Toluene Diisocyanate Price Trend and Forecast

Toluene Diisocyanate Regional Price Overview

Get the latest insights on price movement and trend analysis of Toluene Diisocyanate in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

 

Toluene Diisocyanate Price Trend for the Q4 of 2024

Asia

According to the price database, Toluene Diisocyanate (TDI) prices in Asia exhibited fluctuating trends during the fourth quarter of 2024. In China, the toluene market initially experienced increased demand in the early days of the quarter but faced a notable decline towards the end of October due to reduced industrial activity. These fluctuations in toluene prices directly influenced TDI costs. By November, toluene prices in China had stabilized at lower levels, driven by a steady supply and weakened demand from downstream industries such as paints and adhesives. Consequently, TDI prices gradually stabilized, as market participants adopted cautious procurement strategies.
 

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In December, TDI prices were further impacted by seasonal slowdowns and reduced industrial output. A similar trend was observed in India, where the TDI price graph displayed significant fluctuations. Initially stable, TDI prices later declined, primarily due to a drop in toluene prices, which was caused by a temporary supply shortage and weakened demand from downstream sectors, including polyurethane foams. By the end of the quarter, a slight increase in procurement activities and minor recoveries in toluene prices were noted. However, these improvements were insufficient to drive a substantial rise in TDI prices. Overall, market sentiment remained subdued, despite temporary upticks throughout the last quarter of 2024.

Europe

In the fourth quarter of 2024, Toluene Diisocyanate (TDI) prices in the European region exhibited a downward trend. At the beginning of the quarter, moderate demand from downstream industries led to range-bound fluctuations in TDI prices. However, as the quarter progressed, prices declined due to the seasonal slowdown in manufacturing activities. The coatings and foam industries reduced production, further limiting TDI consumption.

North America

Similar trends were observed in the North American TDI market, where prices fluctuated but ultimately declined. In the early part of the quarter, strong demand from the construction and automotive industries provided slight support to the market. However, as the holiday season approached, demand weakened, and trading activity slowed. Additionally, ample supply levels and stable feedstock prices reinforced the overall bearish sentiment.

Analyst Insight

According to Procurement Resource, the Toluene Diisocyanate price curve is expected to improve as demand from downstream industries strengthens following their reopening after the holiday season.
 

Toluene Diisocyanate Price Trend for the Q3 of 2024

Asia

The prices of toluene diisocyanate showed a mixed trend throughout the third quarter of 2024. In the early days of the quarter, the prices fell mainly due to a lack of demand amid the high inventories. These unfavorable market conditions forced the manufacturers to lower the prices to promote market movements. As July progressed, the prices started balancing slightly, and the market started stabilizing steadily.

The slugging demand for toluene diisocyanate made the prices to falter againas the last month of the quarter witnessed the same trend as the first month. A weak market atmosphere due to the contradiction between supply and demand led to a gradual fall in prices. The purchases were made on demand as the traders lacked confidence in the pricing. Additionally, declining prices of feedstock toluene provided little to no cost support, weakening any possibilities of rebound. The market maintained a pessimistic outlook for the majority of given quarter.

Europe

The prices of the toluene diisocyanate wavered throughout the said quarter. The market maintained a weak outlook as the downstream demand was weak especially from the automobile sector. The major demand for TDI primarily comes from the production of flexible polyurethane foams, widely used in furniture and automotive applications. However, sales in the automotive sector had decreased, bringing down the overall demand for polyurethane foam, subsequently lowering the orders for toluene diisocyanate. Overall, the market remained at the weaker end with limited support from the downstream industries.

North America

The prices of toluene diisocyanate mirrored the trends of the global market. The prices showed an oscillating trend throughout the quarter. The prices of feedstock toluene remained on the lower side for most of the quarter. With this the manufacturing costs were in check, however other factors such as rising upstream costs with logistical difficulties during hurricane season, low downstream demand and supply chain disruptions kept the prices on the weaker end. Overall, mixed market dynamics were witnessed.

Analyst Insight

According to Procurement Resource, the prices of toluene diisocyanate will continue to oscillate in the upcoming quarter influenced by the shifting trends in the downstream automotive industries and fluctuations in feedstock toluene prices.
 

