For the Quarter Ending March 2026
Toluene Diisocyanate Prices in North America
- In USA, the Toluene Diisocyanate Price Index fell by 2.55% quarter-over-quarter, reflecting softer domestic demand.
- The average Toluene Diisocyanate price for the quarter was approximately USD 2443.67/MT across assessed Gulf Coast delivered and FOB markets.
- Toluene Diisocyanate Spot Price remained range bound early quarter, with limited merchant availability tightening near-quarter end.
- Observed Toluene Diisocyanate Production Cost Trend rose modestly due to higher toluene feedstock and elevated energy tariffs.
- Toluene Diisocyanate Demand Outlook stayed muted with soft foam and furniture consumption limiting spot purchasing and restocking.
- Toluene Diisocyanate Price Forecast indicated slight upside pressure from export reallocations and constrained merchant spot availability.
- Inventory buffers remained comfortable, yet export demand and channeling of volumes to contracts tightened open market Price Index dynamics.
- Major Gulf Coast producers operated reliably, diverting cargoes to contracted shipments, supporting stable operating rates and margins.
Why did the price of Toluene Diisocyanate change in March 2026 in North America?
- Feedstock toluene increased, raising variable production costs despite balanced domestic output and normal plant operations.
- Moderate domestic demand from flexible foam and furniture restrained buying, limiting upside for TDI prices.
- Export reallocations and limited merchant spot availability created structural tightness, provoking sentiment-led price gains late March.
Toluene Diisocyanate Prices in APAC
- In Japan, the Toluene Diisocyanate Price Index fell by 1.67% quarter-over-quarter, reflecting subdued post-holiday demand.
- The average Toluene Diisocyanate price for the quarter was approximately USD 1882/MT, per regional assessment.
- Toluene Diisocyanate Spot Price remained range-bound as imports balanced domestic output and muted downstream buying.
- Toluene Diisocyanate Price Forecast indicates modest upside on firmer foam demand and feedstock cost inflation.
- Toluene Diisocyanate Production Cost Trend rose due to higher toluene and energy costs, tightening margins.
- Toluene Diisocyanate Demand Outlook remains cautious as furniture and automotive sectors show steady restrained procurement.
- Inventory and redirected Southeast Asian offers pressured the Price Index, prompting distributors to delay procurement.
- Rising freight and insurance raised landed import costs, influencing competitiveness and Toluene Diisocyanate trade patterns.
Why did the price of Toluene Diisocyanate change in March 2026 in APAC?
- Stronger foam demand in late March lifted prompt purchases, tightening availability and supporting higher quotations.
- Increased importer offers from offshore suppliers reduced discounting, altering flows and pressuring spot negotiation dynamics.
- Elevated feedstock toluene and energy costs raised production costs, providing upward pressure despite balanced shipments.
Toluene Diisocyanate Prices in Europe
- In Germany, the Toluene Diisocyanate Price Index rose by 5.77% quarter-over-quarter, driven by firmer spot offers.
- The average Toluene Diisocyanate price for the quarter was approximately USD 2310.33/MT during Q1 2026.
- Toluene Diisocyanate Spot Price strengthened in March amid thin liquidity and accepted higher seller offers across markets.
- Toluene Diisocyanate Price Index showed technical bullish momentum despite broadly unchanged feedstock and logistics conditions.
- Toluene Diisocyanate Production Cost Trend edged higher as feedstock toluene and energy tariffs increased slightly month-on-month.
- Toluene Diisocyanate Demand Outlook remained moderate with furniture and bedding weak, automotive demand providing limited support.
- Toluene Diisocyanate Price Forecast indicates range-bound near term action with potential upside if supply tightens.
- Toluene Diisocyanate Price Index movements were influenced by export demand, competitive Asian cargoes, and regional inventory levels.
Why did the price of Toluene Diisocyanate change in March 2026 in Europe?
- Elevated feedstock toluene and energy costs increased production economics in March, nudging sellers to raise offers.
- Thin spot liquidity and stronger seller offers pushed FD Hamburg levels despite balanced plant operating rates.
- Competitive Asian imports and comfortable regional inventories limited further upside, keeping buying cautious and range-bound.
For the Quarter Ending December 2025
Toluene Diisocyanate Prices in North America
- In the USA, the Toluene Diisocyanate Price Index rose by 1.25% quarter-over-quarter, despite weaker demand.
- The average Toluene Diisocyanate price for the quarter was approximately USD 2367.67/MT, weekly average.
- Toluene Diisocyanate Spot Price remained range-bound amid steady output and elevated inventories pressuring bids.
- Rising energy and Toluene costs influenced Toluene Diisocyanate Production Cost Trend, pressuring Price Index.
- Toluene Diisocyanate Demand Outlook shows construction support offsetting subdued furniture and bedding activity regionally.
