For the Quarter Ending September 2025
North America
• In the United States, the Tall Oil Rosin Price Index rose 7.54% quarter-over-quarter due to firmer imports, in Q3 2025.
• The average Tall Oil Rosin price for the quarter was approximately USD 1003/MT, reflecting balanced demand and importer costs.
• Tall Oil Rosin Spot Price rose alongside a firmer Price Index due to supply tightness.
• Tall Oil Rosin Price Forecast remains cautiously firmer on expected import costs and sustained downstream pull.
• Tall Oil Rosin Production Cost Trend shows pressure from upstream tall oil costs and logistics; margins compress.
• Tall Oil Rosin Demand Outlook remains robust in adhesives and coatings but seasonal moderation could temper buy cycles.
• Tall Oil Rosin Price Index reflects mixed regional demand and imported cost pressures, guiding near-term offers.
• Tall Oil Rosin Spot Price volatility tied to Brazil supply and freight costs continuing to influence.
• Tall Oil Rosin Production Cost Trend signals potential easing as pulping runs normalize, aiding price stability.
Why did the price of Tall Oil Rosin change in September 2025 in North America?
• Supply constraints from Brazil reduced import availability, elevating landed costs and supporting firmer prices overall.
• Healthy downstream demand for adhesives and coatings provided continued consumption resilience despite seasonal activity levels.
• Logistics and freight volatility contributed to higher import costs and cautious procurement by buyers overall.
APAC
• In India, the Tall Oil Rosin Price Index rose by 8.80% quarter-over-quarter, reflecting firmer export offers and elevated upstream costs.
• The average Tall Oil Rosin price for the quarter was approximately USD 1211.70/MT CFR JNPT India.
• Tall Oil Rosin Spot Price remained sensitive to monsoon demand and import parity, influencing Price Index dynamics.
• Tall Oil Rosin Price Forecast suggests firming in Q4, supported by tight feedstock supply and Price Index support.
• Production Cost Trend remains elevated due to energy inputs, placing upward pressure on the Price Index.
• Demand Outlook for adhesives and coatings supports steady buying, contributing to a firmer Price Index.
• Spot Price moves tracked by ports remain linked to currency volatility, shaping the Price Index.
• Demand Outlook remains cautious amid monsoon delays, yet replenishment cycles could support the Price Index.
Why did the price of Tall Oil Rosin change in September 2025 in APAC?
• Monsoon-driven demand shifts, import parity, and currency effects contributed to net price movement in India.
• Logistics constraints and elevated energy costs increased import costs, supporting price firmness across CFR routes.
• Seasonal restocking and pre-festival buying patterns bolstered demand outlook, reinforcing Price Index momentum in APAC.
Europe
• In Germany, the o-Nitro Toluene (o-NT) Price Index declined by 2.87% quarter-over-quarter, reflecting soft demand from dyes, pigments, and textile sectors.
• The average o-NT price for the quarter was influenced by balanced supply from domestic producers and limited European imports.
• o-Nitro Toluene Spot Price softened slightly as distributors managed existing inventories and deferred purchases amid weak end-user demand.
• o-Nitro Toluene Production Cost Trend remained stable, with toluene feedstock and energy prices largely unchanged, constraining upward price momentum.
• o-Nitro Toluene Demand Outlook was cautious, with slow recovery from textile and coating applications while export orders stayed muted.
• o-Nitro Toluene Price Forecast indicates limited short-term upside, with stabilization likely if seasonal buying in textiles improves.
• European manufacturers optimized output, aligning supply with modest consumption and avoiding excessive stock accumulation.
• Logistics and import flows were stable, providing consistent availability without creating spot shortages.
Why did the price of o-Nitro Toluene change in September 2025 in Europe?
• Weak downstream demand and stable inventories kept market prices on a slightly lower trajectory.
For the Quarter Ending June 2025
North America
• The Tall Oil Rosin Price Index in Q2 2025 experienced a 0.5% increase compared to Q1. The June-end price stood at USD 951/MT CFR Texas, driven by tighter Brazilian supply, rising production costs, and a late-quarter demand pickup from paints and rubber sectors.
• While demand was weak as construction, packaging, and coatings have their peak usage traditionally around this time on queues in April - May moved in response to firmer consumption from paints and rubber in June and tighter Brazilian markets.
• Why did the price of Tall Oil Rosin change in July 2025?
Prices declined due to subdued downstream demand, particularly in construction and packaging, coupled with weaker import activity from China and Indonesia.
• Freight rates on Brazil–U.S. routes edged higher in June due to tighter vessel availability, though port operations at Houston and Savannah remained smooth across Q2.
