For the Quarter Ending September 2025
APAC
• In Japan, the Nitro Chloro Benzene Price Index rose by 5.82% quarter-over-quarter, reflecting yen-driven cost support.
• The average Nitro Chloro Benzene price for the quarter was approximately USD 1170.00/MT, per assessments.
• Japanese exporters kept offers unchanged, holding the Nitro Chloro Benzene Spot Price stable amid inventories.
• Market views the Nitro Chloro Benzene Price Forecast as rangebound, dependent on export enquiries and feedstock.
• Stable benzene and chlorine shaped the Nitro Chloro Benzene Production Cost Trend, limiting price pressure.
• Procurement and seasonality influenced the Nitro Chloro Benzene Demand Outlook, pharmaceuticals sustaining baseline volumes consistently.
• Producers managed output, protecting margins and supporting the Nitro Chloro Benzene Price Index amid softness.
• Osaka port logistics remained smooth, reducing disruption risk and maintaining spot availability and Price Index stability.
Why did the price of Nitro Chloro Benzene change in September 2025 in APAC?
• Yen appreciation supported export parity, bolstering seller margins and elevating Price Index despite weak exports.
• Stable plant operations and muted feedstock movement limited volatility, keeping supply adequate, preventing price drops.
• Weak export enquiries and Chinese competition constrained international demand, capping pressure on regional Price Index.
North America
• In the United States, the Nitro Chloro Benzene Price Index declined quarter-over-quarter, reflecting weak industrial demand and competitive offshore offers.
• Nitro Chloro Benzene Spot Price softened in September as downstream consumption from dyes and agrochemicals slowed.
• Market views the Nitro Chloro Benzene Price Forecast as mildly bearish, with potential stabilization from seasonal procurement.
• Nitro Chloro Benzene Production Cost Trend eased slightly due to lower benzene input costs and improved chlorine availability.
• Nitro Chloro Benzene Demand Outlook remained subdued, with pharmaceutical and dye intermediates showing limited growth.
• Domestic producers adjusted run rates to manage inventories, but margin compression persisted amid import competition.
• Gulf Coast logistics remained stable, though inland freight costs added pressure to delivered pricing.
Why did the price of Nitro Chloro Benzene change in September 2025 in North America?
• Sluggish demand from dye and agrochemical sectors reduced spot buying, softening the Price Index.
• Lower benzene feedstock costs and high inventories prompted price adjustments across key terminals.
• Competitive imports from Asia and Latin America pressured domestic margins, limiting price recovery.
Europe
• In Germany and France, the Nitro Chloro Benzene Price Index rose quarter-over-quarter, supported by restocking and stable pharmaceutical demand.
• Nitro Chloro Benzene Spot Price firmed in September due to tighter supply and increased demand from dye and pharma sectors.
• Market views the Nitro Chloro Benzene Price Forecast as cautiously bullish, with potential upside from seasonal procurement and limited imports.
• Nitro Chloro Benzene Production Cost Trend remained stable, with benzene and chlorine prices holding steady across Western Europe.
• Nitro Chloro Benzene Demand Outlook was positive in pharmaceuticals and dye intermediates, while agrochemical demand remained flat.
• Planned maintenance and reduced Asian imports tightened supply, supporting spot premiums and lifting the Price Index.
• Inland transport delays and rising energy costs added pressure to delivered pricing, especially in Central Europe.
Why did the price of Nitro Chloro Benzene change in September 2025 in Europe?
• Pharmaceutical restocking and reduced imports supported demand, lifting the Price Index.
• Stable feedstock costs and controlled production maintained supply balance, preventing volatility.
• Logistics constraints and energy inflation added cost pressure, sustaining firm spot offers.
For the Quarter Ending June 2025
North America (USA)
• The Nitro Chloro Benzene (NCB) Price Index in the U.S. held steady during Q2 2025, as stable benzene feedstock trends (flat spot levels and uninterrupted refinery reformate output) kept production costs manageable.
• The NCB Spot Price showed little movement as muted demand from dyes, pigments, and rubber chemicals aligned with balanced domestic output.
• Why did the price change in July 2025?
• Prices are expected to rise slightly, driven by higher freight rates and gradual recovery in derivative production, though capped by weak macroeconomic sentiment in automotive and coatings sectors.
• The NCB Production Cost Trend was steady, supported by consistent benzene availability despite localized disruptions (e.g., Marathon’s Galveston Bay refinery fire) and manageable crude volatility.
• The NCB Demand Outlook remains soft-to-neutral, with industrial and construction chemicals lagging, but steady baseline offtake from pharmaceutical intermediates and modest export flows to Latin America.
