For the Quarter Ending March 2026
Toluene Prices in North America
- In the USA, the Toluene Price Index fell by 6.18% quarter-over-quarter, reflecting tighter supply and costs.
- The average Toluene price for the quarter was approximately USD 815.33/MT, based on Gulf Coast FOB.
- Toluene Spot Price tightened in March as export demand and reduced merchant stocks constrained domestic volumes.
- Toluene Price Forecast points to firmness as feedstock disruptions and precautionary refinery stockpiles influence market balances.
- Toluene Production Cost Trend rose as higher crude and elevated natural-gas costs reduced reformate extraction economics.
- Toluene Demand Outlook improved seasonally with coatings and TDI restocking ahead of spring automotive ramps.
- Toluene Price Index strength was amplified by HDA diversions and export nominations, tightening merchant parcel availability.
- Reformer constraints and delayed catalyst imports reduced extractable volumes, supporting spot tightness and Price Index gains.
Why did the price of Toluene change in March 2026 in North America?
- Strait of Hormuz disruptions tightened crude and naphtha supplies, raising feedstock costs, curtailing reformer runs.
- Precautionary refinery inventory build and export demand tightened merchant availability, elevating Gulf Coast spot premiums.
- Sanctions and delayed catalyst imports increased production costs, logistical insurance premiums raised trade route expenses.
Toluene Prices in APAC
- In Japan, the Toluene Price Index rose by 6.13% quarter-over-quarter, reflecting tighter feedstock and maintenance.
- The average Toluene price for the quarter was approximately USD 997.67/MT, reflecting balanced fundamentals domestically.
- Toluene Spot Price surged during March, lifting the Toluene Price Index amid constrained naphtha supply.
- The Toluene Production Cost Trend rose as rerouting and higher naphtha lifted processing, freight expenses.
- Toluene Demand Outlook remains constructive for coatings and TDI, supporting the Toluene Price Forecast currently.
- Inventory draws and limited imports tightened supplies, pushing the Toluene Price Index toward firmer territory.
- Prolonged reformer turnarounds at key Japanese plants curtailed co-product output, reducing spot availability nationally materially.
- Closed arbitrage and higher insurance premia limited inflows, amplifying domestic tightness and upward price pressure.
Why did the price of Toluene change in March 2026 in APAC?
- Strait of Hormuz closures reduced seaborne naphtha, elevating freight and import parity costs for Japan.
- Concurrent refinery maintenances lowered domestic reformer runs, reducing toluene yields despite unchanged downstream consumption levels.
- Rising insurance premia and rerouting increased delivered costs, prompting cautious buying and faster inventory drawdowns.
Toluene Prices in Europe
- In Spain, the Toluene Price Index rose by 5.62% quarter-over-quarter, driven by tightening feedstock availability.
- The average Toluene price for the quarter was approximately USD 884.00/MT based on spot and contract assessments.
- Toluene Spot Price gains mirrored the Price Index, reflecting constrained supplies and elevated freight premiums.
- Toluene Price Forecast indicates short-term firmness as geopolitical risk elevates replacement cost and compresses arbitrage.
- Toluene Production Cost Trend rose due to higher crude-derived naphtha costs and war-risk insurance premiums.
- Toluene Demand Outlook remained steady, supported by coatings and polyurethane sectors, but lacked aggressive offtake.
- Tight Spanish inventories limited exports and pushed the Toluene Price Index higher in prompt markets.
- Major refinery streams prioritized gasoline blending, leaving merchant Toluene availability tight for spot buyers, traders.
Why did the price of Toluene change in March 2026 in Europe?
- March tightening resulted from reduced reformate yields and diverted cargoes, compressing merchant supply into Spain.
- Higher crude and naphtha benchmarks combined with war-risk insurance and longer voyages raised replacement costs.
- Prompt buying and low inventories amplified upward momentum, with limited exportable volumes preventing immediate relief.
Toluene Prices in MEA
- In Saudi Arabia, the Toluene Price Index rose by 8.36% quarter-over-quarter, reflecting tightened cargo availability.
- The average Toluene price for the quarter was approximately USD 967.33/MT, industry sources reported consistently.
- Toluene Spot Price tightened as origin FOB offers reduced March loading programmes, limiting export availability.
- Toluene Price Forecast expects sustained firmness near-term driven by security premia and constrained exports regionally.
- Toluene Production Cost Trend showed modest upward pressure from higher freight insurance and crude increases.
