Supply disruptions in Australia and China, compounded by Middle East conflict, have pushed coking coal prices sharply higher year-on-year. The price surge is squeezing margins for Indian steel mills, where coking coal accounts for a large share of production costs, while rising import demand is also lifting freight and logistics costs.
Low Rhine water levels have forced Covestro to declare force majeure at its Dormagen, Germany site, as a shortage of feedstock propylene oxide prevents it from fulfilling supply obligations for selected polyether polyol products. Over 30% of Covestro's finished materials and 75% of its European raw materials move via the Rhine, making the drought a significant supply-chain disruption. The declaration follows BASF's earlier force majeure on surfactants and is expected to tighten supply and push prices higher.
| Product | Region | Incoterm Basis | Price | Last Updated Month |
|---|---|---|---|---|
| Toluene Diisocyanate | China | FOB | USD 2,392.00/MT | July 2026 |
| Toluene Diisocyanate | China | FOB | USD 2,260.00/MT | June 2026 |
| Toluene Diisocyanate | China | FOB | USD 1,780.93/MT | June 2026 |
| Toluene Diisocyanate | India | CIF | USD 1,868.93/MT | June 2026 |
| Toluene Diisocyanate | USA | CIF | USD 1,935.93/MT | June 2026 |
| Toluene Diisocyanate | Germany | CIF | USD 1,901.93/MT | June 2026 |
| Toluene Diisocyanate | Canada | CIF | USD 1,935.93/MT | June 2026 |
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Asia
In Asia, TDI prices moved higher during Q1 2026, led by tighter supply and stronger export interest from China. Chinese producers gained support from regional supply gaps as buyers in Asia looked for replacement cargoes amid overseas plant limitations and freight uncertainty. India remained exposed to imported TDI and polyurethane raw materials, so higher freight, longer routing, and Middle East-linked shipping risk added pressure for foam and furniture manufacturers. Demand from bedding, furniture, footwear, and automotive seating stayed steady, but buyers largely purchased for immediate consumption.
Europe
Europe recorded a firm TDI trend in Q1 2026 as supply-chain risk and feedstock pressure increased. The region faced higher replacement-cost pressure after the Iran conflict raised energy and freight uncertainty. A major European producer completed modernization work at its Dormagen TDI plant during the quarter, supporting long-term supply reliability, but near-term sentiment remained cautious. Higher freight and limited import visibility affected polyurethane raw material buyers, while downstream consumption from flexible foam, bedding, insulation, and automotive seating remained moderate.
North America
North America was comparatively more balanced, supported by stronger domestic chemical logistics and lower direct dependence on Middle East TDI flows. However, global trade uncertainty still affected buyer sentiment as chemical transactions from Asia and the Middle East to the Americas slowed in early March. US Gulf Coast chemical container exports rose 12.0% in March, and 20.0% surge capacity was available to manage disruptions, supporting regional export flexibility. Local demand from foam, coatings, adhesives, and automotive uses stayed steady but cautious.
Analyst Insight
According to Procurement Resource, near-term TDI prices may remain firm if freight, aromatics, and energy risks persist. Any easing in supply restrictions or logistics pressure could slow further gains.
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Asia
During H2’25, Asian TDI price movement shifted from a Q3 recovery to a more balanced tone in Q4. In Q3, the market strengthened as regional availability tightened, intra-Asia procurement improved, and automotive polyurethane demand offset weak construction activity. Exporters adjusted offers in response to changing global demand and logistics conditions. In Q4, the market became steadier as production remained stable and distributors managed inventories carefully. Demand from automotive and selected construction applications supported consumption, but year-end destocking and softer feedstock pressure limited further gains. By December, Asia reflected a largely range-bound market.
Europe
In Europe, TDI prices showed a mixed but firmer direction across H2’25. Q3 began with some softness, as production costs eased and automotive demand remained uneven. Later in the quarter, supply tightened due to maintenance, labor shortages, port disruption, and reduced availability, allowing spot sentiment to improve. Q4 brought a clearer firming trend, supported by tighter regional supply, lower operating rates, maintenance activity, and higher winter logistics and energy costs. Furniture demand stayed weak, but automotive and construction restocking helped sustain consumption. The market closed the year firmer, with supply constraints driving most of the support.
North America
In North America, TDI prices stayed broadly range-bound during H2’25. Q3 was supported by steady automotive seating demand, balanced production, and moderate inventories, though softer polyurethane offtake in some applications capped stronger gains. August saw firmer sentiment as downstream polyurethane consumption improved and market confidence strengthened. In Q4, the market stabilized again as healthy domestic supply and elevated inventories limited upward pressure. Higher energy and feedstock costs added some support, but winter slowdowns in construction and bedding-related demand kept buyers cautious. Overall, H2’25 ended on a stable-to-soft note.
Toluene diisocyanate, or TDI, is an organic molecule produced in vast quantities. It's a colourless to pale yellow liquid with a strong, pungent odour that's mostly used to make polyurethanes.
C9H6N2O2
Adhesives and Sealants, Flexible Foam, Paints & Coatings, Binders , Elastomers
Diisocyanatomethylbenzene, Diisocyanatotoluene, Methylphenylene Isocyanate
Overseas Polymers Pvt. Ltd., Huntsman Corporation., BorsodChem, The Dow Chemical Company, Mitsui Chemicals, Inc, Bayer, Lyondell Chemical Company
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
The nitration of toluene with nitric acid to make dinitrotoluene occurs before the catalytic hydrogenation to produce toluene diamine (TDA) in the liquid-phase phosgenation process. TDA is then dissolved in an inert solvent and treated with phosgene to get a crude TDI solution. Before being distilled under vacuum, this crude TDI solution is fractionated to remove any unreacted phosgene, solvent, and hydrogen chloride.
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This report presents the cost structure of Toluene Diisocyanate (TDI) production from dinitrotoluene (DNT).
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