For the Quarter Ending March 2026
Polyurethane (PU) Resin Prices in North America
- In USA, the Polyurethane Resin Price Index fell by 2.659% quarter-over-quarter, driven by muted downstream demand.
- The average Polyurethane Resin price for the quarter was approximately USD 1647.33/MT, reflecting subdued procurement.
- Tightening export interest elevated Polyurethane Resin Spot Price, pushing the domestic Polyurethane Resin Price Index higher in March.
- Rising MDI and TDI feedstock costs reflected a worsening Polyurethane Resin Production Cost Trend, supporting firmer producer offers.
- Polyurethane Resin Demand Outlook improved for Q2 as construction and export restocking increased procurement urgency among converters.
- Short term Polyurethane Resin Price Forecast indicates potential tightening as logistics disruptions and restocking raise replacement cost expectations.
- Inventory builds and stable operating rates kept distributor coverage ample, limiting volatility despite upward pressure on the Price Index.
Why did the price of Polyurethane Resin change in March 2026 in North America?
- Export demand surge tightened available volumes, prompting sellers to prioritize contractual liftings and reduce spot allocations.
- Middle East geopolitical disruptions raised freight premiums and rerouted shipments, increasing replacement costs for feedstocks.
- Domestic downstream caution limited immediate restocking, but emerging logistical constraints encouraged precautionary buying, lifting offers.
Polyurethane (PU) Resin Prices in APAC
- In Japan, the Polyurethane Price Index rose by 0.8% quarter-over-quarter, driven by modest feedstock increases.
- The average Polyurethane price for the quarter was approximately USD 5215.33/MT, reflecting stable demand conditions
- Polyurethane Spot Price fluctuated during the quarter as spot availability tightened due to shipping inefficiencies.
- Polyurethane Price Forecast expects near-term firmness as feedstock disruptions persist and converters secure prompt allocations.
- Polyurethane Production Cost Trend rose due to MDI and TDI hikes and elevated freight premiums.
- Polyurethane Demand Outlook remained steady driven by automotive, construction, and appliance production maintaining consistent procurement.
- Polyurethane Price Index rose with inventory draws, stronger export inquiries and domestic plant operating rates.
- Suppliers applied modest surcharges, reducing spot allocations while buyers limited purchases to immediate production needs.
Why did the price of Polyurethane change in March 2026 in APAC?
- Feedstock surges from Hormuz disruptions pushed MDI and TDI input costs higher, pressuring producer margins.
- Longer shipping routes and rising freight premiums tightened availability, exacerbating spot market tightness and volatility.
- Converters and downstream buyers adopted cautious need-based purchasing, spurring intermittent restocking and supporting higher offers.
Polyurethane (PU) Resin Prices in Europe
- In Germany, the Polyurethane Resin Price Index rose by 7.69% quarter-over-quarter, reflecting feedstock-driven cost pressures.
- The average Polyurethane Resin price for the quarter was approximately USD 2390.33/MT, reflecting subdued post-holiday buyer activity.
- Polyurethane Resin Spot Price volatility increased in March as shipping reroutes and insurance premiums raised replacement costs.
- European Polyurethane Resin Price Forecast tightened, with upward bias due to sustained MDI and TDI supply disruptions.
- Manufacturers reported a rising Polyurethane Resin Production Cost Trend driven by higher energy, naphtha and isocyanate feedstock expenses.
- Polyurethane Resin Demand Outlook remained mixed, construction insulation demand firm while automotive and furniture procurement stayed cautious.
- Observed Polyurethane Resin Price Index firming in March reflected tightening inventories and elevated import replacement costs across Europe.
- Export demand from neighboring markets and constrained domestic TDI availability pressured FD Hamburg offers higher and reduced spot liquidity.
Why did the price of Polyurethane Resin change in March 2026 in Europe?
- Sharp MDI and TDI cost increases raised production expenses, driving stronger seller offers and pushing prices upward.
