For the Quarter Ending September 2025
North America
• In the USA, the n-Heptane Price Index declined quarter-over-quarter, reflecting persistent oversupply and subdued downstream demand.
• n-Heptane Spot Price weakened across Gulf Coast hubs due to ample inventories and selective buying from paints and coatings manufacturers.
• n-Heptane Price Forecast anticipates modest stabilization into Q4 2025 as seasonal restocking in pharmaceuticals offsets high stock levels.
• n-Heptane Production Cost Trend remained subdued, supported by ample feedstock naphtha availability.
• n-Heptane Demand Outlook stayed mixed, with strength in pharmaceutical synthesis and electronics cleaning offset by weak adhesives and coatings.
• Elevated terminal inventories pressured the n-Heptane Price Index, while cautious end-user procurement prevented sharper declines.
• Major producers maintained optimized operations, ensuring feedstock availability but limiting prompt price recovery amid weak exports.
Why did the price of n-Heptane decrease in September 2025 in the North America?
• Abundant inventories and delayed restocking in paints and coatings reduced domestic offtake, exerting downward pressure on prices.
• Soft naphtha feedstock costs lowered production expenses, removing upward support for n-Heptane Spot Prices.
• Muted export demand and seasonal industrial slowdowns further tempered procurement activity and price recovery.
APAC
• In South Korea, the n-Heptane Price Index rose by 8.48% quarter-over-quarter, reflecting tighter inventories and supply discipline.
• The average n-Heptane price for the quarter was approximately USD 2171.33/MT FOB Busan, reflecting consolidation.
• n-Heptane Spot Price saw intermittent strength as pharmaceutical and automotive downstream buying supported prompt cargoes.
• n-Heptane Production Cost Trend remained subdued as soft naphtha eased pressure, limiting manufacturers' margin compression.
• n-Heptane Demand Outlook stayed mixed, automotive and pharmaceutical strength offsetting persistent construction sector weakness regionally.
• n-Heptane Price Forecast indicates modest volatility ahead, influenced by holiday restocking and monsoon-related logistical risks.
• Producers managed inventories tightly, which supported the n-Heptane Price Index despite generally muted regional demand.
• Port congestion intermittently disrupted shipments, but improving export inquiry and destocking influenced short-term market balance.
Why did the price of n-Heptane change in September 2025 in APAC?
• Tighter August inventories eased in September as distributors replenished ahead of holidays, supporting price consolidation.
• Firm naphtha feedstock and occasional production disruptions modestly increased cost-side support for n-Heptane prices regionally.
• Demand heterogeneity, with pharmaceutical restocking but weak construction, drove uneven purchasing and price stability regionally.
Europe
• In Germany, the n-Heptane Price Index declined quarter-over-quarter, reflecting oversupply and subdued downstream demand in construction-related sectors.
• n-Heptane Spot Price weakened across Rotterdam and Hamburg hubs due to high inventories and selective buying from coatings and adhesive producers.
• n-Heptane Price Forecast anticipates modest stabilization into Q4 2025 as pharmaceutical restocking and winter prep offset elevated stock levels.
• n-Heptane Production Cost Trend remained subdued, supported by ample naphtha feedstock from stable refinery output.
• n-Heptane Demand Outlook stayed mixed, with strength in pharma and electronics offset by weak adhesives and coatings amid slow construction.
• Elevated terminal inventories pressured the n-Heptane Price Index, while cautious end-user procurement avoided overcommitment.
• Major producers maintained optimized operations, ensuring feedstock availability but limiting price recovery amid soft exports.
Why did the price of n-Heptane decrease in September 2025 in Europe?
• Abundant inventories and delayed restocking in paints and coatings reduced regional offtake, pushing prices downward.
• Soft naphtha feedstock costs lowered production expenses, eliminating upward support for n-Heptane Spot Prices.
• Muted export demand and seasonal industrial slowdowns further restrained procurement and hindered price recovery.
For the Quarter Ending June 2025
North America
• The N-Heptane market in North America weakened steadily through Q2 2025, as falling crude oil values—driven by OPEC+ production hikes and global tariff uncertainty—reduced naphtha-linked production costs, while muted downstream demand from paints and coatings tied to a sluggish construction sector kept market sentiment soft.
• In April, prices eased as construction sector consumption stayed muted. Weak housing starts and soft builder sentiment, along with slow commercial project pipelines, limited coatings demand, while lower upstream costs from cheaper crude and naphtha curbed overall production expenses despite steady refinery output.
• By May, prices declined further as inventory levels rose, with buyers avoiding forward commitments amid soft downstream offtake. Depressed demand in housing and commercial construction kept paints and coatings consumption restricted, while subdued industrial inquiries left market activity thin despite stable supply chains.
• In June, prices stabilized at low levels as production costs remained soft due to weak naphtha, but downstream coatings demand failed to recover. Housing and commercial construction stayed sluggish, limiting solvent usage, while moderate export interest was insufficient to absorb excess supply, leaving market conditions subdued.
Why did the price of N-Heptane change in July 2025 in North America?
