For the Quarter Ending December 2025
North America
•The C9 Solvent Price Index softened during Q4 2025, reflecting weak downstream demand and abundant regional aromatic solvent supplies.
•In December 2025, the C9 Solvent Spot Price faced downward pressure as competitive import offers and well-stocked domestic terminals eased prompt tightness and limited price premiums.
•The C9 Solvent Production Cost Trend remained muted, with stable crude oil and upstream aromatic fractions reducing cost-push effects on regional prices.
•The C9 Solvent Demand Outlook weakened slightly, as slower activity in paints, coatings, and industrial applications reduced offtake in late Q4, contributing to softer pricing.
•The C9 Solvent Price Forecast shows limited near-term upside, with a cautious outlook into early 2026 amid balanced supply and only gradual seasonal demand improvements.
•Inventory accumulation and competitive trade flows weighed on offers across North American terminals, reinforcing downward momentum in the Price Index by the end of the quarter.
Why did the price of C9 Solvent change in December 2025 in North America?
•Balanced import inflows and ample regional stocks eased prompt supply tightness, limiting upward pressure on the C9 Solvent Price Index.
•Weaker offtake from key downstream sectors (paints, coatings, printing inks) reduced spot buying, contributing to softer prices.
•Stable feedstock and crude-linked costs lowered production cost pressure, allowing sellers to maintain lower offers and cap pricing momentum.
APAC
• In Japan, the C9 Solvent Price Index fell by 8.47% quarter-over-quarter, reflecting abundant domestic supply.
• The average C9 Solvent price for the quarter was approximately USD 1296.67/MT and reflects competitiveness.
• C9 Solvent Spot Price softened in December amid high inventories and muted downstream procurement regionally.
• C9 Solvent Production Cost Trend remained subdued as naphtha and energy spreads were relatively stable.
• C9 Solvent Demand Outlook is cautious with coatings and printing sectors drawing down inventories regionally.
• C9 Solvent Price Index displayed sideways movement as terminals held stocks and imports flowed steadily.
• Regional refinery runs remained steady, supporting supply while domestic terminals maintained consistently elevated inventory levels.
• C9 Solvent Price Forecast expects slight recovery from spring if crude and export demand improve.
Why did the price of C9 Solvent change in December 2025 in APAC?
• Weak coatings and printing demand reduced offtake, while buyers preferred just-in-time inventories over forward purchases.
• Stable naphtha and LNG spreads limited cost-push inflation, and eased freight lowered landed import costs.
Europe
•In Germany, the C9 Solvent Price Index declined quarter-over-quarter, reflecting logistics constraints and weak demand.
•December saw month-on-month gains of nearly 4.32%, supported by constrained Hamburg berths and selective parcel sales.
•C9 Solvent Spot Price dynamics tightened late in the quarter, as maintenance and inventory management reduced available spot volumes.
•The C9 Solvent Production Cost Trend showed narrowing margins, with electricity and gas costs rising despite softer crude.
•The C9 Solvent Demand Outlook remained muted, as weak construction and balanced automotive demand kept procurement cautious.
•The C9 Solvent Price Forecast anticipates a spring recovery, as coatings production ramps up and regional exports support replenishment.
•Price Index volatility reflected REACH compliance costs, logistics friction, and inventory drawdowns across Hamburg.
Why did the price of C9 Solvent change in December 2025 in Europe?
•Ample supply from year-end stock releases and smoother production increased spot availability, limiting upward price momentum.
•Improved port and logistics flows eased distribution bottlenecks, relieving regional scarcity and constraining the Solvent Price Index.
MEA
• In United Arab Emirates, the C9 Solvent Price Index fell by 4.60% quarter-over-quarter, due to imports.
• The average C9 Solvent price for the quarter was approximately USD 871.67/MT, reflecting CFR Jebel Ali.
• C9 Solvent Production Cost Trend declined with crude softness, partly offset by freight and port congestion.
• C9 Solvent Demand Outlook remains steady, supported by construction, marine coatings, and resilient automotive sectors.
• High inventories and abundant imports constrained upside in the C9 Solvent Price Index despite localized demand.
• Major regional producers ran stable operations; export flows and seasonal restocking will influence near-term balances.
• The C9 Solvent Price Forecast points to mixed near-term movement amid maintenance shutdowns and seasonal constraints.
Why did the price of C9 Solvent change in December 2025 in MEA?