- Logistics disruptions from Red Sea rerouting lengthened lead times and increased freight, elevating import replacement costs markedly.
- Robust construction insulation and refrigeration procurement amplified demand locally, tightening availability despite steady domestic production.
For the Quarter Ending December 2025
North America
- In USA, the Polyurethane Resin Price Index fell by 1.95% quarter-over-quarter, reflecting destocking, weak demand.
- The average Polyurethane Resin price for the quarter was approximately USD 1692.33/MT, reflecting stability domestically.
- Polyurethane Resin Spot Price remained pressured as sellers offered discounts amid high inventories, weak exports.
- Polyurethane Resin Price Forecast indicates modest declines into January as Price Index remains pressured downward.
- Polyurethane Resin Production Cost Trend eased as TDI and MDI softened, removing material cost support.
- Polyurethane Resin Demand Outlook stays muted amid weak automotive and construction activity plus cautious procurement.
- Inventory accumulation and limited exports pressured the Polyurethane Resin Price Index, prompting producers to destock.
- Gulf producers maintained output, keeping spot availability ample and dampening Polyurethane Resin Spot Price upside.
Why did the price of Polyurethane Resin change in December 2025 in North America?
- Year-end destocking and accelerated seller discounts increased available volumes, intensifying onshore competition and pressuring offers.
- Easing MDI and TDI costs reduced production cost pressures, removing upward price support for sellers.
- Weak automotive and construction demand plus subdued export enquiries prompted buyers to defer purchases altogether.
APAC
- In Japan, the Polyurethane Resin Price Index fell by 1.05% quarter-over-quarter, driven by year-end destocking.
- The average Polyurethane Resin price for the quarter was approximately USD 4346.00/MT, reflecting inventory adjustment.
- Polyurethane Resin Spot Price remained pressured as abundant inventories and subdued converter buying limited momentum.
- Polyurethane Resin Price Forecast indicates modest weakness into December before stabilization in early next year.
- Polyurethane Resin Production Cost Trend held flat as MDI and TDI remained stable, limiting pressure.
- Polyurethane Resin Demand Outlook subdued as automotive weakness and cautious converters kept procurement strictly minimal.
- Polyurethane Resin Price Index reflects decline as export enquiries softened and coastal plants accelerated discounting.
- Domestic operations remained uninterrupted while distributors destocked, increasing competitive offers and pressuring near-term spot availability.
Why did the price of Polyurethane Resin change in December 2025 in APAC?
- Year-end destocking increased available domestic supply, intensifying seller competition and pressuring prompt quotations during December.
- Weak downstream procurement, notably automotive and general manufacturing, reduced offtake and shifted sellers toward discounts.
- Flat MDI and TDI removed cost push, while logistics delays and weak exports constrained demand.
Europe
- In Germany, the Polyurethane Resin Price Index fell by 2.6% quarter-over-quarter, driven by subdued demand.
- The average Polyurethane Resin price for the quarter was approximately USD 2886.67/MT from Hamburg assessments.
- Persistent inventory holdings pressured the Polyurethane Resin Spot Price, keeping the Price Index muted levels.
- Flat MDI and TDI feedstock supported Polyurethane Resin Production Cost Trend stability, limiting producers' pressure.
- Weak construction, cautious converters moderated Polyurethane Resin Demand Outlook, restraining spot purchases and forward commitments.
- Polyurethane Resin Price Forecast indicated modest year-end softness, reflecting subdued procurement and import competition conditions.
- Inventory overhang and weak exports depressed the Polyurethane Resin Price Index, forcing prompt discounts industrywide.
- Domestic plants ran with conservative schedules, supporting balanced supply and keeping Polyurethane Resin market stable.
Why did the price of Polyurethane Resin change in December 2025 in Europe?
- Unplanned MDI outage tightened feedstock availability, creating production constraints and upward pressure on December resin.
- Holiday slowdowns and muted construction activity reduced spot demand, allowing inventories to offset price rises.