Toluene Diisocyanate Price Trend for the Q2 of 2024

Asia

In Q2 2024, the price trend of toluene diisocyanate faced challenges primarily influenced by the dynamics in the Chinese toluene market. Initially driven by the rising interest of the downstream overseas players and limited export rates due to geopolitical tensions, TDI prices surged. However, as the quarter progressed, the market encountered significant oversupply issues escalated by increased exports from South Korea to the U.S. This influx, coupled with declining gasoline prices and unfavorable blending economics, subdued demand for toluene in the gasoline sector, thereby impacting TDI prices negatively.

The disproportionation industry and self-use by refineries also contributed to limited toluene availability for TDI production. Despite favorable opportunities between Asia and the U.S., tepid demand for gasoline feedstocks and fluctuating price differentials further weakened support for Chinese TDI prices.

Europe

In the second quarter of 2024, toluene diisocyanate prices in Europe began a downward trend due to subdued demand and stable supplies. The sluggish demand from downstream polyurethane industries, particularly from the automotive sector, significantly contributed to this trend. The automotive sector saw a decline in car sales in Germany, leading to reduced consumption of polyurethane foam and diminished orders for TDI. Additionally, the adhesive industry reported weak TDI orders across Asia and North America.

The construction sector also faced difficulties, with a lack of new orders and a persistent decline in activity due to weak demand. This ongoing struggle in the construction industry further impacted TDI demand. Meanwhile, the Euro Area experienced a rise in inflation, adding to the economic pressures. Despite these challenges, TDI supplies remained consistent, supported by stable operating rates at manufacturing facilities and firm availability of toluene feedstock supplies. The decline in crude oil prices towards the end of the previous month helped ease the production costs of TDI.

North America

In the second quarter of 2024, the price trend of toluene diisocyanate in the US displayed a bearish movement. During the first half, producers reduced their TDI quotations due to subdued demand and increased inventory levels, particularly in the polyurethane segment. Despite steady operating rates at production facilities and ample feedstock toluene supplies, the market faced a steady availability of stocks.

Additionally, lower crude oil prices contributed to reduced production costs of TDI, while inventory levels improved due to decreased supplies to importers. Demand from the construction sector, a significant consumer of TDI for polyurethane, was particularly sluggish. Also, the US Federal Reserve's decision to maintain interest rates unchanged, along with projections for potential rate cuts, contributed to an overall environment of cautious economic activity, affecting the TDI market dynamics.

Analyst Insight

According to Procurement Resource, the price trend of Toluene Diisocyanate is expected to be driven by the changing dynamics of global automotive industries and substantial cost support from the toluene sector.
 

Toluene Diisocyanate Price Trend for the Q1 of 2024

Asia

Toluene diisocyanate price trends followed the market behaviors of its feedstock materials, toluene, and nitric acid, during the given span of Q1’24. At large, the Asian markets were stable for toluene diisocyanate. In both Indian and Chinese markets, the supply and demand outlooks were steady and consistent. The trend started at the beginning of the quarter in January in a slightly sluggish manner, as there was not much movement on the price front initially.

Especially in the Chinese market, the inventories were able to provide for the incoming orders. However, as time progressed, the rising upstream costs started dominating the steadiness of downstream demands.

The price trajectory started pivoting in a positive direction. Reduction in oil outputs from OPEC+ pushed the crude oil prices up in international markets which ultimately fueled up the entire petrochemical and associated industries. So, after a steady first half, the prices were observed to be rising in the second half of the said quarter.

Europe

The European toluene diisocyanate market was not much different from the Asian market. The downstream demands in the European region were slow and steady for the majority of said time. So, the variations in the feedstock markets and production costs became driving factors. In the early months, the suppliers were not as excited because of the dull demands. Because of this, the inventories were able to maintain humble levels of stockpiles. Albeit as the energy sector grew and started pulling the upstream costs, the price trend changed its direction despite downstream demands being detrimental. Overall, mixed market sentiments were observed.

North America

The American toluene diisocyanate market was relatively positive for the entire span of Q1’24. The freight disturbances and the logistic issues that were constantly appearing in the Red Sea and the Indian Ocean were affecting the supply security of the region. The shipping companies reduced the number of vessels on sea to ensure safe sailing. This increased the ocean freight rates multi folds and the same was reflected in the toluene diisocyanate price trend as well. Overall, a lukewarm market performance was witnessed in Q1’24.