• Limited year-end imports and maintenance shutdowns tightened spot availability, supporting upward pressure on CFR Jebel Ali prices.
• Robust construction and marine coatings demand in Dubai increased procurement, offsetting inventories and firming market sentiment.
• Earlier crude softness lowered feedstock costs, while freight improvements and smooth ports raised landed-cost competitiveness.
For the Quarter Ending September 2025
United States
• In the United States, the C9 Solvent market exhibited a steady trend with marginal fluctuations during the quarter, reflecting well-balanced supply and demand fundamentals.
• Market availability remained adequate, supported by stable import flows alongside consistent domestic production.
• C9 Solvent spot activity showed minimal movement as buyers remained cautious, partly due to intermittent logistical constraints at select ports.
• Production cost dynamics stayed largely neutral as softer crude oil benchmarks and stable naphtha prices limited cost-side volatility.
• Demand from downstream paints and coatings remained measured amid cautious construction activity, while the automotive sector continued to lend selective support to offtake.
• The C9 Solvent market outlook suggests continued stability, supported by routine distributor replenishment and controlled inventory management.
• Easing upstream crude oil trends reduced feedstock cost pressure, weakening price support and curbing sharp market movements.
• Domestic operating rates improved during the period, although labor constraints and port congestion occasionally restricted throughput.
Why did the price of C9 Solvent remain stable with marginal fluctuations in September in the United States?
• Softer crude oil benchmarks eased feedstock cost pressure, limiting producers’ ability to pass on higher costs and restraining price volatility.
• Steady but selective procurement from the automotive and coatings sectors supported baseline demand, while comfortable distributor inventories prevented any notable price escalation.
APAC
• In Japan, the C9 Solvent Price Index fell 5.43% quarter-over-quarter, reflecting oversupply and weak demand.
• The average C9 Solvent price for the quarter was approximately USD 1416.67/MT, per market reports.
• C9 Solvent Spot Price softened as the Price Index signaled ample imports and subdued offtake.
• C9 Solvent Price Forecast: upside capped by inventories and seasonality, constraining Price Index momentum near-term.
• C9 Solvent Production Cost Trend muted as crude eased, limiting upstream contributions to Price Index.
• C9 Solvent Demand Outlook points to weakness in paints & coatings and industrial solvents, constraining Price Index recovery.
• Elevated inventories and seasonal port disruptions weighed on export demand and Price Index.
• Domestic plants kept runs while distributors avoided aggressive restocking, limiting upward pressure on Price Index.
Why did the price of C9 Solvent change in September 2025 in APAC?
• Ample imports and improved domestic output increased supply, overwhelming weak downstream demand and pressuring prices.
• Seasonal port disruptions in monsoon and cautious distributor restocking constrained flows, amplifying market uncertainty and bearish sentiment.
Europe
• In Germany, the C9 Solvent Price Index increased slightly quarter-over-quarter, indicating balanced supply-demand fundamentals.
• C9 Solvent Spot Prices displayed limited upward movement as several buyers postponed purchases due to domestic port delays.
• The C9 Solvent Production Cost Trend remained subdued, influenced by softer crude benchmarks and stabilized naphtha values.
• The C9 Solvent Demand Outlook reflects stronger activity in automotive and coatings procurement, partially offset by sluggish construction demand.
• The C9 Solvent Price Forecast projects moderate gains driven by export restocking and seasonal distributor replenishment trends.
• Domestic C9 Solvent operating rates improved, though port congestion and labor shortages continued to constrain throughput efficiency.
Why did the price of C9 Solvent change in September 2025 in Europe?
• Softer crude oil benchmarks reduced feedstock cost pressures, limiting producer cost pass-through and restraining sharp price hikes.
• Robust automotive and coatings demand led to precautionary buying, while high distributor inventories curtailed further price escalation.
MEA
• In United Arab Emirates, C9 Solvent Price Index fell by 4.26% quarter-over-quarter amid high supply and insufficient cost support
• The average C9 Solvent price for the quarter was approximately USD 913.67/MT in Jebel Ali.
• C9 Solvent Spot Price remained subdued; C9 Solvent Price Index showed limited downstream demand recently.
• C9 Solvent Production Cost Trend remained weak amid softer crude benchmarks.
• C9 Solvent Demand Outlook stays moderate supported by paints coatings procurement and recovering construction activity.