- Port congestion and delivery delays complicated exports, constraining flows and prompting domestic prioritization by sellers.
For the Quarter Ending September 2025
North America
- In the United States, the Polyurethane Resin Price Index fell by 2.87% quarter-over-quarter, in Q3 2025, reflecting softer construction demand.
- The average Polyurethane Resin price for the quarter was approximately USD 1726.00/MT, reflecting modest demand trajectory.
- Polyurethane Resin Spot Price tracked a soft path as supply remained ample and construction demand cooled.
- Polyurethane Resin Price Forecast remains uncertain amid tariff chatter and hurricane season inventory dynamics in the US market.
- Polyurethane Resin Production Cost Trend shows stability as MDI feedstock costs hold firm in the quarter.
- Polyurethane Resin Demand Outlook remains cautious, with construction and industrial activity softening through Q3 in the United States.
- Polyurethane Resin Price Index edged lower after summer restocking, aligning with regional inventory digestion and muted export momentum.
- Polyurethane Resin Spot Price dynamics reflected hurricane-season logistics and inventory rationing across North America markets this quarter.
Why did the price of Polyurethane Resin change in September 2025 in North America?
- Hurricane-season constraints constrained supply and restocking activity, pressuring prices late.
- Tariff uncertainty and soft construction demand limited price momentum through Q3 2025.
- Logistics delays and higher energy costs tightened supply chains modestly.
APAC
- In Japan, the Polyurethane Resin Price Index rose 3.37% quarter-over-quarter, reflecting modest demand and stable supply.
- The average Polyurethane Resin price for the quarter in Japan's APAC market was approximately USD 3866/MT.
- Polyurethane Resin Spot Price movements during Q3 reflect oversupply and seasonal demand adjustments in Japan.
- Demand Outlook remains cautious despite construction activity, with downstream sectors indicating limited appetite for price increases.
- Production Cost Trend remained stable as MDI costs showed little fluctuation, supporting price stability in Ex-Tokyo trades.
- Inventory levels were elevated, enabling sellers to resist aggressive pricing despite modest demand tailwinds in the quarter.
- Export demand remained muted amid currency headwinds and tariff uncertainties, constraining upside for Spot Price.
- MDI supply stability limited cost-push pressure, yet downstream buyers remained price-sensitive, curbing price realization for vendors.
- Regional competition from Southeast Asia contributed to price discipline, with exporters offering competitive Ex-Tokyo terms.
Why did the price of Polyurethane Resin change in September 2025 in APAC?
- Soft domestic demand in construction and automotive weighed on volumes, restraining gains through the quarter.
- Logistics disruptions and currency moves influenced landed costs, shaping September price movements in APAC region.
- Ongoing feedstock MDI pricing dynamics and energy costs remained key drivers for near-term pricing.
Europe
- In Germany, the Polyurethane Resin Price Index fell by 2.28% quarter-over-quarter, reflecting persistent oversupply and soft downstream demand across markets.
- The average Polyurethane Resin price for the quarter was approximately USD 2962.67 per metric ton, Germany FD Hamburg basis.
- Polyurethane Resin Spot Price remained under pressure due to Asian imports and summer demand weakness seasonally.
- Polyurethane Resin Price Forecast suggests limited upside near term due to ample inventories and weak seasonality in Europe.
- Polyurethane Resin Production Cost Trend is mildly favorable as energy costs ease but feedstock MDI remains cautious these days.
- Polyurethane Resin Demand Outlook remains soft with construction and automotive sectors showing restrained procurement through Q3 2025, overall.
- Price Index shows muted momentum as European shipments balance inventories and moderating imports across markets.
- Logistics bottlenecks persist at Northwest European ports, marginally constraining flows and reinforcing price stability in the quarter.
Why did the price of Polyurethane Resin change in September 2025 in Europe?
- Seasonal summer slowdown and weak demand reduced procurement activity across construction and automotive applications significantly.
- Rising freight costs and ample Asian imports kept landed prices under downward pressure through September.