• Seasonal construction activity and infrastructure spending could support demand, but buyers may remain cautious amid macroeconomic uncertainty.
• Tall Oil Rosin production costs rose in Brazil due to feedstock constraints and processing expenses, tightening exporter margins; however, U.S. prices absorbed increases only partially due to earlier buyer resistance.
• Tall Oil Rosin demand outlook in North America may remain modest in Q3 2025, with seasonal construction and infrastructure activity offering some support, though buyer sentiment could stay cautious amid macroeconomic uncertainties and subdued demand from packaging and coatings sectors.
• The Tall Oil Rosin Price Index is forecasted to remain rangebound in Q3 2025, with firm Brazilian supply constraints providing a floor, while tepid downstream demand and conservative procurement may limit any significant upside movement.
APAC
• The Tall Oil Rosin Price Index in India averaged a decline of around 1.6% in Q2 2025 compared to Q1, closing June at approximately USD 3514/MT CFR JNPT, driven by improved buying interest from the paints and rubber sectors and tightening overseas supply, particularly from Brazil, which offset the earlier bearish trend seen in April and May due to subdued construction and packaging demand.
• Price movements were driven by weak demand in construction, coatings, and paints in April–May, followed by firmer import prices and stable domestic consumption in June.
• Why did the price of Tall Oil Rosin change in July 2025?
Prices fell 1.5% due to lower upstream tall oil costs, subdued downstream activity, and declining import volumes from the USA.
• Imports from the USA remained steady, with smooth port operations at JNPT; however, rising freight costs from North America in June added to landed price increases.
• Tall Oil Rosin demand outlook is expected to gradually recover if construction activity resumes and weather conditions improve, but buyer caution amid macroeconomic headwinds persists.
• Tall Oil Rosin production cost trends were stable through May due to lower U.S. feedstock costs, but June saw higher procurement costs as U.S. export offers strengthened, and freight rates rose.
• Tall Oil Rosin prices are forecasted to stay firm to slightly bullish if U.S. supply tightness and ongoing import pressure continue, although end-use sector sentiment remains tentative.
Europe
• Tall Oil Rosin prices in Europe remained largely stable in Q2 2025, settling slightly lower by June amid persistently weak downstream demand.
• Demand from coatings, adhesives, and rubber sectors stayed muted, while the construction sector showed minimal recovery, capping any upward price momentum.
• Why did the price of Tall Oil Rosin change in July 2025?
A sluggish start to spring demand and leftover inventories from Q1 prevented any significant pricing uptick.
• Logistics remained steady, with easing freight rates from the Red Sea route offering slight relief to landed costs.
• Tall Oil Rosin demand outlook for Q3 stays cautious, with marginal improvement tied to construction season recovery and potential restocking.
• Tall Oil Rosin production costs were steady, but poor downstream offtake and thin margins kept sellers from raising prices.
• Tall Oil Rosin forecast for Q3 2025 sentiment indicates a flat-to-firm market if construction demand revives and supply tightness from U.S. continues.
For the Quarter Ending March 2025
North America
Throughout Q1 2025, tall oil rosin prices in the USA consistently rose, driven by increasing crude tall oil costs and persistent supply constraints. Early in the quarter, prices saw a 5.0% increase, primarily due to higher upstream crude tall oil prices, which led manufacturers to adjust their production strategies. Demand from key downstream sectors such as paints, coatings, adhesives, and rubber remained steady, while the automotive sector contributed to maintaining overall consumption levels.
As the quarter progressed, price increases continued, supported by higher crude tall oil costs. Despite mixed demand from downstream industries, the automotive sector remained a key driver of consumption. Supply remained stable, but logistical challenges and reduced production rates created tight market conditions. Manufacturers carefully managed output to avoid significant price hikes, balancing rising costs with steady demand from various sectors.
By the end of the quarter, supply-side constraints, along with continued demand from the automotive sector, pushed prices up further. The construction sector faced challenges due to tariff-induced cost pressures, but the overall market sentiment remained firm. The combination of tight supply, rising feedstock costs, and steady demand from emerging sectors, such as bio-based applications, helped sustain upward price pressure throughout Q1 2025.
APAC
Throughout Q1 2025, tall oil rosin prices in the APAC region, particularly in India, experienced a consistent upward trend, primarily driven by elevated import costs from the USA. The quarter began with a 5.0% price increase in January due to rising upstream crude tall oil prices and the country’s reliance on higher-priced U.S. imports. Despite steady demand from sectors such as automotive, adhesives, coatings, and paints, supply constraints and global logistics challenges kept the market tight.