• In July, the N-Heptane Price Index in North America declined as lower feedstock costs and muted downstream demand from coatings and adhesives, tied to a slowing construction market, weighed on sentiment.
• The N-Heptane Production Cost Trend eased, with naphtha tracking weaker crude benchmarks, prompting sellers to keep offers competitive amid soft demand.
• With construction activity constrained by high interest rates and reduced housing starts, spot trade remained subdued, sustaining the downward pressure on prices.
APAC
• The N-Heptane market in China moved sideways-to-firm early in Q2 2025 before climbing into June, as robust demand from automotive-related coatings supported prices while prolonged weakness in construction-driven consumption capped broader momentum.
• In April, prices softened as falling crude oil values, triggered by OPEC+ production hikes and global tariff uncertainty, reduced production costs. Elevated output from prior high operating rates led to inventory buildup, while congestion at Qingdao slowed exports despite firm automotive demand.
• By May, prices stabilized as downstream restocking resumed post-holidays, supported by automotive sector coatings and improved sentiment following U.S.–China tariff reductions. Weak feedstock costs and persistent construction sector drag were offset by tight container availability and shipping delays at Ningbo and Qingdao.
• In June, prices climbed as strong vehicle production, precautionary restocking ahead of typhoon risks, and trimmed operating rates tightened supply, keeping prices firm despite seasonally soft coatings demand from the construction sector.
Why did the price of N-Heptane change in July 2025 in Asia?
• In July, the N-Heptane Price Index in China declined as soft feedstock naphtha costs, high inventories, and weak downstream demand from oil extraction and coatings sectors pressured the market.
• The N-Heptane Production Cost Trend stayed low, with naphtha tracking weaker crude benchmarks, prompting sellers to keep flexible offers as port congestion at Qingdao added to stock burdens.
• Persistently weak construction activity and off-season oil extraction demand kept spot activity minimal, leaving overall sentiment cautious and prices under sustained downward pressure.
Europe
• The N-Heptane market in Europe trended firmly lower through Q2 2025, as weak cost support from naphtha—driven by falling crude oil values after OPEC+ production hikes and global tariff uncertainty—reduced production costs, while persistent demand erosion in paints and coatings tied to the struggling construction sector deepened market softness.
• In April, prices eased as housing and commercial construction remained subdued, curbing coatings consumption. Lower crude oil benchmarks reduced naphtha-linked production costs, while extended port congestion at Hamburg limited export flows, adding to regional inventory buildup despite steady refinery operations.
• By May, prices fell further as inventories swelled and export interest from neighboring markets failed to offset weak domestic demand. Depressed new project activity and high borrowing costs continued to weigh on Eurozone construction, prompting downstream buyers to limit procurement to spot transactions.
• In June, prices dropped again as downstream demand faltered, and inventory accumulation accelerated amid prolonged port congestion and subdued export activity. The broader Eurozone construction downturn curtailed coatings and adhesive demand, with limited cross-border orders compounding domestic oversupply.
Why did the price of N-Heptane change in July 2025 in Europe?
• In July, the N-Heptane Price Index in Europe declined as weak naphtha feedstock costs and sluggish downstream demand, especially from coatings tied to the struggling construction sector, kept sellers under pressure.
• The N-Heptane Production Cost Trend remained soft, with naphtha prices subdued due to weaker crude benchmarks, allowing producers to issue flexible offers as inventories rose.
• Continued construction sector weakness and muted overseas inquiries left spot market activity thin, reinforcing the downward momentum in prices.
For the Quarter Ending March 2025
North America
In Q1 2025, the North American N-Heptane market experienced a stable-to-soft pricing trend, primarily influenced by muted demand from the paints and coatings sector. While some recovery was observed in residential and light commercial construction, overall activity remained below pre-pandemic levels, especially in infrastructure and large-scale developments. This limited demand for industrial coatings and, in turn, curbed N-Heptane consumption—a key solvent in paint formulations.
Paint manufacturers adopted cautious procurement strategies amid uncertain project timelines and inventory carryovers from the previous quarter. Additionally, persistent winter conditions in January and February slowed renovation activity, delaying bulk orders for coatings products.
On the supply side, N-Heptane production across the U.S. and Canada remained consistent, leading to balanced-to-ample availability. Weak feedstock naphtha prices and moderate operating costs allowed suppliers to maintain competitive pricing. Export demand to Latin America remained lukewarm, further contributing to the domestic supply overhang. Overall, soft downstream pull and stable supply fundamentals kept N-Heptane prices under slight pressure through the first quarter.
APAC
In Q1 2025, the N-Heptane market in the Asia-Pacific region experienced a 4.14% price decline, largely driven by persistent weakness in downstream demand and subdued cost support. The construction sector, a significant end-user of coatings and adhesives, remained sluggish due to seasonal cold weather across northern China and weak infrastructure investment. This hampered consumption of N-Heptane, a key solvent in these applications.
Additionally, economic headwinds in China and South Korea suppressed industrial activity, leading to reduced offtakes from specialty chemicals and manufacturing segments. The Lunar New Year holiday further slowed operations, with many manufacturers scaling down or halting production temporarily.