Asia-Pacific (China)
• The Nitro Chloro Benzene (NCB) Price Index in China averaged USD 1,103/MT FOB Qingdao for Q2 2025, dipping to USD 1,085 in April before climbing back to USD 1,175 by June, supported by stronger export orders to India and steady agrochemical-linked demand.
• The NCB Spot Price stood near USD 1,200/MT FOB Qingdao by mid-July, despite bearish pressure from sliding benzene and aniline prices (benzene down ~13% since April; aniline down 11% in July).
• Why did the price change in July 2025?
• Prices are projected to soften modestly, as dye and pigment demand remains sluggish despite firm pharmaceutical and agrochemical offtake.
• The NCB Production Cost Trend softened in line with weak benzene values (FOB Korea around USD 702/MT by June) but producers avoided deeper discounts by curbing output and relying on stable port logistics at Qingdao.
• The NCB Demand Outlook is mixed:
o Agrochemicals – Stable procurement for intermediates like Ortho Nitro Aniline and 2,4-Dinitro Aniline supports volumes, bolstered by pre-monsoon buying in South and Southeast Asia.
o Pharmaceuticals – Firm intake for antiseptic and fever reducer intermediates continues to anchor demand.
o Dyes & Pigments – Remains the weakest segment, with export-linked manufacturers in Jiangsu and Zhejiang deferring restocks due to poor textile order books.
o Rubber Chemicals & Others – Neutral consumption as automotive production remains subdued.
Europe (Germany)
• The NCB Price Index in Germany stabilized near multi-quarter lows in Q2 2025, mirroring weak benzene derivative consumption across the EU.
• The NCB Spot Price showed negligible gains despite a late-quarter uptick in Asian benzene prices and rising domestic energy tariffs.
• Why did the price change in July 2025?
• Prices are forecasted to edge slightly higher, with steam cracker energy costs and tighter Asian supply chains raising replacement costs for EU buyers, though overall sentiment remains soft.
• The NCB Production Cost Trend firmed as natural gas and LNG spot prices increased, raising unit conversion costs despite stable benzene flows from import partners.
• The NCB Demand Outlook remains subdued:
o Automotive and Coatings – Persistent Eurozone construction slowdown curbs downstream coatings and pigment use.
o Industrial Chemicals – Procurement limited to immediate needs, with buyers avoiding long-cycle contracts amid demand uncertainty.
o Pharmaceutical and Agrochemical Intermediates – Provides a stable demand floor, helping offset weakness in dye-linked usage.
For the Quarter Ending March 2025
North America
Nitro Chloro Benzene prices in North America declined steadily across Q1 2025, driven by weak demand fundamentals and stable domestic production. Despite moderate feedstock benzene volatility—amplified by geopolitical tensions and looming tariff risks on imports from Canada, Mexico, and China—prices saw downward momentum.
Producers faced margin pressure as rising labor and energy costs coincided with sluggish consumption in downstream sectors such as aniline, dyes, and rubber chemicals. Tire and automotive-linked demand, a key consumer of aniline derivatives, remained flat due to high interest rates and low infrastructure activity. While coatings and polymer applications showed stable R&D investment, actual product offtake was limited amid cautious procurement and weak order books.
Although some suppliers frontloaded exports before anticipated tariff implementation, overall operating rates remained subdued. Imports from Asia remained competitive, further pressuring domestic prices. With no sharp recovery in industrial output and freight conditions still volatile, Q1 closed on a bearish note. Looking ahead, unless downstream demand improves significantly or supply tightens, the U.S. NCB market is expected to remain under soft pressure into Q2.
APAC
Nitro Chloro Benzene prices in China averaged USD 861/MT FOB Qingdao in Q1 2025, marking a slight drop of 0.8% from Q4 2024’s average, but a 2.9% increase year-on-year compared to Q1 2024’s average. Prices trended downward through the quarter, slipping from January to March amid soft export orders and cautious downstream restocking. Production remained steady post-Spring Festival, with most manufacturers operating at 80–90% utilization. Feedstock availability for benzene, nitric acid, and chlorine remained sufficient, with minimal cost volatility. Rising refinery throughput and stable crude imports supported upstream supply consistency. Demand was uneven. The pharmaceutical sector continued to operate under cautious inventory control, limiting bulk purchases. The agrochemical sector showed seasonal demand improvement, particularly with the onset of spring cultivation. Meanwhile, FMCG and specialty chemical applications offered some stability, but dye and pigment exports remained weak, pressured by slower global textile recovery. With limited cost support and sluggish consumption, market sentiment stayed cautious into the end of the quarter.