• C9 Solvent Price Forecast indicates marginal upside in year; inventories and demand will determine trajectory.
• Year-end maintenance scheduled at regional plants may tighten availability temporarily, supporting modest upward pricing pressure.
Why did the price of C9 Solvent change in September 2025 in MEA?
• Ample import inflows and consistent domestic production increased supply, exerting downward pressure on market prices.
• Softer crude benchmarks and stable feedstock parity eased production cost pressures, limiting upward price support.
• Logistics operated smoothly, limited congestion, while muted downstream demand and seasonal factors constrained price recovery.
For the Quarter Ending June 2025
North America
• C9 solvent prices in North America remained broadly stable throughout Q2, supported by consistent downstream demand and counterbalanced by varying supply-side conditions.
• Port logistics showed divergent trends: April and June saw improved freight flows, while May was impacted by renewed West Coast congestion due to labor unrest and a surge in Asian imports.
• Demand conditions strengthened in June, aided by improved activity in key end-use sectors such as automotive and construction.
• Market sentiment was further shaped by ongoing U.S.–China trade discussions and Canadian production disruptions, prompting shifts in procurement and regional demand strategies.
Why did the price of C9 solvent change in July 2025 in the US?
• In July, C9 solvent prices in the U.S. trended lower, driven by subdued demand outlook from the automotive sector, as projected by industry insights from the National Automobile Dealers Association (NADA).
• Production costs showed minimal upward movement, with limited feedstock and upstream price pressure contributing to a softened market.
• The near-term pricing outlook remains bearish, as rising inventory levels and muted performance in end-use industries are expected to prevent any meaningful price rebound.
APAC
• C9 solvent spot prices in the APAC region rose by 2.94% quarter-over-quarter in Q2 2025, particularly in Indonesia, where they closed at USD 910/MT CFR Jakarta by the end of June.
• Tight domestic supply in Indonesia, elevated import costs, and port strikes in Japan during April contributed to a bullish market trend.
• Stable import volumes and softening feedstock prices in May balanced production costs, but weak demand from coatings, adhesives, and automotive sectors limited price growth.
• In June, surging crude prices and regional port congestion added cost-push pressure, outweighing demand softness.
• Automotive sector weakness continued, with Indonesian wholesale car sales falling in May and in June, highlighting macroeconomic strain.
Why did the price of C9 solvent change in July 2025 in the APAC?
• In July 2025, the C9 Solvent Price Index in the APAC region remained under pressure due to persistent demand weakness from the downstream coatings and adhesives sector, particularly impacted by the onset of the monsoon season.
• The C9 Solvent Inventory Trend showed elevated levels across the region, adding to the bearish sentiment amid sluggish market activity.
• The C9 Solvent Price Forecast indicates continued downward pressure, with subdued seasonal demand and oversupply expected to limit any near-term price recovery.
Europe
• C9 solvent prices in the European market registered a net quarterly decline in Q2, with downward pressure observed in Germany by the end of the period.
• The quarter began with a strong price upswing driven by tight supply, tariff-related uncertainties, and significant logistics disruptions. However, prices declined in the following month due to oversupply and lackluster demand, before recovering slightly in the final month amid firm demand from automotive and coatings sectors.
• Supply conditions remained stable to ample, supported by consistent domestic production and steady import inflows, while soft upstream feedstock costs helped cap production expenses.
• Logistics faced notable challenges in the early part of the quarter due to port congestion, vessel rerouting, adverse weather, and labor strikes. Conditions stabilized somewhat by the end of the quarter, though concerns persisted due to labor shortages and sporadic rail closures.
• Downstream demand showed variability: coating and industrial sectors demonstrated gradual recovery by quarter-end, while late-quarter gains in the automotive segment helped bolster market confidence.
Why did the price of C9 solvent change in July 2025 in Europe?
• In July 2025, the C9 Solvent Price Index in Europe remained under pressure due to persistent demand weakness and elevated inventory levels across the region.
• The C9 Solvent Production Cost Trend showed limited support from the feedstock side, as upstream crude oil market weakness curtailed any upward cost momentum.
• The C9 Solvent Price Forecast suggests continued bearish sentiment, with oversupply and sluggish downstream consumption likely to restrain price recovery.
MEA
• The C9 Solvent spot price in the Middle East and Africa (MEA) declined by 6.13% quarter-over-quarter in Q2 2025, settling at USD 937/MT CFR Jebel Ali by the end of June.
