For the Quarter Ending December 2025
North America
• In the USA, the Phthalic Anhydride Price Index fell by 14.78% quarter-over-quarter, reflecting weak downstream demand.
• The average Phthalic Anhydride price for the quarter was approximately USD 1189.67/MT, supporting stable procurement.
• Phthalic Anhydride Spot Price softened through December amid limited buyer interest and elevated distributor inventory.
• Phthalic Anhydride Price Forecast indicates modest upside risk if seasonal resin and export buying accelerates.
• Phthalic Anhydride Production Cost Trend remained subdued as o-xylene feedstock prices were stable throughout December.
• Phthalic Anhydride Demand Outlook stays weak near-term with plasticizer and polyester orders running below expectations.
• Phthalic Anhydride Price Index movements mirrored inventory builds, tariff impacts, and mixed export interest across ports.
• Domestic plants ran near nameplate capacity, keeping availability ample while distributors managed stocks conservatively during month-end.
Why did the price of Phthalic Anhydride change in December 2025 in North America?
• Lower o-xylene feedstock and steady imports lowered upstream cost pressure, keeping December prices broadly lower.
• Seasonal construction lull and weak plasticizer procurement reduced offtake, intensifying spot-market bearishness across regions domestically.
• Elevated inventories and uninterrupted plant operations increased supply availability, constraining price recovery in December period.
APAC
• In Japan, the Phthalic Anhydride Price Index fell by 3.31% quarter-over-quarter, reflecting softer domestic demand.
• The average Phthalic Anhydride price for the quarter was approximately USD 1391.33/MT, reflecting steady demand.
• Phthalic Anhydride Spot Price stayed range-bound as domestic plants and imports maintained balanced availability overall.
• Phthalic Anhydride Price Forecast suggests modest upside risk from seasonal restocking and minor feedstock pass-through.
• Phthalic Anhydride Production Cost Trend modestly edged firmer on higher landed ortho-xylene and currency effects.
• Phthalic Anhydride Demand Outlook remains muted as plasticizer substitution and cautious distributor procurement persisted recently.
• Phthalic Anhydride Price Index tracked two-week inventory cover while steady imports prevented rapid tightening upside.
• Domestic plant utilization near eighty percent sustained supply continuity, limiting short-term upward pressure on pricing.
Why did the price of Phthalic Anhydride change in December 2025 in APAC?
• Ortho-xylene landed costs edged lower, prompting modest pass-through and downward pressure on landed PA pricing.
• Steady domestic production plus timely imports kept inventories adequate, reducing urgency and capping price gains.
• Downstream conservative procurement and increasing plasticizer substitution weakened demand, softening market momentum despite smooth logistics.
Europe
• In Germany, the Phthalic Anhydride Price Index fell by 1.53% quarter-over-quarter, reflecting balanced supply conditions.
• The average Phthalic Anhydride price for the quarter was approximately USD 1268.67/MT, per FCA data.
• Phthalic Anhydride Spot Price remained range-bound, supported by normal plant runs and modest import flows.
• Phthalic Anhydride Price Forecast indicates upside risk if ortho xylene tightness and export demand increase.
• Phthalic Anhydride Production Cost Trend showed limited downward pressure from slight o-xylene cost reductions recently.
• Phthalic Anhydride Demand Outlook remains muted seasonally with plasticizer and resin offtake constrained by slowdown.
• Phthalic Anhydride Price Index traded narrowly as distributors maintained balanced inventories and deferred spot purchases.
• Domestic plants ran at normal utilisation; incremental Benelux imports filled demand, keeping pricing impulses minimal.
Why did the price of Phthalic Anhydride change in December 2025 in Europe?
• Steady domestic output from large German units and modest imports maintained availability, preventing upward price pressure.
• Ortho xylene and energy costs were broadly unchanged, limiting production cost pass-through to FCA offers.
• Seasonal lower downstream procurement and balanced inventories reduced spot demand, keeping prices range-bound during December.
For the Quarter Ending September 2025
North America
• In the USA, the Phthalic Anhydride Price Index fell by 1.32% quarter-over-quarter, reflecting subdued demand.
• The average Phthalic Anhydride price for the quarter was approximately USD 1396.00/MT, reflecting FOB Texas.
• Phthalic Anhydride Spot Price softened September as weaker plasticizer demand weighed on the Price Index.
• Phthalic Anhydride Price Forecast shows modest downside, balanced by inventory cushioning and limited export demand.
• Phthalic Anhydride Production Cost Trend eased as naphthalene and o-xylene prices declined, supporting producer margins.
• Phthalic Anhydride Demand Outlook remains muted with construction and plasticizer sectors maintaining just-in-time procurement patterns.
• Inventories remained adequate while limited export demand and Koppers maintenance tightened spot availability intermittently recently.
• Downstream substitution toward non-phthalate plasticizers pressured volumes, weighing on the Phthalic Anhydride Price Index further.
Why did the price of Phthalic Anhydride change in September 2025 in North America?
• Subdued downstream demand from plasticizers and construction reduced offtake, driving downward pressure on prices nationally.