In February, prices continued to rise by 1.0%, supported by increased demand across key sectors, including adhesives and automotive, coupled with the ongoing impact of high import costs from the U.S. However, procurement remained cautious as buyers closely monitored pricing trends. By March, prices surged further by 4.0%, driven by continued high import costs and limited domestic availability. The construction sector showed moderate demand due to seasonal purchasing patterns, but overall consumption in downstream sectors remained steady.
Throughout the quarter, while demand remained stable, tight supply conditions and rising global prices led to higher tall oil rosin prices, with downstream industries managing rising expenses through cautious procurement strategies. The market outlook for Q2 2025 suggests that continued global pricing trends will heavily influence future price movements.
Europe
In Q1 2025, the price trend of Tall Oil Rosin (TOR) in Europe was characterized by a continued downward movement, primarily driven by weak demand across key downstream sectors. In January, prices remained steady but low, as demand from industries such as paints, coatings, adhesives, and rubber remained subdued. The European construction sector also showed signs of slowing down, impacting the overall consumption of TOR.
Throughout the quarter, supply-side constraints continued to affect the market. Despite challenges such as high international freight charges and disruptions caused by the ongoing Red Sea crisis, the impact on local prices was limited. Refinery closures and reduced fractionation rates in both the U.S. and Europe added pressure on supply, but these factors did not significantly disrupt the market due to the lack of strong demand from downstream industries.
Overall, the European TOR market in Q1 2025 was marked by a subdued outlook, with weak demand from major industrial sectors and persistent supply-side issues contributing to the price trend.
For the Quarter Ending December 2024
North America
In Q4 2024, tall oil rosin prices experienced a persistent downward trend, driven by a combination of weak demand and oversupply. Stagnation in the North American pulp and paper industries led to high inventory levels, reducing pressure on raw material availability.
Demand from key downstream sectors, including coatings, adhesives, and automotive, remained muted, further exacerbating the price decline. In Asia, particularly India, the appreciation of the US dollar against local currencies increased import costs, curbing purchasing activity. Global economic uncertainty also dampened industrial production, with the U.S. manufacturing sector, a key consumer of rosin-based products, facing significant slowdowns.
Despite these challenges, December showed signs of slight recovery, with seasonal demand picking up in adhesives and ink production. However, this improvement was insufficient to counteract the overall bearish trend for the quarter. Looking ahead, a modest recovery is expected in Q1 2025 as inventory levels normalize and industrial demand gradually rebounds, providing some upward momentum to prices. Thus, the prices remained subdued throughout Q4 2024.
APAC
In Q4 2024, tall oil rosin (TOR) prices in India saw a consistent decline, driven by weak demand from key sectors like automotive, adhesives, and packaging, alongside global supply constraints. The slowdown in the automotive industry, characterized by reduced vehicle production and sales, significantly impacted the consumption of rosin-based products, including coatings and adhesives. Additionally, a stronger US dollar made imports more expensive, further curbing demand. On the supply side, global crude tall oil (CTO) fractionation rates dropped by 30% due to refinery closures in the US and Europe, tightening TOR availability worldwide. Despite increased pulp imports and steady performance in certain paper-related sectors, oversupply conditions in the domestic market pressured prices downward. Logistical challenges in global shipping and reduced industrial activity across construction and printing ink sectors further contributed to the bearish trend. While December brought slight seasonal demand improvements in adhesives and inks, they were insufficient to offset the broader downward momentum. Overall, TOR prices in India remained under pressure due to economic challenges and global supply disruptions.
Europe
In Q4 2024, tall oil rosin (TOR) prices in Europe followed a downward trend, influenced by weak industrial demand and global supply constraints. The automotive sector, a significant consumer of TOR for coatings and adhesives, faced sluggish recovery, dampening demand across the region. Additionally, broader industrial slowdowns in packaging and printing sectors further suppressed TOR consumption. On the supply side, the reduction in crude tall oil (CTO) fractionation capacity by 30%, following refinery closures in the US and Europe, tightened availability. However, seasonal trends during this period typically see higher demand for adhesives and printing inks, particularly in December, which provided marginal price support toward the end of the quarter. Despite this, elevated inventory levels, weak downstream activity, and economic pressures across Europe maintained overall bearish sentiment. Furthermore, higher energy costs and logistical disruptions added to the challenges, limiting significant price recovery. While December saw slight stabilization due to seasonal demand, TOR prices in Europe remained largely subdued, reflecting global supply-demand imbalances and regional economic constraints.