• Ample supply supported by high inventory levels, steady imports, and weak upstream crude prices pressured market sentiment despite moderate domestic production.
• Logistical concerns related to Red Sea disruptions and regional tensions were offset by stable freight operations and proactive supply chain adjustments.
• Downstream demand from paints, coatings, and adhesives remained firm, reinforced by a continued rebound in Dubai’s real estate and construction sector.
• Geopolitical instability and rising crude benchmarks were countered by muted manufacturing activity and cautious procurement behavior among buyers.
Why did the price of C9 solvent change in July 2025 in the MEA region?
• In July 2025, the C9 Solvent Price Index in the MEA region remained bearish, influenced by weak upstream crude oil prices and elevated inventory levels across the market.
• Regional prices also faced downward pressure due to low consumption trends in the APAC market during the monsoon season, impacting overall trade sentiment.
• The C9 Solvent Price Forecast suggests continued softness, with limited demand recovery and oversupply concerns likely to weigh on prices in the near term.
For the Quarter Ending March 2025
North America
In Q1 2025, the North American C9 Solvent market exhibited a mixed price trend influenced by fluctuating crude oil prices, demand shifts in the paints and coatings industry, and developments in the automotive sector. In January, prices held steady despite a rise in crude oil prices that increased upstream production costs. However, weak demand from the automotive industry—evident from a 25% month-on-month drop in vehicle sales—reduced consumption of paints and coatings, limiting fresh demand for C9 Solvent. Additionally, severe winter storms disrupted logistics, but the impact on pricing was minimal due to sufficient inventory levels across the region.
In February, the market turned bullish as automotive production rebounded and restocking activity increased amid concerns over potential tariff hikes on imported vehicles. This proactive buying behavior, combined with rising crude oil prices, added upward pressure to solvent prices. Downstream demand showed moderate improvement, contributing to positive sentiment.
However, in March, the price trend reversed due to softened crude oil costs and cautious procurement by end-users. With inventories already replenished, fresh demand slowed, especially as buyers waited for clearer market signals, leading to a modest price correction by the quarter’s end.
Europe
The European C9 solvent market displayed a mixed price trend in Q1 2025, influenced by fluctuating supply-demand fundamentals and economic factors. January began on a bullish note, with prices supported by tight supply due to low inventories and higher production costs amid rising naphtha and global crude oil prices. Strong restocking activity and firm demand from the paints and coatings sector, along with a recovery in automotive manufacturing, especially in electric vehicles—further elevated prices. However, February saw a reversal in market direction as improved inventory levels and a 3.8% drop in crude oil prices eased production costs. Despite modest gains in domestic manufacturing, demand remained subdued due to weak seasonal consumption, muted export orders, and significant port congestion in Hamburg, Rotterdam, and Le Havre, which hindered logistics and reduced arbitrage opportunities. In March, the market rebounded sharply, particularly in Germany, driven by tightening inventories, reduced imports from Asia, and operational disruptions caused by ongoing labor strikes at major ports. Additionally, a slight uptick in downstream demand from coatings and civil engineering led to anticipatory buying. Overall, Q1 ended with a cautiously bullish sentiment supported by supply tightness and sector-specific demand.
APAC
In Q1 2025, the Asia-Pacific C9 Solvent market experienced an overall bearish price trend, influenced by shifting dynamics in supply, demand, and production costs. January began with a brief price increase, driven by tight supply conditions, elevated production costs due to surging naphtha and crude oil prices, and robust demand from the paints and coatings sector. Additional upward pressure came from supply chain disruptions caused by the Lunar New Year holidays and port congestion across the region. However, market sentiment shifted in February, with prices stabilizing as a more balanced supply-demand scenario emerged. Feedstock costs declined—naphtha prices fell by 2.8% and crude oil by 3.8%, which eased production expenses. Demand remained moderate, supported by continued offtake from paints and coatings and a mild recovery in automotive production. By March, the market turned clearly bearish, with prices falling by 4.09%, particularly in Singapore, reaching USD 830/MT FOB Jurong. This decline was attributed to a supply surplus, elevated inventory levels, and softened upstream costs. Ongoing logistical bottlenecks at major Asian ports further contributed to domestic inventory accumulation. On the demand side, subdued end-user consumption and cautious procurement strategies limited price support, solidifying the overall bearish outlook for the quarter.