Analyst Insight

According to Procurement Resource, the Toluene Diisocyanate market exudes similar steadiness and stability for the coming times as well. Since the market drivers look unchanged, the projections are also quite similar.
 

Toluene Diisocyanate (TDI) Price Trend for the October - December of 2023

Product	Category	Region	Price	Time Period
Toluene Diisocyanate (TDI)	Chemicals	China	2530 USD/MT	October’23
Toluene Diisocyanate (TDI)	Chemicals	China	2585 USD/MT	December’23
Toluene Diisocyanate (TDI)	Chemicals	India	2550 USD/MT	October’23
Toluene Diisocyanate (TDI)	Chemicals	India	2653 USD/MT	December’23

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Asia

Toluene Diisocyanate is an important compound used to make polyurethane foams and other insulating materials. TDI is extensively used in the construction and coating industries. Hence, owing to the positive market performance of these downstream sectors, the toluene diisocyanate market performance was largely affirmative in the Asian region during the said period.

The Chinese toluene diisocyanate market witnessed the average monthly prices going from about 2530 USD/MT in October’23 to around 2585 USD/MT in December’23. Overall, a positive market trend was observed for the majority of the discussed period. Similarly, in the Indian domestic market, the average monthly prices of toluene diisocyanate varied from about 2550 USD/MT in October to around 2653 USD/MT in December’23, registering an approximate 4% growth during the said period.

Europe

The European toluene diisocyanate market fluctuated mostly at the positive side of the price curve for the entire period of Q4’23. Even though the prices wavered within a limited range, the market trend were mostly observed to be inclining. Overall, mixed market sentiments were observed.

North America

The North American toluene diisocyanate market behavior was not much different from the Asian and European markets; the prices here, too, wavered within a narrow range during the said period. The supply curtailments caused by the ocean freight disturbances further fueled the market prices in the latter half of the given quarter.

Analyst Insight

According to Procurement Resource, the Toluene Diisocyanate market projections look positive for the coming months. Since the commencement of the new year calls for high industrial demands, the market prices are likely to continue rising.
 

Toluene Diisocyanate Price Trend for the July - September of 2023

Product	Category	Region	Price	Time Period
Toluene Diisocyanate (TDI)	Chemicals	China	2460 USD/MT	July’23
Toluene Diisocyanate (TDI)	Chemicals	China	2485 USD/MT	September’23
Toluene Diisocyanate (TDI)	Chemicals	India	2651 USD/MT	July’23
Toluene Diisocyanate (TDI)	Chemicals	India	2476 USD/MT	September’23

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Asia

Toluene Diisocyanate prices exhibited mixed market sentiments during the said period of Q3’23. The price trend mostly wavered at the lower end of the price graph. In the Indian market, the price analysis suggested a depreciation throughout the quarter. With an approximate 6% decline in domestic rates, the Indian toluene diisocyanate prices fell from about 2651 USD/MT in July’23 to around 2476 USD/MT in September’23.

This downfall was primarily attributed to the high inventory levels and low demands. However, the Chinese market was relatively more stable for toluene diisocyanate. Though the prices slid marginally at the beginning, the market stabilized by the end of the quarter. Toluene diisocyanate prices in China went from around 2460 USD/MT in July to about 2485 USD/MT in September’23. The price graph almost plateaued during the said time.

Europe

The European price trend for toluene diisocyanate deescalated throughout the third quarter of 2023. With inflation stabilizing and production costs easing regularly, the toluene diisocyanate prices were found to be tottering at the lower end of the price curve.

North America

With feeble downstream demands from the adhesives, sealants, foams, paints, and coating industries, the price index for toluene diisocyanate consistently recorded low numbers. The suppliers were also feeling disappointed with the market performance. Both upstream and downstream situations were regressive for toluene diisocyanate market trend.

Analyst Insight

According to Procurement Resource, the Toluene Diisocyanate market prices are likely to continue fluctuating with the variation in demands from the consuming sectors.
 

Toluene Diisocyanate Price Trend for the First Half of 2023

Asia

The toluene diisocyanate market in the first quarter of 2023 inclined gradually. The price trend was supported by reduced inventory levels and persistent demand for the product from the downstream sector. In India, the prices rose by approximately 10% in the first quarter, given the high demand from the retail sector. In addition, the rising feedstock prices also supported the upward movement of prices. However, towards the end of the first quarter, the prices began to decline owing to stagnant demand in China. The same downward trend continued in the second quarter; however, a series of inclines and declines were seen, given the market uncertainties.

