Asian export competitiveness pressured the Menthol Price Index, encouraging distributor spot selling.
- Domestic producers maintained normal utilisation; import volumes set market tone, supporting Menthol Spot Price volatility moderation currently.
Why did the price of Menthol change in December 2025 in North America?
- Increased Asian export competitiveness and lower freight rates reduced landed costs, prompting discounting of spot import offers.
- Elevated Gulf Coast inventories and import arrivals outpaced offtake, lessening urgency to restock and supporting bearish pricing.
- Buyer caution due to unresolved regulatory menthol ban reduced long-term contracting, seasonal pharmaceutical demand partially offset weakness.
APAC
- In China, the Menthol Price Index rose by 0.88% quarter-over-quarter, supported by steady export demand and low inventories.
- The average Menthol price for the quarter was approximately USD 10690.00/MT, reflecting export-weighted quarterly volumes prevailing.
- Menthol Spot Price eased modestly in December as exporters reduced offers to preserve run-rates and clear inventory.
- Menthol Price Forecast anticipates mild recovery into early 2026 driven by seasonal demand and replenishment buying
- Menthol Production Cost Trend remained stable as feedstock availability and modest phenol price changes limited input cost pressure.
- Menthol Demand Outlook appears subdued near-term owing to softer flavour-house enquiries and cautious confectionery restocking schedules
- Menthol Price Index movements reflected export-driven dynamics, balanced production, and logistical normalisation at major eastern Chinese ports.
- Inventory draws and export allocations influenced offers while large producers maintained throughput to service international contract volumes.
Why did the price of Menthol change in December 2025 in APAC?
- Tight early-quarter export bookings and low bonded-zone stocks sustained buying urgency, underpinning modest upward price pressure.
- In December, rising synthetic output and ample corn-mint oil yields expanded spot availability, prompting exporters to trim offers.
- Normalised port operations and softer overseas enquiries reduced logistical premia, allowing buyers to exert downward pricing pressure.
Europe
- In Germany, the Menthol Price Index recorded a tentative rise of 0.55% quarter-over-quarter, reflecting steady pharmaceutical and flavour-sector demand amid balanced availability.
- The average Menthol price for the quarter was assessed at approximately USD 11,150.00/MT, based on distributor-level transactions and contract renegotiations across Western Europe.
- Menthol Spot Price remained largely range-bound through December as buyers sourced contract volumes while limiting incremental spot exposure.
- The Menthol Price Forecast suggests mild firmness into early 2026, supported by seasonal respiratory formulations and restocking by flavour and OTC manufacturers.
- Menthol Production Cost Trend stayed stable, with synthetic input costs and energy tariffs showing limited volatility during the quarter.
- Menthol Demand Outlook remained cautious but stable, as downstream buyers balanced near-term consumption with inventory optimisation strategies.
- The Menthol Price Index reflected adequate regional inventories, steady imports, and predictable supply flows, preventing sharp price swings.
- Major distributors maintained comfortable stock positions, ensuring supply continuity while moderating upward price momentum.
Why did the price of Menthol change in December 2025 in Europe?
- Completion of most Q4 procurement cycles reduced spot-market urgency, keeping December price movements limited.
- Stable import arrivals and sufficient distributor inventories curtailed any supply-driven price escalation.
- Seasonal demand from pharmaceutical and OTC segments provided baseline support, preventing sharper downside despite cautious buying sentiment.
For the Quarter Ending September 2025
North America
- In United States, the Menthol Price Index rose quarter-over-quarter in Q3 2025, driven by elevated production costs and shrinking inventories.
- Menthol production costs increased in Q3 2025, as the Producer Price Index rose 2.6% year-over-year in August 2025.
- Rising input prices, particularly natural gas, reignited margin pressure for manufacturers during Q3 2025.
- Menthol demand outlook was mixed; retail sales increased 5.42% year-over-year in September 2025, while industrial production only rose 0.1%.
- Consumer confidence declined to 94.2 in September 2025, alongside a 4.3% unemployment rate, moderating discretionary spending.
- Chemical industry inventories shrank in Q3 2025 due to accelerated destocking, tightening overall supply dynamics.
- US chemical exports were projected to fall in 2025, with trade volumes shifting due to reinstated tariffs in Q3 2025.
- The Menthol Price Index is forecast to remain firm, supported by persistent cost pressures and tightening supply in Q3 2025.
Why did the price of Menthol change in September 2025 in North America?
- Consumer Price Index increased 3.0% year-over-year in September 2025, raising overall production expenses.
- Elevated natural gas prices influenced petrochemical feedstock costs, increasing manufacturing burden in Q3 2025.
- Chemical industry inventories contracted in Q3 2025, tightening supply and supporting Menthol prices.
Europe
- In Germany, the Menthol Price Index fell quarter-over-quarter in Q3 2025, driven by weakening demand and declining production costs.
- Menthol production costs decreased from weakening naphtha feedstock and steady downward European natural gas prices in Q3 2025.
- The Producer Price Index (PPI) decreased by 1.7% year-over-year in September 2025, lowering Menthol manufacturing expenses.
- Menthol demand was bearish as private consumption in Germany contracted in Q3 2025, impacting consumer product sales.
- Industrial production declined by 1.0% year-over-year in September 2025, reducing Menthol demand in industrial applications.
- The Manufacturing Index was contracting in Q3 2025, signaling a slowdown in overall industrial activity and new orders.
- Consumer Price Index (CPI) rose 2.4% year-over-year in September 2025, eroding consumer purchasing power for Menthol products.
- Retail sales saw a modest 0.2% increase year-over-year in September 2025, providing limited support for consumer-facing Menthol demand.
Why did the price of Menthol change in September 2025 in Europe?
- Weakening consumer sentiment and contracting private consumption in Q3 2025 reduced demand for Menthol products.
- Declining naphtha feedstock costs and a 1.7% decrease in PPI in September 2025 lowered Menthol production expenses.
- A contracting Manufacturing Index and 1.0% decline in industrial production in September 2025 suppressed industrial Menthol demand.
APAC
- In China, the Menthol Price Index fell quarter-over-quarter in Q3 2025, driven by deflationary pressures and overcapacity.
- Menthol production costs remained stable or slightly decreased in Q3 2025 due to stable petrochemical feedstock prices.
- Menthol demand outlook was mixed, with cautious consumer sentiment in Q3 2025 despite increased retail sales.
- Global overcapacity in chemical building blocks continued, leading to elevated Menthol inventories throughout Q3 2025.
- China's Manufacturing Index was contracting in September 2025, impacting overall industrial demand for Menthol.
- Industrial production expanded 6.5% year-on-year in September 2025, offering some support to Menthol demand.
- Retail sales of consumer goods increased 3.0% year-on-year in September 2025, boosting menthol-containing product demand.
- The Pharmaceuticals sector showed expanding market growth in Q3 2025, positively influencing Menthol demand.
- Consumer confidence remained low at 89.6 in September 2025, contributing to soft domestic demand for Menthol.
Why did the price of Menthol change in September 2025 in APAC?
- Deflationary pressures were evident with CPI falling 0.3% and PPI declining 2.3% year-on-year in September 2025.
- The Manufacturing Index was contracting in September 2025, alongside cautious consumer sentiment in Q3 2025.
- Global overcapacity in chemical building blocks amplified oversupply woes and high inventories in Q3 2025.
