For the Quarter Ending September 2025
North America
• In the United States, the Microcrystalline Wax Price Index rose quarter-over-quarter in Q3 2025, driven by increased input costs and robust demand.
• Microcrystalline Wax production costs increased in Q3 2025, influenced by a 2.6% PPI rise in August 2025 and higher natural gas prices.
• Demand for Microcrystalline Wax was boosted by strong US beauty industry sales and increased sustainable packaging needs in Q3 2025.
• Retail sales increased 5.42% year-over-year in September 2025, supporting Microcrystalline Wax demand in consumer-facing applications.
• Industrial production showed a marginal 0.1% year-over-year increase in September 2025, indicating sluggish industrial demand.
• Chemical manufacturers' inventories shrank in Q3 2025 due to accelerating destocking, suggesting tighter supply for Microcrystalline Wax.
• Inflationary pressures, with CPI up 3.0% year-over-year in September 2025, contributed to rising raw material costs.
• Consumer confidence declined to 94.2 in September 2025; a 4.3% unemployment rate also suggested softening discretionary demand.
Why did the price of Microcrystalline Wax change in September 2025 in North America?
• Rising input costs for chemical manufacturers, with CPI up 3.0% in September 2025.
• Strong consumer demand, supported by 5.42% retail sales increase in September 2025.
• Shrinking chemical manufacturers' inventories in Q3 2025, indicating tighter supply conditions.
APAC
• In China, the Microcrystalline Wax Price Index fell quarter-over-quarter in Q3 2025, influenced by overall weak demand signals.
• Microcrystalline Wax production costs were impacted by stable Brent crude oil prices and strengthening refining margins in Q3 2025.
• Demand for Microcrystalline Wax faced headwinds from a contracting Manufacturing Index in September 2025.
• Consumer confidence at 89.6 in September 2025 indicated pessimism, dampening Microcrystalline Wax demand.
• China's CPI decreased by 0.3% and PPI declined by 2.3% in September 2025, indicating deflationary pressures.
• Industrial production grew 6.5% and retail sales 3.0% in September 2025, offering some Microcrystalline Wax demand support.
• Microcrystalline Wax supply increased as Chinese refinery operating rates climbed to annual highs in September 2025.
• Global observed oil inventories, including feedstocks, reached multi-year highs in Q3 2025, indicating ample supply.
Why did the price of Microcrystalline Wax change in September 2025 in APAC?
• Consumer confidence and CPI decrease in September 2025 dampened Microcrystalline Wax demand.
• Contracting Manufacturing Index and PPI decline in September 2025 signaled weak industrial demand.
• High refinery operating rates and rising global oil inventories in Q3 2025 increased supply.
Europe
• In Germany, the Microcrystalline Wax Price Index fell quarter-over-quarter in Q3 2025, due to lower producer prices.
• Microcrystalline Wax production costs decreased in September 2025, as Producer Prices fell 1.7% year-over-year, influenced by lower energy.
• Microcrystalline Wax demand outlook was bearish due to a contracting Manufacturing Index in Germany, Q3 2025.
• Industrial production in Germany declined 1.0% year-over-year in September 2025, dampening Microcrystalline Wax demand.
• Retail sales increased slightly by 0.2% year-over-year in September 2025, supporting consumer applications.
• Global observed oil inventories continued to build through July 2025, contributing to feedstock supply surplus.
• Natural gas prices in Germany trended downward throughout Q3 2025, easing energy production costs.
• The stable unemployment rate at 6.3% and rising CPI at 2.4% in September 2025 suggested economic caution.
• Geopolitical uncertainties continued to weigh on the European economy in Q3 2025, affecting market sentiment.
Why did the price of Microcrystalline Wax change in September 2025 in Europe?
• Producer prices of industrial products fell 1.7% year-over-year in September 2025, reducing Microcrystalline Wax costs.
• Germany's Manufacturing Index was contracting in Q3 2025, leading to decreased industrial demand.
• Global oil inventories built through July 2025, contributing to a supply surplus and price pressure.