Europe

The toluene diisocyanate market witnessed a falling trajectory in the European region. The prices declined as a result of the high supply rates in the region, while the demand remained muted for the first and second quarters of 2023. The automotive and construction sector, which are the significant market drivers, also showcased weak performance and thus aided the decline in the prices of toluene diisocyanate.

North America

The first quarter of 2023 favored the rise in the prices of toluene diisocyanate. The quarter showcased a gradual incline in the price trend as the prices of crude oil and increasing demand from the importers supported the toluene diisocyanate market. With the rising demand, the supply chain in the region also improved. However, towards the end of the first quarter and throughout the second quarter, the prices struggled to maintain momentum as the rising inflation rates and hike in federal reserve interest rates negatively impacted the market.

Analyst Insight

According to Procurement Resource, the price of Toluene diisocyanate is estimated to depict a mixed trend in the upcoming months. As the demand from the downstream sectors is uncertain and with the rise in global inflation rates, the market for toluene diisocyanate is expected to suffer.
 

Toluene diisocyanate Price Trend for the Second Half of 2022

Asia

The rising level of inventories and sluggish movement of the feedstock market led to the decline in the prices of toluene diisocyanate in the third quarter of 2022. The drop in the toluene diisocyanate market was also supported by reduced production rates due to prevalent heat waves in the region.

In the latter half of the third quarter and the initial months of the fourth quarter, the price trend of toluene diisocyanate rose owing to sufficient upstream cost pressure as inventories began to fall. In the latter months of the fourth quarter, the prices fell again with the declining number of orders and disruptions in the supply chain.

Europe

The initial months of the third quarter witnessed a declining trend in the prices of toluene diisocyanate as the production costs declined and the product stockpiles increased. However, in the end months of the fourth quarter, the trend moved north gradually. The consistent demand put extensive pressure on inventories. The halt in production by major manufacturers due to the rising natural gas crisis limited the product's availability in the market and, in turn, fueled the upward movement of the prices.

North America

A mixed trend in the prices of toluene diisocyanate was observed in the third and fourth quarters of 2022. Initially, the prices declined because of the weak support from feedstock prices and the abundance of the product in the market. But in the subsequent months, the market gained momentum, and the prices began to rise with increased demand from European traders and rising feedstock prices. Again, a shift was observed during the latter months of the fourth quarter when the trend began to decline due to the weak performance of the automotive and furnishing sectors.

Analyst Insight

According to Procurement Resource, the price of Toluene diisocyanate is estimated to depict a fluctuating trend in the upcoming months as the level of inventories is sufficient to curb the current demand. However, the rising inflation rates are expected to impact the market negatively.
 

Toluene Diisocyanate Price Trend For the Second Quarter of 2022

Asia

Due to the lack of demand from polyurethane producers and the stalled home sector's shopping activity brought on by periodic lockdowns, China, the region's largest producer of TDI, saw prices decline steadily in the first half of the quarter.

Values began to rise in the second half of Q2 as a result of increased manufacturing and trading activity in the area following the port's quick reopening and ease of closure. Similar price reductions were seen in India and other Asian nations. Toluene diisocyanate price inched down by an average of 8% on a quarterly basis in June, settling at USD 2520/MT in China.

North America

Throughout the second quarter, TDI’s price declined steadily in the North American region. The price dropped during the first quarter of the year as a result of a dip in demand from both exporting and importing nations. With continuous material demand and steady offtakes,toluene diisocyanate price was fixed at 3120 USD/MT in June 2022, following a quarterly decrease of 4.7%.

Europe

Prices for TDI remained high in the European region, and they fluctuated continuously over the course of the quarter. Rates spiked at the start of the quarter as a result of regional energy supply difficulties and an increase in upstream activity. Cost pressure on upstream was caused by the price of natural gas.

TDI prices then started to drop in the middle of the quarter. Due to container limitations, material supplies were also impacted in the European region, but demand remained stable thanks to consistent market material offtakes. The price of Toluene Diisocyanate FD Hamburg assembled at 3603 EUR/MT in June 2022 after an average quarterly value increase of 11%.

