For the Quarter Ending December 2025
North America
• In North America, the n-Heptane Price Index remained under pressure during Q4 2025 amid ample refinery supply and cautious downstream buying.
• n-Heptane Spot Price stayed range-bound as steady domestic production and smooth logistics ensured sufficient market availability.
• The n-Heptane Production Cost Trend eased as feedstock naphtha weakening lowered variable costs, capping any upside in seller offers.
• The n-Heptane Demand Outlook remained subdued, with weak construction and coatings activity outweighing steady pharmaceutical, laboratory solvent, and fuel testing demand.
• Refinery operating rates stayed stable, supporting supply continuity and keeping the Price Index biased toward the downside.
• The n-Heptane Price Forecast suggests limited near-term recovery, with regulatory scrutiny and conservative procurement dampening buyer confidence.
• Elevated inventories and muted export interest constrained spot liquidity, keeping the n-Heptane Spot Price under pressure.
Why did the price of n-Heptane change in December 2025 in North America?
• Ample refinery output and sufficient inventories maintained supply comfort, pressuring the Price Index lower.
• Feedstock naphtha easing lowered production costs, reducing cost-push support for prices.
• Regulatory scrutiny and weak downstream consumption limited restocking activity, suppressing spot demand.
APAC
• In South Korea, the n-Heptane Price Index fell by 0.614% quarter-over-quarter, reflecting ample onshore inventories.
• The average n-Heptane price for the quarter was approximately USD 2158.00/MT, FOB Busan as reported.
• n-Heptane Spot Price remained range-bound amid balanced imports and domestic refinery runs, limiting upward momentum.
• n-Heptane Price Forecast indicates modest downside risk into year-end followed by pre-Lunar New Year restocking.
• n-Heptane Production Cost Trend eased as naphtha feedstock weakened, reducing cost and capping seller offers.
• n-Heptane Demand Outlook remains subdued outside semiconductor and pharmaceutical pockets, pressured by construction sector weakness.
• Inventory accumulation kept the n-Heptane Price Index under pressure as distributors destocked and delayed purchases.
• Export demand softened amid competitive Asian offers while domestic units ran steadily, supporting supply availability.
Why did the price of n-Heptane change in December 2025 in APAC?
• Consistent plant operations and steady imports maintained ample supply, pressuring prices through December month-end period.
• Lower naphtha feedstock costs reduced production expenses, removing upward cost support for n-Heptane offers locally.
• Holiday-related subdued procurement and intense regional competition constrained export flows and pressured spot trading activity.
Europe
• In Europe, the n-Heptane Price Index softened through Q4 2025 as supply availability outpaced downstream consumption.
• The n-Heptane Spot Price weakened amid inventory accumulation and muted export enquiries across regional hubs.
• The n-Heptane Production Cost Trend eased as lower naphtha feedstock reduced manufacturing expenses, limiting price support.
• The n-Heptane Demand Outlook remained mixed, with pharmaceutical and specialty solvent demand stable but construction and coatings consumption weak.
• Refinery operations remained steady, sustaining supply flow and preventing meaningful tightening in the Price Index.
• The n-Heptane Price Forecast indicates cautious market sentiment, with seasonal demand insufficient to absorb existing inventories.
• High stocks and year-end destocking activity pressured the n-Heptane Spot Price, constraining seller leverage.
Why did the price of n-Heptane change in December 2025 in Europe?
• Persistent inventory overhang and steady refinery output kept supply ample, weighing on prices.
• Feedstock naphtha easing lowered production costs, weakening cost-based price support.
• Sluggish construction activity and limited exports reduced downstream offtake, pressuring spot values.
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.