- The Toluene Diisocyanate Price Forecast anticipates modest winter volatility with limited sustained upward momentum.
- Elevated inventories and mixed export demand exerted downward pressure on Toluene Diisocyanate Price Index.
- Normal operating rates kept supply balanced, limiting short-term volatility in Toluene Diisocyanate Price Index.
Why did the price of Toluene Diisocyanate change in December 2025 in North America?
- Domestic supply remained healthy while winter reduced downstream schedules, creating modest downward pressure on prices.
- Higher feedstock costs raised production expenses, offsetting some downward pressure on Toluene Diisocyanate Index.
- Logistics improvements on Asia-Europe routes and weaker transpacific flows influenced export demand and inventory levels.
Toluene Diisocyanate Prices in APAC
- In Japan, the Toluene Diisocyanate Price Index rose by 0.88% quarter-over-quarter, reflecting balanced supply-demand conditions.
- The average Toluene Diisocyanate price for the quarter was approximately USD 1914.00/MT reported by sources.
- Toluene Diisocyanate Spot Price remained range-bound amid steady plant output and cautious distributor inventory management.
- Toluene Diisocyanate Production Cost Trend softened as feedstock toluene and crude oil prices moderated marginally.
- Toluene Diisocyanate Demand Outlook is stable, supported by construction and automotive foam demand regionally broadly.
- Toluene Diisocyanate Price Forecast indicates upside risks from winter energy cost increases and pre-holiday restocking.
- Toluene Diisocyanate Price Index weakness late December reflected year-end destocking despite balanced manufacturing operating rates.
- Inventory levels remained comfortable while export demand stayed uneven, influenced by tariffs and logistical constraints.
Why did the price of Toluene Diisocyanate change in December 2025 in APAC?
- Balanced production and steady domestic demand limited upward pressure, promoting price stability despite bearish sentiment.
- Eased feedstock toluene and lower crude oil reduced production costs, counteracting year-end energy cost increases.
- Logistical constraints, tariffs, and cautious buyer destocking ahead of holidays suppressed spot activity, pressuring prices.
Toluene Diisocyanate Prices in Europe
- In Germany, the Toluene Diisocyanate Price Index rose by 9.27% quarter-over-quarter, due to tighter supply.
- The average Toluene Diisocyanate price for the quarter was approximately USD 2184.33/MT based on volumes.
- Toluene Diisocyanate Spot Price firmed as regional availability tightened, reducing offers and increasing spot premiums.
- Toluene Diisocyanate Production Cost Trend rose due to higher energy and winter logistics expenses pressure.
- Toluene Diisocyanate Demand Outlook stays steady, supported by automotive and construction restocking ahead of year-end.
- Toluene Diisocyanate Price Forecast signals modest near-term firmness as inventories draw and imports remain constrained.
- Toluene Diisocyanate Price Index reflected bullish momentum from reduced operating rates and cautious producer output.
- Regional inventory and export dynamics constrained supply, while subdued furniture orders tempered some price momentum.
Why did the price of Toluene Diisocyanate change in December 2025 in Europe?
- Tighter regional supply from reduced operating rates and maintenance limited availability, supporting higher spot offers.
- Elevated winter energy and logistics costs increased production expenses, adding upward pressure on contract offers.
- Mixed downstream demand saw automotive restocking offset weak furniture orders, producing balanced but firm consumption.
For the Quarter Ending September 2025
North America
- In the USA, the Toluene Diisocyanate Price Index fell by 2.3% quarter-over-quarter.
- The average Toluene Diisocyanate price for the quarter was approximately USD 2478.33/MT domestically and regionally.
- Toluene Diisocyanate Spot Price remained stable as balanced production and moderate feedstock flows limited volatility.
- Toluene Diisocyanate Price Forecast indicates modest upside potential from seasonal restocking and Gulf Coast disruptions.
- Toluene Diisocyanate Production Cost Trend eased with lower crude then firmed as oil prices recovered.
- Toluene Diisocyanate Demand Outlook remains steady, supported by automotive seating and construction insulation offtakes largely.
- Inventories and export flows kept the Toluene Diisocyanate Price Index stable despite intermittent logistical challenges.
- Producer operability remained healthy, limiting spot tightness, and shaping short-term Toluene Diisocyanate pricing dynamics regionally.
Why did the price of Toluene Diisocyanate change in September 2025 in North America?
- Limited feedstock availability amid rising crude prices constrained production, tightening supplies and pressuring contract negotiations.
- Softening polyurethane offtake from some end-use segments reduced spot buying and eased upward price pressure.
- Improved logistics and steady inventories limited volatility despite tariff uncertainties and recurrent geopolitical concerns regionally.
Asia-Pacific (APAC)
- In Japan, the Toluene Diisocyanate Price Index rose by 6.2% quarter-over-quarter, supported by PU demand.
