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.
For the Quarter Ending September 2024
North America
In Q3 2024, Nitro Chlorobenzene (NCB) prices in North America displayed a mixed pattern, driven by solid demand from the pharmaceutical and agrochemical sectors. The upward pressure on prices was primarily influenced by rising raw material costs, particularly for benzene and chlorine, due to geopolitical tensions and ongoing supply chain disruptions. These factors contributed to price increases across the region throughout the quarter.
Despite this, the market faced significant challenges, including an oversupply in some segments and competitive pricing strategies from key suppliers, which moderated the overall price growth. Para-NCB, in particular, showed a positive year-on-year price trend, although prices peaked in early September before experiencing a slight decline by the end of the quarter.
Overall, North America's NCB market remained resilient, with stable demand driving recovery and maintaining a positive pricing sentiment. While short-term fluctuations occurred, prices remained higher than in the same period the previous year, reflecting the ongoing recovery and strong market fundamentals that shaped the quarter’s outcome.
APAC
In Q3 2024, Nitro Chlorobenzene (NCB) experienced a mixed trend in prices across the APAC region, primarily driven by heightened demand in the pharmaceutical and agrochemical sectors. Several key factors influenced these market price hikes, including increased raw material costs, particularly those of benzene and chlorine, stemming from geopolitical tensions and supply chain disruptions. Additionally, seasonal demand upticks due to monsoon intensified the price escalation. Despite these upward pressures, the market faced challenges such as oversupply in certain segments and aggressive pricing strategies by Chinese suppliers, which moderated the overall price rise.
Focusing on Japan, which saw the most significant price changes, the overall pricing trend for para-NCB has been mixed. The price assessed at the end of the quarter remained 13% higher than the price assessed last year indicating year-on-year growth in Nitro chlorobenzene prices, especially in p-Nitro chlorobenzene, however the prices began their recovery in second quarter from the price of EXW Qingdao assessed around USD 1100/MT on 29th September 2024. The prices dropped by 1% cumulatively in Q3 2024.
The pricing data show that prices peaked in early September of Q3 2024. Concluding the quarter, the price of p-Nitro Chlorobenzene in EXW Osaka USD 1130/MT. This quarter's pricing environment has been predominantly positive, marked by recovery and strong demand dynamics, despite some offsetting factors, establishing a stable yet ascendant market sentiment.
Europe
In Q3 2024, Nitro Chlorobenzene (NCB) prices in Europe exhibited a mixed trend, influenced by a combination of strong demand and external market factors. The pharmaceutical and agrochemical sectors continued to drive demand, contributing to upward pressure on prices. Additionally, raw material costs, particularly for benzene and chlorine, remained elevated due to geopolitical tensions and persistent supply chain disruptions. These factors played a significant role in pushing prices higher throughout the quarter. However, the market also faced notable challenges. An oversupply in certain segments, along with aggressive pricing strategies by some key suppliers, created downward pressure that tempered the overall price increase. Despite these headwinds, the pricing trend for para-NCB remained positive year-on-year. Prices, which had peaked in early September, showed signs of stabilization towards the end of Q3 2024, with a slight cumulative decline. Nevertheless, the overall pricing environment in Europe remained favorable. Strong demand fundamentals, coupled with recovering market conditions, ensured that the quarter ended on a positive note, with prices higher than the previous year's levels, despite short-term fluctuations.
FAQs
1. What is the current NCB Spot Price in major regions?
o As of July 2025, prices average USD 1,200/MT FOB Qingdao (China), while U.S. and European levels remain steady but unquoted due to muted spot liquidity.
2. Who are the top NCB producers globally?
o Verified producers include Jiangsu Jiamai Chemical and Shandong Kesheng Chemical (China), Lanxess (Germany), and Eastman Chemical (U.S.), supplying agrochemical and pharmaceutical chains.
3. What drives the NCB Production Cost Trend worldwide?
o Benzene and aniline feedstock pricing, natural gas/LNG energy costs (Europe), refinery throughput, and freight/logistics shifts are the key global cost drivers.
4. What is the NCB Price Forecast for Q3 2025?
o Prices are projected to hover in a narrow range (USD 1,150–1,190/MT FOB Qingdao), supported by pharma and agrochemical demand, but capped by dyes/pigments weakness and automotive sector softness in Europe and North America.