Analyst Insight

According to Procurement Resource, the prices of Toluene Diisocyanate are expected to be moderate amid extreme vacillations across higher and lower prices. The lower feedstock prices and bearish market sentiments might see a decline in the prices. However, European imports might act as a saving grace for the Toluene Diisocyanate prices in the latter months of the second half of the year.
 

Toluene Diisocyanate Price Trend For the First Quarter of 2022

Asia

During the week ending March 4th, the Indian market saw a 2.24% increase in TDI prices week over week. Ex-Mumbai, the rates were estimated to be 23,6060 INR/MT.

Increasing demand from the downstream industry, as well as increased upstream expenses due to higher feedstock prices, were the main drivers of this price increase. Downstream demand for TDI was increasing in order to make polyurethane which is widely utilised in furniture, infrastructure, and the automotive industry.
 

Toluene Diisocyanate Price Trend For the Fourth Quarter of 2021

Asia

Due to the impact of logistical challenges and port congestion, as well as the low inventory of feedstock in Q4-2021, the proposed bids for TDI in the Asian market received additional cost assistance. The strong spot demand in China, along with a drop in TDI production due to the government's Dual Control Policy, caused market participants to be concerned about losing competitiveness.

Short-term stability was reflected in the form of a small respite with the decrease in feedstock prices with internationally recovering upstream inventories and underwhelmed demand in the automotive sector, but the general price trend remained buoyant with multiple gains, reaching 2417 USD/MT FOB Qingdao in December.

Due to increased festive season sales and limited imports from China and Europe, TDI prices in India soared at their highest level in October, indicating a surge in regional demand. The falling toluene feedstock futures, on the other hand, permitted downstream purchasers to accumulate inventories in November and December.

Europe

The European market's TDI supplies were extremely restricted due to a prolonged toluene scarcity and erratic imports. The fundamentals of demand soared to extremes that domestic inventories couldn't meet, resulting in multiple order cancellations. TDI prices were slightly lower in December due to a reduction in port mobility and a weakening feedstock market.

Nonetheless, regular offtakes in downstream industries kept the European TDI market under pressure. TDI prices in Germany dipped from record highs in December, ranging about 3310 USD/MT FD Hamburg.

North America

Due to limited supply of toluene feedstocks and TDI as a result of ongoing hurricane-related production outages in numerous refineries and downstream facilities in Louisiana, TDI prices in North America remained high in October and November. The unexpectedly high volume of inquiries from the downstream polyurethanes sector frightened the manufacturers, who were struggling to meet their contractual obligation.

Despite rising production output and upstream crude oil stockpiles in the second half of November, TDI prices remained stable due to strong demand from the end-user upholstery, construction, and paints & coatings sectors, leaving no opportunity for buyers to haggle.
 

Toluene Diisocyanate Price Trend For First, Second and Third Quarters of 2021

Asia

During the first quarter, the APAC region's supply was balanced, thanks to the installation of additional capacity in China, which pushed up production. However, most providers in the region were heard accommodating to the western hemisphere's demand for feedstock toluene in order to increase revenue netbacks.

Throughout the quarter, demand from the APAC region increased as consumption increased in tandem with rising automobile demand. Due to a drop in imports of TDI as a result of delayed deliveries from the United States and a lack of transportation freights, CFR prices in the Indian market soared in Q1 2021, while maintaining an average of 1942 USD/MT.

In the second quarter, the outlook in Asia Pacific deteriorated. Due to scheduled turnarounds in the second quarter, crackers in South Korea's Kumho Line 3 and Japan's Mitsui Chemicals plant were closed, limiting supplies in the Northeast Asian region. In China, the government slapped a consumption tax on a number of imported strong aromatics.

Due to container constraints and a challenging economic environment, the levy was followed by an increase in freight prices. Offtakes were limited as demand from the PU segment fell owing to off-season emotions, but the situation improved as construction activity picked up. TDI prices at Ex-Work Nanjiang stabilized at 2029 USD/MT in June as a result of the ripple effect.

In Q3 2021, the overall market for TDI in the Asia Pacific region was on the rise. Prices rose sharply in India during the first week of July, boosted by stable demand dynamics in the country and limited supply in the foreign market. During the quarter, CFR Kandla pricing increased, rising from 1984 USD/MT to 2181 USD/MT.

