For the Quarter Ending June 2025
North America
• The Nitro Toluene Price Index in North America reflected modestly firm pricing behaviour in Q2 2025 buoyed by stable offshore imports and steady consumption from dye and pigment intermediates. Demand showed little volatility as it was driven primarily by cautious restocking and stable supply availability.
• Demand from dye and specialty chemicals remained stable with small increases from agrochemicals intermediates. Supply was limited on domestic production which increased reliance on imports all of which kept the market stable.
• Why did the price of Nitro Toluene change in July 2025? In July, prices continued to reflect a stable tone, with no significant change due to persistent inventory balance and limited changes in import pricing. Modest feedstock variations were not enough to push prices up or down.
• Logistics operated without significant disruptions, though inland freight costs stayed marginally elevated due to driver shortages and summer fuel adjustments.
• The Nitro Toluene Demand Outlook for Q3 shows mild improvement, tied to the potential recovery in downstream textile dyes and pigment applications.
• The Nitro Toluene Production Cost Trend remained consistent, though margins faced slight pressure due to rising labor and local logistics costs.
• The Nitro Toluene Price Forecast for Q3 suggests a continuation of stable prices, barring unexpected supply-side shocks or abrupt demand surges.
APAC
• The Nitro Toluene Price Index in South Korea declined by 1.4% on average over Q2 2025, settling at USD 2125/mt by the end of the June, reflecting a slow but steady softening in price sentiment driven by stable imports and moderate demand.
• Despite a 3.7% increase in toluene feedstock prices, the Nitro Toluene Spot Price held stable, primarily due to consistent and competitively priced imports from China. This offset raw material cost pressures.
• Why did the price of Nitro Toluene change in July 2025? Prices stayed unchanged in July, as balanced stock levels, stable Chinese offers, and muted downstream activity kept market dynamics in equilibrium.
• Domestic inventories remained healthy due to proactive imports during the U.S.–China trade truce, and logistics moved uninterrupted across regional routes.
• Downstream textile-related demand stayed limited, as dye and pigment buyers favoured short-term contracts and avoided forward bookings.
• The Nitro Toluene Production Cost Trend remained consistent, though mild toluene price increases created marginal cost pressure, offset by Chinese price stability.
• The Nitro Toluene Demand Outlook for Q3 remains restrained. Unless the textile sector sees a late recovery, the Nitro Toluene Price Forecast suggests a continued soft-to-stable trend.
Europe
• The Nitro Toluene Price Index in Europe maintained a modestly steady trajectory across Q2 2025. Stability in import pricing, coupled with soft downstream consumption in pigment and specialty chemicals, underpinned this consistent pricing landscape.
• Demand stayed moderate in Western Europe, particularly in Germany and Italy, with pigment and dye sectors operating below peak output levels. Regulatory caution and environmental compliance also limited procurement enthusiasm.
• Why did the price of Nitro Toluene change in July 2025? July prices showed no significant deviation from the previous quarter as adequate inventories, coupled with unchanged Chinese export offers, ensured market balance despite low activity levels.
• Regional differences were noted, with France reporting marginal upticks in demand while the Netherlands experienced softer activity due to delayed pigment orders.
• Inventory positions remained sufficient, and sentiment across downstream users stayed cautious. No major shifts were observed in end-use segments.
• The Nitro Toluene Production Cost Trend was flat during the quarter, with European buyers benefiting from stable shipping costs and consistent supply from Asia.
• The Nitro Toluene Demand Outlook for Q3 remains subdued. Market participants anticipate steady but uninspired activity unless industrial orders for dyes or chemicals pick up. The Nitro Toluene Price Forecast remains neutral with limited expected movement.
For the Quarter Ending March 2025
North America
In Q1 2025, o-Nitro Toluene prices in the North American region, particularly the USA exhibited a modest yet intricate trend, influenced by a combination of supply constraints and low demand. The fluctuations were mainly driven by disruptions in supply and the dynamics of the downstream dyes and pigment sector.
January experienced declining pricing amidst a weak demand backdrop caused by a slowdown in the downstream polyester market, a trend further exacerbated by seasonal cold weather affecting the usage of o-Nitro Toluene in dyes. Conversely, February saw a rise in o-Nitro Toluene prices despite ongoing demand weakness because of increased costs stemming from tight supply conditions influenced by plant shutdowns and elevated feedstock prices.
By March, o-Nitro Toluene prices in the USA maintained their February levels due to persistent low demand from key sectors and uncertainty from trade tariffs. Overall, the first quarter closed with volatile o-Nitro Toluene pricing, with an underlying caution regarding future demand trends and production disruptions impacting the market landscape.
APAC
In Q1 2025, the price trend of o-Nitro Toluene in the APAC region, particularly China exhibited a consistent upward trajectory, reflecting a complex interplay of supply chain challenges and strong demand from the downstream dyes and pigments sector.
January 2025 saw prices, driven by high domestic transportation costs due to significant global port congestion. Manufacturers faced rising production costs as labor shortages and holiday disruptions compounded logistical delays. By February 2025, prices rose further, supported by a reduction in inventory levels and stable demand, despite declining feedstock prices. The restrictive supply conditions, combined with heightened inquiries from buyers, reinforced the bullish market sentiment.
In March 2025, prices further surged, propelled by robust consumption trends and strategic price adjustments by suppliers in response to sustained demand from the dyes and pigment sector. Active procurement efforts and favorable market dynamics encouraged sellers to set higher price benchmarks. Overall, Q1 2025 reflected a proactive market environment characterized by significant price increments, underscored by constrained supply and strong buyer interest.