Europe
In Europe, Nitro Chloro Benzene prices posted a consistent decline through Q1 2025, reflecting soft demand across key end-use industries and easing feedstock costs. Benzene values fell amid lower crude oil and naphtha benchmarks, weighing on production economics. Although production remained stable across the region, manufacturers faced limited pricing power due to sluggish downstream activity. The aniline and dye sectors showed only marginal improvement, while solvent and polymer-related applications—particularly in paints and coatings—remained stable but unremarkable. Structural headwinds in the construction and automotive sectors capped demand growth despite steady innovation in specialty coatings. Meanwhile, rising LNG prices and fears of an energy crunch introduced cost-side uncertainty, although feedstock availability was not significantly disrupted. Intra-EU trade flows adjusted slightly due to Mediterranean benzene tightness, but regional inventories remained adequate. As macroeconomic sentiment stayed fragile and manufacturing indicators offered few signs of sustained recovery, Q1 ended on a cautious note. Without a material rebound in industrial activity or raw material constraints, Europe’s NCB market is likely to remain soft in the near term.
For the Quarter Ending December 2024
North America
In Q4 2024, the U.S. Nitro Chlorobenzene market experienced fluctuations driven by weak demand from key downstream sectors, feedstock price volatility, and broader economic uncertainties. Early stability in production costs provided some support, but sluggish activity in derivatives like MDI constrained market recovery.
Declining crude oil and naphtha prices further impacted the value chain, while the upcoming U.S. presidential election heightened concerns about potential market oversupply, adding to uncertainty. Geopolitical tensions in the Middle East and delayed OPEC+ production cuts created additional short-term pressures. Internationally, weakened manufacturing activity and declining factory orders in Europe affected Nitro Chlorobenzene export sentiment.
The U.S. market faced challenges from elevated inventories, cautious procurement strategies, and reduced refining margins, maintaining a bearish outlook for the quarter. However, optimism for early 2025 remains, with expectations of improved demand and potential economic adjustments supporting a gradual recovery. Meanwhile, OPEC+ postponed production cuts, providing short-term support to crude oil prices. Escalating geopolitical tensions in the Middle East further contributed to price volatility.
APAC
From October to mid-November 2024, the nitro chloro benzene (NCB) market experienced lower price trends, driven by subdued demand, oversupply, and cautious market sentiment. Reduced activity in key downstream sectors, including dyes and agrochemical intermediates, coupled with sufficient inventory levels, kept prices under pressure during this period. Additionally, upstream cost pressures from materials like benzene and acetic acid were limited, providing little support for price stabilization. However, from mid-November onwards, the market shifted to a rising trend. Phased reductions in production due to planned shutdowns and lower operating rates gradually tightened supply, supporting upward price movement. Increased trade activity and robust demand recovery in dyes and agrochemical sectors further bolstered the market. Upstream fluctuations, including methanol price increases driven by adverse weather and higher shipping costs, added to the positive sentiment. By December, the market maintained a more balanced supply-demand dynamic, with improved transaction activity and stronger export opportunities contributing to the upward trajectory. This transition from a bearish to bullish trend highlights the nitro chloro benzene market's responsiveness to supply adjustments and evolving demand dynamics, setting the stage for sustained growth into early 2025.
Europe
In Q4 2024, the European Nitro Chlorobenzene market experienced volatility driven by fluctuating feedstock prices, subdued demand from key downstream sectors, and broader economic uncertainties. While the market saw relative stability early in the quarter due to steady production costs, weak demand from MDI production and other derivatives limited recovery. Declining crude oil and benzene prices lowered production costs, but high inventory levels and cautious procurement strategies suppressed price improvements. Manufacturing activity across Europe remained under pressure, with significant declines in major economies like Germany and France, although the pace of contraction eased slightly towards the end of the quarter. Logistical disruptions from earlier port delays subsided, but holiday closures temporarily affected supply chains. Demand from key downstream sectors, particularly MDI, remained muted due to oversupply and reduced consumption, while structural challenges in the construction and automotive industries further dampened growth. Limited activity in other aromatics contributed to the bearish sentiment that dominated the market. Despite these challenges, the outlook for 2025 carries cautious optimism, with potential interest rate cuts, improved inventory management, and stabilizing global supply chains offering hope for gradual recovery in the Nitro Chlorobenzene market. Market recovery will depend on improving demand from downstream industries and stabilizing global supply chains. Despite these challenges, there is cautious optimism for a gradual rebound in the coming months.
