For the Quarter Ending September 2025
North America
• In the USA, the Nitro Toluene Price Index declined quarter-over-quarter, influenced by weak downstream demand and steady import availability.
• The average Nitro Toluene price for the quarter reflected reduced industrial activity in dyes and coatings, as converters limited restocking.
• Nitro Toluene Spot Price softened as inventories accumulated across key distribution hubs, curbing short-term buying interest.
• Nitro Toluene Price Forecast points to a potential mild rebound in Q4 2025, contingent on improved coatings and pigment demand.
• Nitro Toluene Production Cost Trend moderated due to lower toluene feedstock values and stable energy prices.
• Nitro Toluene Demand Outlook remained tepid, with limited activity from industrial buyers and constrained export opportunities.
• Price Index movements tracked cautious procurement behavior, with buyers avoiding forward commitments amid uncertain recovery signals.
• Domestic producers maintained steady output levels, preventing tightness but limiting scope for significant price gains.
Why did the price of Nitro Toluene change in September 2025 in North America?
• Lower toluene feedstock prices and moderate demand from coatings and dye industries kept the Nitro Toluene market under pressure.
APAC
• In Japan, the Nitro Toluene Price Index fell by 14.0% quarter-over-quarter, reflecting persistent import oversupply.
• The average Nitro Toluene price for the quarter was approximately USD 1655.33/MT, offering limited support.
• Nitro Toluene Spot Price weakened as steady imports and cautious buying constrained spot upside potential.
• Nitro Toluene Price Forecast suggests limited near-term recovery absent meaningful improvement in downstream demand levels.
• Nitro Toluene Production Cost Trend stayed muted as toluene feedstock eased, constraining cost-driven price support.
• Nitro Toluene Demand Outlook remains weak as textile dye sectors reduced procurement amid high inventories.
• Importers continued negotiating lower offers, and Nitro Toluene Price Index readings tracked progressive weekly markdowns.
• Port inventories stayed ample while domestic plants ran normally, limiting upward pressure on Nitro Toluene.
Why did the price of Nitro Toluene change in September 2025 in APAC?
• High imports from China and India increased supply, overwhelming local consumption and pressuring CIF values.
• Soft downstream demand from dyes, pigments, textile sectors reduced offtake, prompting sellers to cut offers.
• Stable toluene feedstock costs and smooth logistics removed cost-push, allowing import competition to dominate pricing.
Europe
• In Germany, the Nitro Toluene Price Index dropped quarter-over-quarter, reflecting sluggish demand across dyes and intermediates sectors.
• The average Nitro Toluene price during the quarter was influenced by oversupply and lower production margins in downstream applications.
• Nitro Toluene Spot Price eased amid ample inventories and soft export interest from the EU to Asian markets.
• Nitro Toluene Price Forecast remains subdued, as toluene feedstock stability limits cost-led recoveries in the near term.
• Nitro Toluene Production Cost Trend eased modestly, with steady toluene and energy prices keeping manufacturing economics stable.
• Nitro Toluene Demand Outlook weakened slightly, constrained by lower activity in the textile dye, coatings, and pigment industries.
• Market sentiment remained cautious, with traders maintaining flexible offers to stimulate limited end-user interest.
• European logistics operated normally, with minimal supply disruptions helping stabilize distribution and pricing.
Why did the price of Nitro Toluene change in September 2025 in Europe?
• Weak downstream consumption and consistent toluene feedstock prices led to subdued pricing momentum across European markets.
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.