- The average Toluene Diisocyanate price for the quarter was USD 1897.33/MT, reflecting moderate supply conditions.
- Toluene Diisocyanate Spot Price momentum reflected tighter regional availability and stronger intra-Asia procurement flows recently.
- Toluene Diisocyanate Production Cost Trend eased as lower crude and toluene feedstock reduced cost support.
- Toluene Diisocyanate Demand Outlook remains balanced with automotive recovery offsetting weaker construction sector activity regionally.
- Toluene Diisocyanate Price Forecast indicates upside risks due to seasonal pre-winter stocking and export demand.
- Toluene Diisocyanate Price Index volatility was influenced by logistics disruptions, plant maintenance, and inventory rebuilds.
- Toluene Diisocyanate market saw stable operating rates while exporters adjusted offers amid global demand conditions.
Why did the price of Toluene Diisocyanate change in September 2025 in APAC?
- Easing feedstock and crude oil prices lowered production cost support for TDI, pressuring price levels.
- Steady automotive offtake offset construction weakness, producing a net balanced demand effect on TDI prices.
- Logistics constraints and export activity shifts constrained local availability, contributing to short term price adjustments.
Europe
- In Germany, the Toluene Diisocyanate Price Index fell by 0.63% quarter-over-quarter, reflecting supply weakness and demand.
- The average Toluene Diisocyanate price for the quarter was approximately USD 1999.00/MT.
- Toluene Diisocyanate Spot Price firmed as immediate availability tightened due to maintenance and logistics disruptions.
- Toluene Diisocyanate Price Forecast shows modest upside entering autumn, supported by outages and construction restocking demands.
- Toluene Diisocyanate Production Cost Trend eased with lower toluene feedstock, though energy costs may reassert.
- Toluene Diisocyanate Demand Outlook remains mixed; construction supports volumes while automotive seating demand stays subdued.
- Toluene Diisocyanate Price Index volatility increased as port strikes and labor shortages constrained intra-EU flows.
- Inventory drawdowns and moderate operating rates at German plants tightened availability, supporting spot market strength.
Why did the price of Toluene Diisocyanate change in September 2025 in Europe?
- Constrained regional production and scheduled maintenance reduced volumes, tightening market conditions, and lifting spot quotations.
- Softening crude-derived toluene reduced cost support, while energy and freight volatility maintained intermittent upward pressure.
- Balanced construction restocking offset weaker automotive offtake, producing stabilizing effects on the regional Price Index.
For the Quarter Ending June 2025
Asia-Pacific (APAC)
- Toluene Diisocyanate Price Index in APAC declined by 10.8% quarter-on-quarter, settling at USD 1,630/MT FOB Qingdao by the end of June 2025. The quarterly trend was driven by a significant 5.7% price drop in April amid soft downstream demand and surplus inventories, followed by a marginal 1.1% dip in May due to cautious procurement and weak project activity in the construction sector.
- However, prices rebounded slightly by 1.4% in June, supported by seasonal restocking, stable automotive-grade polyurethane demand, and modest recovery in export activity despite logistical bottlenecks. Overall, early Q3 2025 reflected a bearish sentiment in early months with a moderate correction toward quarter-end.
- Why did the price of Toluene Diisocyanate change in July 2025 in APAC?
- In early July 2025, TDI prices are expected to remain firm due to seasonal restocking and moderate rebound in construction activities, supported by improved supply-chain fluidity. Additionally, persistent EV production across Asia sustained automotive-grade PU foam consumption, even as container shortages and freight costs saw partial easing.
- The Toluene Diisocyanate Price Forecast for early Q3 2025 points toward continued stability with slight upside potential, influenced by elevated energy input costs, feedstock tightness due to refinery output shifts, and firm procurement by downstream PU processors, especially in Southeast Asia and India.
- The Toluene Diisocyanate Production Cost Trend remains volatile, shaped by unpredictable crude oil price movements and constrained toluene availability. Although upstream cost pressures eased temporarily after a ceasefire in the Middle East, heightened shipping risks and inland logistics issues across APAC continued to inflate producer margins.
- Toluene Diisocyanate Demand Outlook is broadly stable but segmented. While the automotive industry’s NEV segment drives steady demand for PU interior components, the construction sector reflects mixed trends. Green building initiatives and infrastructure spending support insulation and sealant demand, but project delays and financing constraints moderate overall offtakes.
- China’s export performance remained relatively firm in June 2025, supported by increased shipments to North America and Southeast Asia. Exporters front-loaded cargoes ahead of anticipated tariff shifts, leveraging restored vessel availability and partial easing of congestion at coastal terminals.
- Domestic consumption in regions like Eastern and Southern China remained steady, supported by flexible PU applications in automotive interiors and energy-efficient construction projects. Ongoing urbanization, EV incentives, and infrastructure-led growth in provinces like Guangdong and Jiangsu contributed to resilient local demand despite global trade headwinds.