Due to the interruption caused by Hurricane Ida, BASF announced a temporary shutdown of its TDI production in Louisiana. Furthermore, due to a lack of feedstock, BASF Shanghai had to temporarily shut down its production in China. All of these disruptions contributed to a large increase in its price trend in the country.

Europe

During the first quarter of 2021, supplies in the European region were scarce owing to the implementation of a lockdown, which limited mobility and economic activity, resulting in a drop in regional consumption, which boosted demand for export purposes. The widening of the arbitrage between the US and Europe was exacerbated by rising spot costs in the feedstock toluene, which was followed by a drop in consumption from the automotive sector as a result of lower transportation activity, further reducing the demand in the domestic market.

Due to a delay in the resumption of production at BASF Ludwigshafen in Germany in the second quarter, supplies in the European region remained tight in this quarter. The surge of volumes from the United States, on the other hand, improved the supply outlook. Due to the offseason period, demand was on the decline, with feeble offtakes from flexible foam industries. In the second quarter of 2021, TDI prices fluctuated in a stable to firm range due to a balanced supply-demand ratio.

Due to disruptions in production and a paucity of raw materials in the European region, the TDI supply outlook remained unchanged in June. To finish maintenance, Covestro, a leading producer, was running its European operations at reduced pricing. BorsodChem was scheduled to begin planned maintenance at its MDI plant in Kazincbarcika, Hungary, in the third quarter. Demand remained strong during the quarter, according to several market participants, particularly in the downstream construction sector.

North America

The chemical’s supplies were tight in Q1 2021, with some plants reporting maintenance interruptions in the first half of the quarter. Freeze weather interrupted the production line in the Gulf of Mexico region of the United States in mid-February, resulting in a spike in feedstock spot costs and TDI on the domestic market.

The winter storms wreaked havoc on certain plants in Texas and Louisiana. The demand for downstream polyurethanes from the automobile sector soared, indicating that the industry is on the mend. However, rising prices and supply disruptions influenced bids, particularly those going for Asia.

Due to the rebuilding of industrial infrastructure in the United States Gulf Coast following the disastrous impact of the polar storm, supplies in the North American region strengthened in contrast to the previous quarter. Several production concerns at a major TDI facility erupted in the later part of the quarter, which hampered supply fundamentals marginally.

As the region experienced a seasonal increase in building & construction activities, demand from downstream paints and coatings, as well as various other end use segments, gradually improved. However, TDI prices began to rise in June, with FOB Texas prices reaching 3840 USD/MT.

The price increased significantly in the third quarter of 2021. The regular TDI market patterns in the region were disrupted by an unabated demand spike from downstream sectors combined with production interruptions.

Following Hurricane Ida, which prompted the entire closure of its Geismar, Louisiana factory, BASF, a major TDI producer, declared force majeure. As a result, the prices increased steadily for the most of the year. Demand from downstream industries such as paints and coatings, building and construction, and others remained strong.
 

Toluene Diisocyanate Price Trend For the Year 2020

Asia

Toluene Diisocyanate (TDI) dynamics in the Asian market steadily improved by Q3 2020, following a significant decline in its values in the previous quarter, despite supply shortages from numerous western countries due to seasonal plant outages. Although TDI market attitude in Southeast Asian countries such as India remained pessimistic, purchasers held off on signing new contract transactions because they expected prices to fall further.

In September, TDI was trading at 1839 USD/MT in India, down about 3.5% from the previous quarter. In late August, the Indian government announced an anti-dumping investigation on TDI imports from China in order to relieve domestic production.

Europe

Bulk toluene prices fell to 205-315 USD/MT on FOB Rotterdam basis, for the week ending Friday 27 March. The closure of BASF's smaller TDI plant in April, freed up toluene in the German market, resulting in a long supply of toluene in April.

North America

The combination of a large supply of the chemical in the US market and sluggish demand from downstream sectors continued to put downward pressure on its price prospects. BASF declared a coercive action on the chemical plant in Louisiana, citing a pessimistic demand outlook.

Although the situation improved slightly from the previous quarter due to increased demand from the bedding and furniture segments, it was not enough to reverse TDI's long-term negative view in the regional market.

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