• Lower naphthalene and o-xylene feedstock costs eased production expenses, partially offsetting demand-led price weakness modestly.
• Localized maintenance and select plant outages tightened spot availability, intermittently supporting prices despite weak demand.
APAC
• In Japan, the Phthalic Anhydride Price Index rose by 1.24% quarter-over-quarter, reflecting modest demand recovery and tighter merchant supply.
• The average Phthalic Anhydride price for the quarter was approximately USD 1439.00/MT, reflecting stable supply and muted demand.
• Phthalic Anhydride Spot Price firmed as exporters raised offers, tightening supply and domestic Price Index.
• Phthalic Anhydride Price Forecast points to upside into Q4 from seasonal restocking and export demand.
• Phthalic Anhydride Production Cost Trend saw contained increases despite intermittent naphthalene tightness and coal tar constraints.
• Phthalic Anhydride Demand Outlook remains cautiously positive as coatings and electronics restocking support selective offtake recovery.
• Domestic production discipline and rising exports lifted the Price Index, tightening spot availability.
• Converters optimized inventories while producers managed runs; port stocks tightened and merchant offers turned firmer.
Why did the price of Phthalic Anhydride change in September 2025 in APAC?
• Stronger coatings and electronics offtake tightened merchant supply, exerting upward pressure on the domestic Price Index.
• Intermittent coal tar and naphthalene supply constraints raised feedstock costs, influencing the Production Cost Trend.
• Export demand to Southeast Asia and recent tariffs altered trade flows, reducing export channels and tightening spot availability.
Europe
• In Germany, the Phthalic Anhydride Price Index rose by 5.4% quarter-over-quarter, driven by supply constraints and higher feedstock costs.
• The average Phthalic Anhydride price for the quarter was approximately USD 1288.33/MT, reflecting balanced domestic and export assessments.
• Phthalic Anhydride Spot Price remained range-bound amid steady plant operations and moderate producer inventories across Germany.
• Phthalic Anhydride Price Forecast points to modest volatility as feedstock trends and seasonal demand create offsetting pressures.
• Phthalic Anhydride Production Cost Trend showed upward bias due to elevated ortho-xylene and energy costs, tightening margins.
• Phthalic Anhydride Demand Outlook remains muted with cautious procurement, limiting upward movement in the regional Price Index.
• Low spot availability early in quarter and strong export interest temporarily supported the Price Index and tightened domestic supply.
• Port congestion and maintenance schedules reduced short-term flows, while major producers maintained steady operating rates overall.
Why did the price of Phthalic Anhydride change in September 2025 in Europe?
• Reduced ortho-xylene availability and scheduled European maintenance curtailed output in September, tightening immediate regional supplies.
• Elevated ortho-xylene and energy costs increased production expenses, feeding cost-push influence on the Price Index.
• Port congestion and sluggish downstream procurement combined with ample inventories to create mild downward price pressure.
For the Quarter Ending June 2025
North America
• The Phthalic anhydride Price Index in the U.S. registered a quarter-on-quarter decline of 0.9%, reflecting a market shaped by fluctuating sentiment, initial softening followed by stability through In June, the price held steady at USD 1468/MT FOB Texas.
• The Phthalic anhydride Price Index trended downward in early Q2, declining amid weak plasticizer demand and underperformance in printing and packaging. However, the price stabilized in later half as supply aligned closely with reduced demand, avoiding further deterioration.
• The Phthalic anhydride Production Cost Trend remained relatively stable, supported by consistent feedstock availability. Domestic production was steady yet underutilized.
• The Phthalic anhydride Demand Outlook was marked by persistent weakness across construction, automotive, and plasticizer sectors. While infrastructure projects and electric vehicle production lent minimal support, broader consumption trends remained flat due to economic uncertainty, cost-conscious inventory practices, and labour constraints in construction.
• The plasticizer segment continued to operate in a subdued mode, with limited activity across consumer goods, construction, and automotive industries. Conservative procurement and downstream destocking kept pressure on PA demand despite slight recovery in flexible materials used in EVs.
• The U.S. market benefited from relatively stable feedstock economics, with lower tariff exposure and regionally integrated supply chains buffering against global disruptions. This helped producers preserve margins without resorting to significant price reductions, even as demand waned.
• The Phthalic anhydride Forecast for early Q3 points toward continued pricing stability, assuming no major shifts in feedstock or demand fundamentals.
APAC (China)
• The Phthalic Anhydride Price Index in APAC fell by 1.4% quarter-on-quarter in Q2 2025, with the market consolidating in June after price volatility earlier in the quarter at USD 839/MT Ex-Dalian, supported by low inventories and constrained supply despite weak downstream demand.
• Why did the prices decline in July 2025? Operating rates at domestic production units declined due to scheduled maintenance activities, tightening the market, and resulting in reduced availability, particularly for naphthalene-based material. This tightening in output helped offset demand-side weakness, maintaining a balanced supply landscape.
• The Phthalic Anhydride Production Cost Trend showed mixed signals. Industrial naphthalene prices declined slightly, while ortho-xylene (OX) showed intermittent volatility. These shifts created soft cost support, limiting upward momentum in the market.