- Toluene Demand Outlook remained firm for coatings, solvents and PU feedstocks, supporting purchasing and restocking.
- Toluene Price Index volatility increased as insurance premia and rerouting extended lead times for parcels.
- Domestic plants operated normally, export reductions and logistic risk elevated scarcity perceptions, prompting buyer restocking.
Why did the price of Toluene change in March 2026 in MEA?
- Export cargo tightness from Singapore and India raised CFR offers, amplifying upward pressure March indications.
- Regional security incidents inflated insurance and rerouting costs, tightening perceived availability and increasing premiums notably.
- Firm downstream procurement, especially coatings and PU sectors, combined with cautious restocking accelerated spot demand.
For the Quarter Ending December 2025
North America
- In USA, the Toluene Price Index rose by 4.45% quarter-over-quarter, reflecting downstream demand and inventory adjustments.
- The average Toluene price for the quarter was approximately USD 869.00/MT, reflecting moderated margins and balanced supply-demand dynamics.
- Toluene Spot Price movements tightened as Price Index volatility rose, reflecting constrained refinery throughput and tight merchant inventories.
- Toluene Price Forecast indicates limited upside near term, with seasonal restocking offset by abundant import competition.
- Toluene Production Cost Trend softened as lower crude and reformate values reduced feedstock costs and margin support.
- Toluene Demand Outlook remains mixed, petrochemical resilience contrasts with weaker coatings and automotive sector restocking.
- Rising Gulf export flows and logistic normalization pressured the Toluene Price Index, tempering upside potential.
- Operational disruptions at select refineries tightened regional supply briefly, but balanced inventories limited sustained rally potential.
Why did the price of Toluene change in December 2025 in North America?
- Steady refinery output and comfortable inventories reduced urgency, outweighing seasonal restocking and export resilience factors.
- Weaker crude and reformate values eased production costs, while elevated energy expenses constrained margin recovery.
- Year-end demand lull, heightened import competition and muted export channels amplified downward pressure on domestic prices.
APAC
- In Japan, the Toluene Price Index fell by 5% quarter-over-quarter, reflecting steady supply and softer downstream demand.
- The average Toluene price for the quarter was approximately USD 940.00/MT, reported from regional weekly assessments reflecting compiled quotations.
- Toluene Spot Price remained subdued amid comfortable supply and weak buying from coatings and solvent manufacturers.
- Toluene Price Forecast anticipates modest volatility driven by crude feedstock swings and seasonal downstream procurement patterns.
- Toluene Production Cost Trend was pressured by higher energy costs, though refinery margins and throughput remained relatively stable.
- Toluene Demand Outlook shows balanced consumption in automotive and construction while end-user restocking remains cautious before year-end.
- Toluene Price Index movements were impacted by inventory builds, steady exports, and muted derivative feedstock offtake activity.
- Regional trade flows and operational rates at major refiners constrained upside, limiting rapid recovery in Toluene market levels.
Why did the price of Toluene change in December 2025 in APAC?
- Softening crude benchmarks reduced feedstock valuation and weakened upstream cost support for regional aromatic pricing.
- Steady refinery output and ample inventories limited supply disruption, sustaining a comfortable market balance overall.
- Weaker downstream buying from coatings and solvents during year-end holidays curtailed demand, pressuring Toluene values further.
Europe
- In Spain, the Toluene Price Index fell by 1.76% quarter-over-quarter, reflecting stable supply and softer downstream demand.
- The average Toluene price for the quarter was approximately USD 837.00/MT, based on quarterly aggregates and FD Madrid assessments.
- Toluene Spot Price softness reflected comfortable stocks and subdued derivatives demand, exerting downward pressure on the Price Index.
- Toluene Price Forecast shows modest downside risk near-term as crude weakness offsets seasonal restocking and logistical constraints.
- Toluene Production Cost Trend was mixed with lower reformate costs but higher energy and refinery margin pressures.
- Toluene Demand Outlook remains cautious with steady TDI consumption offset by weaker coatings and consumer goods segments.
- Regional Toluene Price Index stability was supported by steady intra-EU trade and Asian import cargoes replenishing merchant inventories.
- Major refinery operations remained cautious; maintenance and selective run cuts intermittently tightened supply supporting short-lived regional price upticks.
Why did the price of Toluene change in December 2025 in Europe?
- Soft industrial demand and year-end slowdown reduced derivative offtake, easing upward pressure on Toluene prices.