- Steady inventories and port congestion limited supply disruptions, supporting price stability despite marginal demand recovery.
For the Quarter Ending June 2025
North America
- The Polyurethane Resin spot price in North America declined by 8.47% quarter-over-quarter in Q2 2025, reflected in a softer Price Index.
- Low demand conditions from the primary construction sector continued to remain the prime factor for the downward pull on the prices
- Structural demand remained with procurements activities being largely as per need basis post global tariff fallout
- Export demand to the primary importing Mexican and Canadian markets remained largely low
- Production costs eased as evidenced by a fall of 2.2% in the prices of feedstock MDI quarter-over-quarter in Q2 2025
- Suppliers were largely reported to have been offering backlogged inventories at lower prices
Why did the price of Polyurethane Resin change in July 2025 in the US?
- In July 2025, the Price Index of Polyurethane Resin was reported to have been stable due to subdued activity in the construction sector leading to cautious sentiment,
- Suppliers were reported to have been largely moving backlogged inventories at existing quotations amidst weaker offtakes
- Producers were reported to have maintained disciplined run rates to prevent supply overhang across the market
- A handful of buyers were reported to have been stockpiling inventories to remain covered by the potential disruptions from the Hurricane season.
Europe
- The Polyurethane Resin spot price in Europe declined by 9.81% quarter-over-quarter in Q2 2025, reflected in a softer Price Index.
- Low demand conditions from the primary construction sector continued to remain the prime factor for the downward pull on the prices
- Production costs eased as evidenced by a fall of 17% in the prices of feedstock MDI quarter-over-quarter in Q2 2025
- Competitively priced inventories originating from the Asian market continued to undercut domestic prices thus leading to overall price decline
- Suppliers continued to hold ample inventories, and backlogged inventories were moved at lower prices, despite attempted price hikes from multiple producers and attempts to lengthen the market situation by keeping production rates curtailed.
- Amidst ample supplies and no significant disruptions in the logistical systems buyer acceptance of higher prices remained low throughout the quarter
- Export conditions remained largely unfavourable with port congestions being witnessed across the Northwestern European ports and the Euro appreciation which resulted in European origin inventories uncompetitive in the global market.
Why did the price of Polyurethane Resin change in July 2025 across Europe?
- In July 2025, the Price Index of Polyurethane Resin was reported to have been stable due to subdued activity in the construction sector leading to cautious sentiment.
- European producers were reported to have kept existing quotations unchanged during July 2025 in effort to remain competitive against the Asian origin inventories
- Producers were reported to production rates curtailed amidst the seasonal summer holidays witnessed during mid-July 2025
- Weaker offtakes reported from the primary downstream furniture and bedding sector
APAC
- Polyurethane Resin spot prices in the APAC region declined by 2.6% quarter-over-quarter in Q2 2025, as reflected in a softer Price Index.
- Production costs eased, supported by a 6.6% drop in feedstock MDI prices over the same period.
- Subdued demand from the construction sector—the primary downstream consumer—remained the key factor exerting downward pressure on prices.
- In an effort to remain competitive, several producers and suppliers were reported to have reduced prices and offloaded inventories via exports, despite maintaining curtailed production rates.
- Delayed Outbound inventories amidst port congestion across major Asian ports kept bearish pressure on the export prices
- Following the global tariff fallout, multiple producers were noted to have redirected cargoes from North America to European and Southeast Asian markets, leading to ample regional supply conditions.
- Weaker offtakes from overseas buyers remained the dominant driver behind lower export prices.
Why did the price of Polyurethane Resin change in July 2025 across APAC?
- In July 2025, the Price Index of Polyurethane Resin was reported to have declined due to low seasonal demand from the construction sector during the monsoon season
- Suppliers were reported to have been holding inventories across the warehouses
- Weaker offtakes reported to have been noted from the primary buyers based across the Southeast Asian market
- Asian producers were reported to have been actively lowering their quotations in July 2025 in order to remain competitive and induce buying activity