• The Phthalic Anhydride Demand Outlook remained weak across APAC, with the plasticizer sector reducing operating rates and showing limited appetite for bulk procurement. Buyers largely followed cautious, on-demand strategies due to ample inventories and soft end-use consumption.
• Construction-related demand continued to underperform, further capping broader consumption of phthalic anhydride used in resins, adhesives, and coatings, and reinforcing the market’s bearish tone.
Europe (Germany)
• The Phthalic anhydride Price Index in Europe declined by 1.6% in Q2 2025, with prices falling from to USD 1195/MT FCA Cologne by June 2025, highlighting a bearish price trajectory despite intermittent phases of stability.
• The Price Index showed fluctuations across the quarter as it began with marginal declines due to softening demand, followed by brief price stability. However, by end of the quarter prices dipped again, reflecting market vulnerability amid persistent macroeconomic headwinds.
• Phthalic anhydride production cost trend remained relatively stable, supported by consistent pricing of feedstocks like ortho-xylene and industrial naphthalene. Domestic producers in Germany maintained moderate operating rates, aligning output with subdued downstream orders.
• The Phthalic anhydride demand outlook in Europe remained weak overall. Despite some support from Germany’s industrial coatings and resins segment, core demand drivers like plasticizers and construction exhibited signs of stagnation. Cautious downstream procurement and abundant inventories further contributed to a restrained market sentiment.
• PA consumption in Germany’s construction sector showed no meaningful recovery during Q2. Residential and commercial activity remained under pressure from high input costs and low building confidence. Although civil projects lent marginal support in mid quarter, they weren’t strong enough to lift overall sentiment.
• The Phthalic anhydride forecast for July 2025 anticipates continued downward pressure on the Price Index, driven by oversupplied conditions and persistently weak demand from both plasticizer and construction sectors. With no major cost-side inflation expected, prices are likely to edge lower unless there is a sharp revival in downstream activity.
For the Quarter Ending March 2025
North America
In Q1 2025, the North American Phthalic Anhydride (PA) market exhibited a largely stable to slightly bearish price trend, shaped by moderate supply-demand dynamics and evolving market sentiments.
January began on a relatively firm note with prices holding steady, supported by consistent feedstock availability—especially naphthalene and ortho-xylene—and solid demand from the plasticizer and automotive sectors. However, February marked the beginning of a softening trend as demand from the construction sector weakened amid high interest rates and inflation, and consumers began shifting toward non-phthalate alternatives due to sustainability concerns.
The introduction of biomass-balanced and recycled plasticizers by major players further contributed to a decline in demand for traditional PA-based variants. This, coupled with an oversupply and declining feedstock costs, led to a modest price drop of around 1.3% over the month. By March, the market had largely stabilized, with consistent production levels and raw material availability preventing any major price swings, although demand remained subdued. Compared to Q4 2024, when prices were more buoyant due to stronger downstream activity, Q1 2025 reflected a plateauing market grappling with shifting demand preferences.
APAC
In Q1 2025, the Phthalic Anhydride (PA) market in the APAC region, particularly Japan, showed a marked shift from the bearish trajectory observed in Q4 2024. After witnessing a 9.7% quarter-on-quarter decline in Q4 due to weak demand and market oversupply, Q1 brought signs of recovery and stabilization. January began with a gradual price uptick, reflecting a 6% increase by March-end, supported by steady raw material supply and resilient production. Although demand from the construction and plasticizer sectors remained subdued amid labor shortages and a cautious investment climate, the automotive sector offered strong support, with a notable 12.4% rise in vehicle sales in January, driving demand for PA-based materials.
In March, a bullish turn emerged as prices rose by 3.7% in the first week alone, driven by supply-side constraints following Mitsubishi Gas Chemical’s exit from PA production. This supply cut tightened availability, countering weak demand and bolstering prices. Unlike Q4, when excess supply pressured the market, Q1 2025 reflected a better-balanced dynamic, suggesting a cautiously optimistic outlook heading into Q2.
Europe
In Q1 2025, the Phthalic Anhydride (PA) market in Europe experienced a predominantly stable pricing trend, marked by marginal upward shifts amidst fluctuating supply-demand dynamics. Prices hovered steadily between USD 1225–1250/MT FCA Germany, reflecting a balanced yet cautious market sentiment. January began with steady pricing amid subdued demand from key downstream sectors such as construction and automotive. While weak industrial activity and reduced consumer sentiment kept demand low, parallel supply constraints stemming from scaled-back production in Germany maintained market equilibrium.
February witnessed minor price upticks (about 1.2% over the month), driven by marginal increases in feedstock costs and modest recovery in plasticizer demand, particularly for DOTP. However, demand remained restrained due to persistent weaknesses in construction and automotive sectors, both impacted by inflation, high material costs, and a fragile economic environment. March maintained this stability despite disruptions in European port operations, as steady domestic production and stable naphthalene prices offset potential supply shocks.
Compared to Q4 2024, when prices declined amid sharp contractions in manufacturing and collapsing construction activity, Q1 2025 reflected early signs of stabilization. Slight improvements in industrial output and supply consistency underpinned this gradual price recovery, though market conditions remain fragile.