- Stable refinery throughput and Asian imports-maintained availability, limiting short-term upside in the Price Index.
- Elevated energy costs partially offset weaker crude, resulting in muted Toluene price movement in December.
MEA
- In Saudi Arabia, the Toluene Price Index fell by 6.72% quarter-over-quarter, reflecting weaker demand, oversupply.
- The average Toluene price for the quarter was approximately USD 892.67/MT, reflecting reported trade-weighted values.
- Toluene Spot Price remained under pressure amid steady exports and inventories, keeping Price Index subdued.
- Toluene Price Forecast suggests modest recovery as seasonal procurement and construction demand support buying interest.
- Toluene Production Cost Trend eased with lower crude benchmarks, rising energy costs pressured refinery economics.
- Toluene Demand Outlook remains cautious, with muted downstream pull despite pockets of strength in construction.
- Inventory builds and steady exports weighed on Toluene Price Index, limiting upside despite logistical constraints.
- Operational disruptions risk is low, but refinery maintenance and shipment delays may tighten spot supply.
For the Quarter Ending September 2025
North America
- In USA, the Toluene Price Index rose by 1.67% quarter-over-quarter, reflecting tighter inventories and exports.
- The average Toluene price for the quarter was approximately USD 832.00/MT on FOB Texas basis.
- Toluene Spot Price firmed as Gulf export demand offset gasoline blending weakness and restrained demand.
- Toluene Price Forecast shows modest upside near-term due to Mexican outages and sustained crude volatility.
- Toluene Production Cost Trend rose as crude draws and higher freight increased refining economic pressures.
- Toluene Demand Outlook strengthened from export-led gasoline blending needs, while domestic industrial demand remained moderate.
- Toluene Price Index volatility moderated as refinery throughput stayed high, inventories balanced with restocking activity.
- Inventory builds and just-in-time buying limited immediate upside, while scheduled maintenance may tighten availability soon.
Why did the price of Toluene change in September 2025 in North America?
- Export demand surge from Mexican refinery outages increased US toluene liftings and tightened regional availability.
- Higher crude and freight costs elevated production expense, supporting upstream cost pass-through into Toluene prices.
- Robust refinery operating rates sustained supply, while lean inventories and cautious restocking influenced Price Index.
APAC
- In Japan, the Toluene Price Index fell by 5.05% quarter-over-quarter, driven by weak downstream demand trends.
- The average Toluene price for the quarter was approximately USD 989.33/MT on Ex-Osaka basis.
- Toluene Spot Price remained range bound mostly as steady imports and refinery output limited Price Index volatility.
- Toluene Price Forecast indicates modest seasonal recovery into Q4 supported by gasoline blending and restocking.
- Toluene Production Cost Trend eased as lower naphtha reduced input costs despite firmer crude benchmarks.
- Toluene Demand Outlook remains muted with weak coatings, adhesives, and TDI offtake limiting upside potential.
- Regional inventories rose due to discounted imports, pressuring spot offers and lowering Toluene Price Index.
- Major refiners ran steady while export competition from Korea and China influenced Price Index dynamics.
Why did the price of Toluene change in September 2025 in APAC?
- High refinery outputs amid ample feedstock availability reduced supply tightness, removing risk premiums and pressuring prices.
- Soft industrial demand from coatings, adhesives and TDI curtailed offtake, prompting sellers to lower quotations.
- Discounted imports and weaker exports elevated inventories, weakening demand and extending bearish Price Index trends.
Europe
- In Spain, the Toluene Price Index fell by 3.77% quarter-over-quarter, reflecting moderate to weak downstream demand and oversupply.
- The average Toluene price for the quarter was approximately USD 852.00/MT, FD Madrid settlement reported level.
- Toluene Spot Price remained range-bound due to port congestion and elevated logistics costs limiting export flows.
- Toluene Price Forecast indicates modest recovery pressure into Q4 as seasonal restocking offsets remaining demand weakness.
- Toluene Production Cost Trend firmed with higher crude, EU ETS allowances lifting extraction and refining costs.
- Toluene Demand Outlook remains subdued, with adhesives, coatings, and automotive sectors delaying procurement into late Q3.
- Toluene Price Index volatility narrowed as refiners prioritized contract volumes, keeping spot discounting, and destocking visible.
- Inventory levels stayed adequate, export demand muted, while regional refineries maintained normal runs without outages reported.
Why did the price of Toluene change in September 2025 in Europe?
- Weak domestic demand and downstream softness reduced procurement, exerting downward pressure on toluene quarter-end prices.
