For the Quarter Ending June 2022
North America
Strong export demand and rising upstream crude oil prices and feedstock toluene on the worldwide market have been driving up Nitro Toluene prices throughout the second quarter of 2022. The lack of upstream crude oil supplies has also contributed to the price increase for Nitro Toluene. Variables including firm demand, lower-than-expected supplies, and lingering geopolitical tensions between Russia and Ukraine affected the value of all crude derivative commodities. In addition, this quarter saw a continuous high need for Nitro Toluene in the downstream paint and rubber industries. Besides, the export charges were at a peak resulting in the increasing price trend of Nitro Toluene.
APAC
During the second quarter of 2022, the Asia Pacific region experienced a contradictory market attitude toward Nitro Toluene. Nitro Toluene prices decreased in China during May due to an ample supply and weak demand from the construction and downstream cosmetics industries. Additionally, the drop in upstream crude value has substantially impacted the price of raw materials, notably Toluene, which has decreased the price of Nitro Toluene in the regional market. Additionally, the ongoing COVID restrictions in some Chinese cities have affected Nitro Toluene's market sentiment. However, as downstream output has rebounded, Nitro Toluene prices have risen since the end of the quarter. The regional market's significant buying and selling activity has also improved Nitro Toluene's pricing. The increase in transportation freight costs spurred on by the rise in fuel prices increased the market for Nitro Toluene.
Europe
Nitro Toluene prices increased during the second quarter of 2022 in the European market, driven by a rise in local market demand. The substantial demand for ink, paint, and glue also created the groundwork for the price increase. The scarcity of upstream crude supply also contributed to the price hike. Additionally, the need for sanctions against Russia's oil embargo and the escalation in energy prices spurred on by geopolitical upheaval have boosted the price of Nitro Toluene. Due to high domestic demand and rising output, the Nitro Toluene market has grown even more. Also, the limited product availability and increasing consumer purchases further triggered the Nitro Toluene market.
For the Quarter Ending March 2022
North America
Nitro Toluene prices in the USA showcased an upward trajectory during the first quarter of 2022. Rise in upstream crude values influenced the raw materials Toluene, Nitric Acid, and Sulphuric Acid, which resulted in the positive support of Nitro Toluene values. US sanctions on Russia’s s crude oil import in the aftermath of the Russia-Ukraine conflict had a severe effect on the prices of Nitrotoluene. Skyrocketing freight charges due to the rise in fuel prices was another factor for the price hike. As a result, the price of Nitrotoluene in the USA settled approximately at USD 2573 per MT in March.
Asia Pacific
During the first quarter of 2022, Nitro Toluene prices rose in India owing to the high demand from the domestic market. Limited supply from China due to the rising COVID cases prompted buyers to seek supply from other countries, resulting in the price rise of Nitro Toluene in India. Furthermore, the soaring freight charges and container shortage have added fuel to the scenario. Escalated tension between Russia and Ukraine due to the conflict led to a steep rise in the upstream crude and feedstock Toluene values which further inflicted the Nitro Toluene market trend. Thus, prices of Nitro Toluene in India were assessed to be approximately USD 2605 per MT Ex- Vadodara in March.
Europe
In the first quarter of 2022, Nitro Toluene prices rose upward as the feedstock Toluene prices increased in Q1. Taking pressure from global crude oil values in the aftermath of the Russia-Ukraine war made significant players battle with the price revisions to protect their profit margin. However, reduced supply during the COVID resurgence in Germany has also resulted in the uptrend in the Nitro Toluene prices. Soaring demand from the regional and international market further showed positive support for the Nitro Toluene values. As a result, prices of Nitro Toluene in Germany approximately settled at USD 2905 per MT in March.