On the supply side, steady domestic production and new capacity additions led to a well-supplied market, while exports to Southeast Asia remained weak. Feedstock naphtha prices stayed soft, providing little upward pressure. High inventory levels and poor stock turnover reinforced a bearish market sentiment. Overall, oversupply and limited downstream procurement kept N-Heptane prices under downward pressure throughout the quarter.
Europe
In Q1 2025, the European N-Heptane market witnessed a slight downward pricing trend, largely influenced by tepid demand from the downstream paints and coatings sector. The regional construction industry—one of the primary end-users of solvent-based coatings—remained sluggish, especially in Germany, Italy, and Eastern Europe, due to cautious investment sentiment and ongoing inflationary pressures. Decorative coatings demand remained modest, while industrial coatings showed only minimal signs of recovery.
This soft downstream pull led paint manufacturers to limit procurement volumes of N-Heptane, relying instead on existing inventories. Seasonal slowdowns during January and February, along with subdued renovation activity, further restricted solvent consumption.
On the supply side, domestic N-Heptane production in Europe remained stable, but with adequate inventory levels and limited export opportunities, suppliers faced a well-balanced to oversupplied market. Additionally, soft feedstock naphtha prices helped contain production costs. Overall, the combination of weak demand fundamentals and sufficient supply maintained bearish sentiment in the European N-Heptane market throughout the first quarter.
For the Quarter Ending December 2024
North America
Throughout Q4 2024, the n-heptane market in North America exhibited mixed trends, with prices slightly increasing in November, while declining in October and stabilizing in December. In the USA, October's price decline was driven by reduced demand from downstream sectors such as paints, coatings, and adhesives, coupled with a drop in feedstock naphtha prices, which eased production costs. Ample inventories and cautious procurement strategies from downstream buyers further contributed to the bearish market sentiment.
In November, the market saw a modest recovery as demand improved in the automotive sector and feedstock naphtha prices rose, providing stronger cost support for n-heptane production. Trading volumes picked up slightly, aligning with seasonal restocking activities in preparation for increased industrial production. However, the broader construction sector continued to lag, limiting a more robust market recovery.
By December, n-heptane prices stabilized as the market balanced improved inventory management and declining feedstock naphtha prices. Seasonal slowdowns in construction and reduced industrial activity during the holiday period kept demand subdued. Manufacturers focused on aligning production with real-time consumption to avoid further oversupply. The quarter ended reflecting the persistent challenges of sluggish downstream activity and oversupply, underscoring the need for renewed momentum in construction and industrial sectors to bolster market dynamics.
APAC
Throughout Q4 2024, the n-heptane market in APAC displayed varied trends, with prices declining in October, followed by increases in November and December. In October, n-heptane prices in China experienced a decline due to sluggish demand from downstream sectors like paints, coatings, adhesives, and PVC, coupled with ample supply. Weakened feedstock naphtha costs and subdued construction activity further contributed to the bearish market sentiment. The construction slowdown, particularly in China, saw a sharp year-on-year decline in real estate sales, adding pressure on n-heptane consumption. In November, the n-heptane market rebounded as downstream demand strengthened, particularly from the automotive sector. China’s vehicle production and sales showed robust growth, significantly driving industrial paints and coatings demand. Additional support came from natural gas extraction industries, where production surged year-on-year, adding further strain on n-heptane supply. Improved export activity to global markets like India and heightened procurement momentum lifted prices across the region. By December, n-heptane prices increased slightly, reflecting balanced market dynamics with a modest uptick in demand. While automotive demand maintained its robust trajectory, providing strong support for industrial paints and coatings, seasonal slowdowns in northern construction projects tempered broader market growth. Feedstock naphtha prices declined moderately, offering partial relief to production costs, yet the overall increase in downstream activity contributed to the upward price trend.
Europe
Throughout Q4 2024, the n-heptane market in Europe exhibited varying trends, with prices declining in October, increasing through November, and stabilizing in December. In Germany, the market experienced significant price fluctuations, driven initially by weak demand from downstream paints, coatings, and adhesives industries in October. The price decline was supported by a drop in feedstock naphtha costs and steady supply levels, as manufacturers maintained high inventory volumes while facing sluggish trading activity. However, in November, the market saw an upswing as demand from the automotive and chemical sectors improved, coupled with a temporary rise in feedstock naphtha prices. Producers adjusted output to capitalize on increased trading volumes, boosting market sentiment. By December, prices stabilized as supply and demand reached a tentative balance. Seasonal slowdowns in northern construction projects and cautious procurement strategies limited further price growth. Meanwhile, declining feedstock naphtha prices offered moderate relief to production costs, supporting the stable pricing environment. Elevated construction costs, high interest rates, and subdued economic activity in the Eurozone continued to suppress demand for n-heptane in construction-related applications. The quarter ended with ample supply and tepid downstream consumption, underscoring the need for recovery in industrial and construction activities to restore market equilibrium.