- Rising crude and EU ETS costs lifted production expense, tightening margins, and supporting toluene price levels.
- Port congestion and elevated logistics costs constrained exports, reducing arbitrage, and creating supply tightness in September.
MEA
- In Saudi Arabia, the Toluene Price Index fell by 5.4% quarter-over-quarter, driven by weak downstream demand.
- The average Toluene price for the quarter was approximately USD 957.00/MT based on CFR assessments.
- Toluene Spot Price showed mild upticks owing to brief port congestion and seasonal construction demand.
- Toluene Price Forecast indicates volatility ahead as mixed Asian demand and Q4 feedstock dynamics evolve.
- Toluene Production Cost Trend eased with softer Asian naphtha, reducing upstream cost support across producers.
- Toluene Demand Outlook remains muted as paints, TDI, solvent sectors delay buying amid export uncertainty.
- Toluene Price Index volatility reflected inventory management, export arbitrage and distributor buying ahead of seasonality.
- Steady imports and controlled refinery run supported supply while distributors paced restocking to manage exposure.
Why did the price of Toluene change in September 2025 in MEA?
- Easing crude softened feedstock costs, reducing producer price support, and thereby encouraging lower regional bids.
- Imports from South Korea remained steady, offsetting domestic refinery cuts and preventing spikes.
- Weak offtake from paints, TDI and petrochemical sectors suppressed spot demand, prompting conservative buyer behavior.
For the Quarter Ending June 2025
North America
- U.S. Toluene Spot Price was generally range-bound during Q2 2025, with the Price Index showing little in weekly fluctuation as market fundamentals were well-balanced.
- Prices experienced minimal movement because of soft demand from solvents and gasoline blending markets in spite of modest support from increasing crude oil prices and consistent refinery production.
- The Toluene Demand Forecast remained weak, with industrial segments continuing to have lower purchase levels in the face of macroeconomic uncertainty and easing business in the coatings and adhesives markets.
- The Trend in the Production Cost of Toluene was fairly flat. Feedstock prices increased due to crude oil strength, but high refinery efficiency and ample reformate availability served to neutralize upward pressure.
- Throughput was consistent in Q2. There were no significant process disruptions at reformate-producing facilities, and toluene extraction levels from catalytic reforming streams continued at levels corresponding to demand levels.
- The Toluene Price Forecast indicated continued sideways movement unless downstream demand strengthened significantly. Inventory levels remained manageable, suggesting no near-term pricing risk.
Asia-Pacific
- In South Korea, the Toluene Spot Price weakened during Q2 2025, with the Price Index falling gradually as both regional and export demand slumped.
- Prices declined due to sluggish demand from downstream benzene conversion and solvent segments. Exports to China remained subdued, especially during the Labour Day holiday period in early May.
- The Toluene Demand Outlook was bearish during the quarter, with major end-use sectors operating cautiously. End-user buyers largely avoided forward purchases due to volatility in aromatics prices.
- The Toluene Production Cost Trend trended slightly downward. Falling naphtha prices in April and May reduced cost pressure, though rising maritime freight rates provided some offset.
- Toluene supply stayed adequate. Local refiners ran at reduced rates to manage oversupply, and inventory levels at major ports such as Yeosu and Ulsan remained within historical norms.
- The Toluene Price Forecast at the close of Q2 expected limited recovery potential without stronger pull from the Chinese blending and solvent markets. Mild price fluctuations were anticipated through early Q3.
Europe
- Germany’s Toluene Spot Price showed minor volatility during Q2 2025, with the Price Index fluctuating slightly in response to crude oil price movements and slow trading activity.
- Prices remained largely depressed, as demand from solvents, pharmaceuticals, and chemical intermediates remained weak. European buyers stayed cautious amid uncertain macroeconomic indicators.
- The Toluene Demand Outlook was weak throughout Q2. End-users in the coatings and resin segments operated below average, and automotive-sector consumption of toluene-based chemicals remained subdued.
- The Toluene Production Cost Trend rose slightly due to higher LNG and power input prices. However, local toluene production was adjusted downward, helping to avoid inventory overhang.
- Supply remained stable. Imports into Northwest Europe were consistent, and refinery runs produced sufficient toluene, albeit with lower extraction rates due to economic run cuts.
- The Toluene Price Forecast remained flat for the near term, with only a modest chance of upward movement unless Asian blending demand or domestic downstream consumption picked up meaningfully.