Europe
In Q1 2025, o-Nitro Toluene prices in the European region, particularly Germany exhibited an overall upward trend despite challenges in demand. January saw an initial rebound in o-NItro Toluene prices, fueled by rising feedstock costs for Toluene. The increased manufacturing costs prompted a revision in quotations.
February continued this trajectory with an increase, despite low demand from downstream sectors. Supply constraints, exacerbated by extreme winter weather and maintenance shutdowns, further tightened availability. Reports highlighted high operating rates in the polyester industry and moderate sales, suggesting optimistic market activity.
In March, o-Nitro Toluene prices maintained a steady rise, driven largely by logistical issues and ongoing feedstock price pressures. Challenges such as increased freight charges due to congestion and strikes at major ports contributed to constrained supply. While demand from the polyester sector remained low, the supply-side constraints reinforced bullish market sentiment. Overall, Q1 2025 demonstrated a complex interplay between rising costs and muted demand impacting the o-Nitro Toluene market in Germany.
For the Quarter Ending December 2024
North America
In Q4 2024, the Nitro Toluene market in the North American region, particularly USA remained subdued. October saw stable prices, despite planned production increases, reflected weak downstream demand from dyes and pigment sector and a sluggish US economy, suggesting weakness in the Nitro Toluene market. Supply chain disruptions from labor strikes further dampened activity.
November continued this trend, with stable prices highlighting a bearish market sentiment. High inventories, low demand, and persistent supply chain issues (strikes, freight costs) translated to a weak Nitro Toluene market, with low demand and potentially constrained supply due to logistical problems.
December's stable prices indicated continued low demand from the dyes and pigments sector throughout the month. Plant shutdowns impacting Nitro Toluene supply were offset by reduced downstream demand, resulting in a stable but weak market.
In summary, Q4 2024 presented a weak US Nitro Toluene market. A sluggish economy, and consequently dye/pigment demand, supply chain issues, and high inventories all contributed. Market participants struggled with inventory management, supply chain disruptions, and maintaining profitability in a low-demand environment.
APAC
In Q4 2024, the o-Nitro Toluene market in the APAC region, particularly China experienced price volatility. October showed weakness due to oversupply from low TDI demand and high inventories. Bearish sentiment prevailed, despite stable TDI prices and moderate export demand.
November brought price increases due to a confluence of factors: earlier maintenance-related supply reductions were offset by new production capacity; rising inventories stimulated pre-holiday stocking; increased gasoline shipping orders boosted demand; and supply remained relatively stable despite logistical challenges. December saw steady prices, reflecting sufficient domestic supply despite sluggish imports. However, severe port congestion and high road freight significantly impacted export prices. Rising feedstock Toluene prices suggested potential future Nitro Toluene price increases.
In summary, Q4 2024 presented a volatile Chinese o-Nitro Toluene market. Initial weakness from oversupply shifted to price increases due to increased demand (holiday stocking, other sectors) and stable supply despite logistical issues. Market players faced challenges in inventory management, fluctuating TDI-related demand, and unpredictable global supply chain disruptions. Rising feedstock costs added further uncertainty.
Europe
In Q4 2024, the Nitro Toluene market in the European region, particularly Germany reflected the weak dyes and pigments market. October saw declining prices due to weak European polyester demand, increased Asian competition, and rising feedstock costs, Port congestion exacerbated the situation. November brought further price declines due to ample supply, low demand, and logistical challenges (rail, truck shortages). This pointed to a persistent downturn in the Nitro Toluene market, characterized by low demand and supply chain complications. December’s stable prices in December signaled continued low demand for Nitro Toluene throughout the month. Production disruptions and high freight charges (port shutdowns, bad weather) impacted supply. Reduced downstream dyes and pigments demand somewhat balanced this. Weakening consumer confidence added to the downturn.
In short, Q4 2024 presented a weak Nitro Toluene market. Weak European demand, Asian competition, logistical problems (port congestion, transport issues), rising production costs, and low consumer confidence all contributed to low prices and challenging market conditions. Market players faced profitability issues and significant supply chain risks.
For the Quarter Ending September 2024
North America
In Q3 2024, Nitro toluene (NT) 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 toluene, 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. Nitro toluene, 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 NT 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 toluene (NT) 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 toluene, 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 Nitro toluene has been mixed. The price assessed at the end of the quarter remained stable over the price assessed last year indicating year-on-year growth in Nitro toluene prices, especially in Nitro toluene, however the prices began their recovery in second quarter from the price of CFR Tokyo assessed around USD 1860/MT on 27th September 2024. The prices dropped by 1% cumulatively in Q3 2024. 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 toluene (NT) 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 toluene, 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 Nitro toluene 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 price of Nitro Toluene in South Korea?
As of late June 2025, the CFR Busan Nitro Toluene Spot Price was USD 2125/MT.
2) Who are the top Nitro Toluene producers in the United States?
Major producers include Eastman Chemical, LANXESS Corporation, and BASF Corporation.
3) What is the Nitro Toluene Demand Outlook in Europe for Q3 2025?
Demand is expected to remain soft and stable, with limited restocking activity in pigment and intermediate sectors.
4) How has the Nitro Toluene Production Cost Trend evolved in APAC during Q2 2025?
Production costs remained stable, offsetting feedstock pressure through consistent Chinese pricing and uninterrupted supply chains.