North America
- Toluene Diisocyanate (TDI) Price Index in North America declined by 6.1% quarter-on-quarter, with FOB Texas quotations falling from USD 2540/MT in early April to USD 2430/MT by the start of July 2025. April and May experienced notable downward momentum due to mounting inventories, soft demand, and trade disruptions under newly implemented tariff regimes. However, June saw a modest rebound, driven by automotive sector demand, steady production, and logistics-driven supply tightening.
- In early July 2025, the Price Index for TDI remained firm at USD 2430/MT FOB Texas. This was supported by consistent activity in the polyurethane sector, especially for automotive applications, while eased geopolitical tensions and a drop in crude oil prices lowered feedstock toluene costs, reducing production pressure.
- According to the Toluene Diisocyanate Price Forecast, prices are likely to remain rangebound through mid-Q3 2025. However, upward risks could emerge if geopolitical instability re-escalates, particularly in the Middle East, or if supply constraints intensify due to tariff regimes or seasonal disruptions.
- The Toluene Diisocyanate Production Cost Trend stayed moderately elevated. Despite the softening of crude oil prices in early July due to a ceasefire agreement, prior spikes in WTI crude during late Q2 had already increased production costs. Additionally, ongoing freight rate volatility, compounded by port congestion and trade rerouting, added to cost pressure.
- The Toluene Diisocyanate Demand Outlook remained stable in Q2 2025. Automotive sector demand was supported by strong vehicle output and growth in electric vehicle manufacturing, while construction sector offtakes were moderated by high mortgage rates, tariff-inflated costs, and a slowdown in new housing projects. However, renovation and infrastructure activity provided limited support to PU material usage.
- Toluene Diisocyanate imports showed marginal fluctuations through Q2 2025. While port congestion and freight limitations constrained some inbound shipments, total container traffic remained resilient. U.S. trade volumes were partially supported by digitalized logistics and advanced inventory planning, ensuring reasonable supply-chain efficiency.
- Asian and European producers of Toluene Diisocyanate maintained moderate operating rates, with exports to North America impacted by shifting trade policies and cost escalations. The removal of de minimis exemptions and the introduction of baseline tariffs under the "Liberation Day" initiative disrupted low-value imports, though bulk chemical trade remained broadly functional.
Europe
- Toluene Diisocyanate (TDI) prices in Europe registered a quarterly decline of approximately 12.5% in Q2 2025, amid persistently weak demand from key downstream sectors and logistical headwinds. FD Hamburg quotations began the quarter at around USD 2243/MT in early April but trended downward by late May, before marginally stabilizing in June and early July. Despite minor recoveries toward the quarter’s end, the overall bearish sentiment and subdued offtakes outweighed any late gains. This was driven by sluggish construction and automotive activity, cautious purchasing patterns, and cost-side volatility, leading to a net price drop across the quarter.
- In early July 2025, TDI prices in Europe remained stable, reflecting balanced demand-supply conditions. Demand from the polyurethane sector held steady, particularly for automotive applications, although broader market pressures persisted due to year-on-year declines in vehicle sales. Feedstock toluene costs eased following a sharp decline in crude oil prices, triggered by a ceasefire between Israel and Iran. This helped soften production costs, although logistical strain continued to influence regional dynamics.
- The Toluene Diisocyanate Price Forecast for early Q3 2025 suggests a cautiously stable-to-bullish trend, contingent on feedstock cost stability, sustained demand from PU end-use sectors, and resolution of lingering logistics challenges such as driver shortages and port inefficiencies.
- Toluene Diisocyanate Production Cost Trends remained mixed throughout Q2. While easing upstream crude prices offered some relief, supply-side costs were elevated due to regulatory changes, toll adjustments in Northern Europe, and congestion at major ports. Compliance-related disruptions under the EU’s Import Control System 2 further strained trade logistics and inflated operational expenses.
- The Toluene Diisocyanate Demand Outlook stayed under pressure, despite some regional stability. In automotive, declining vehicle registrations and weak combustion engine sales constrained PU foam demand. Meanwhile, construction activity showed mixed signals—steady in Eastern Europe and the UK but slow in Germany and France—resulting in overall subdued TDI consumption.
- European imports and exports of TDI faced continued disruption, as congestion at Antwerp, Bremerhaven, and Hamburg, along with Rhine River transport constraints and inland freight challenges, restricted shipment flows and delayed deliveries. Regulatory toll adjustments further escalated costs, limiting trade efficiency.
- Demand variation across Europe added complexity. While Germany and France saw sluggish TDI offtakes due to inflationary headwinds and low consumer confidence, Italy and Eastern Europe experienced relatively steady demand from footwear, insulation, and automotive interiors. These regional stabilizers offered modest support against broader market weakness.
