For the Quarter Ending December 2025
Europe
• In Germany, the Hexamethylene Diisocyanate Price Index rose by 4.80% quarter-over-quarter, reflecting tight supply conditions.
• The average Hexamethylene Diisocyanate price for the quarter was USD 3710.00/MT on FOB Hamburg assessment.
• Hexamethylene Diisocyanate Spot Price firmed modestly as balanced exports offset softer domestic procurement across coatings.
• Hexamethylene Diisocyanate Price Forecast expects upside from restocking and rising energy costs into early 2026.
• Hexamethylene Diisocyanate Production Cost Trend rose, increased energy and logistics elevated manufacturing expenses in December.
• Hexamethylene Diisocyanate Demand Outlook remains constructive as automotive coatings and construction projects sustain steady consumption.
• European Hexamethylene Diisocyanate Price Index reflected constrained availability, cautious buying, and marginally improving export flows.
• Inventories remained adequate, limiting upside; planned maintenance could tighten supply and support short-term price increases.
Why did the price of Hexamethylene Diisocyanate change in December 2025 in Europe?
• Tight HMDA availability constrained HDI production, reducing volumes and lifting the product Price Index regionally.
• Rising energy and freight costs increased manufacturing expenses, pushing the Hexamethylene Diisocyanate Production Cost Trend higher.
• Stronger exports to the US and Asia improved demand balance, offsetting seasonal weakness, supporting spot prices.
APAC
• In APAC, the Hexamethylene Diisocyanate Price Index declined quarter-over-quarter, reflecting steady regional supply, and subdued year-end demand.
• The average Hexamethylene Diisocyanate price for the quarter reflected balanced supply conditions and stable downstream consumption.
• Hexamethylene Diisocyanate spot prices remained largely range-bound, as the Price Index indicated equilibrium between supply and demand.
• The Hexamethylene Diisocyanate price forecast points to modest volatility, influenced by rising logistics costs and pre-winter restocking activity.
• The Hexamethylene Diisocyanate production cost trend tightened due to higher energy and upstream feedstock costs, pressuring producer margins.
• The Hexamethylene Diisocyanate demand outlook stayed cautious, with coatings and automotive applications offering support while year-end buying remained muted.
• Inventory levels stayed comfortable, exports were moderate, and major producers operated at stable rates, keeping the Hexamethylene Diisocyanate Price Index under pressure.
• Seasonal freight cost increases and logistics constraints provided some cost support, but weak buying interest limited any meaningful price recovery.
Why did the price of Hexamethylene Diisocyanate change in December 2025 in APAC?
• Ample regional supply and steady operating rates increased availability, putting downward pressure on prices during December.
• Softer year-end downstream demand, particularly from coatings and automotive sectors, reduced offtake and offset cost-side support.
• Rising energy and feedstock costs lifted production expenses, while logistics congestion and seasonal freight pressures influenced delivered costs.
North America
• In the USA, the Hexamethylene Diisocyanate Price Index softened quarter-over-quarter, reflecting subdued downstream demand and cautious buying behavior.
• The average Hexamethylene Diisocyanate price for the quarter remained stable, supported by balanced supply conditions.
• Hexamethylene Diisocyanate spot prices stayed largely range-bound as steady production rates and comfortable inventory levels limited upside movement.
• Rising energy and upstream feedstock costs influenced the Hexamethylene Diisocyanate production cost trend, adding cost-side pressure.
• The Hexamethylene Diisocyanate demand outlook showed stable coatings demand offset by weaker consumption from automotive and industrial segments.
• The Hexamethylene Diisocyanate price forecast points to limited volatility, with cost pressures countered by cautious procurement.
• Elevated inventories and mixed export demand continued to weigh on the Hexamethylene Diisocyanate Price Index.
• Normal operating rates across domestic facilities kept supply well balanced, preventing sharp short-term price swings.
Why did the price of Hexamethylene Diisocyanate change in December 2025 in North America?
• Domestic supply remained healthy while winter reduced downstream schedules, creating modest downward pressure on prices.
• Adequate domestic supply, combined with a seasonal slowdown in downstream activity, reduced buying urgency, applying mild downward pressure.
• Higher feedstock and energy costs increased production expenses, offsetting part of the downward price movement.
• Stable logistics conditions and softer export demand influenced inventory levels and overall market sentiment.
For the Quarter Ending September 2025
Europe
• In Germany, the Hexamethylene Diisocyanate Price Index rose by 12.5% quarter-over-quarter, driven by elevated production costs.
• The average Hexamethylene Diisocyanate price for the quarter was approximately USD 3540/MT, per FOB Hamburg quotations.
• Hexamethylene Diisocyanate Spot Price softened mid-quarter amid balanced supply and reduced short-term export demand conditions.
• Hexamethylene Diisocyanate Price Forecast suggests modest volatility with mild gains and downward pressure through autumn.
• Hexamethylene Diisocyanate Production Cost Trend remained elevated due to tighter feedstock and higher energy expenses.
• Hexamethylene Diisocyanate Demand Outlook stays constructive supported by automotive coatings and infrastructure-driven construction procurement activity.
• Inventory rebuilds and eased logistics intermittently weighed on the Hexamethylene Diisocyanate Price Index, moderating seller power.
• Major producer operating rates and regional export flows will determine Hexamethylene Diisocyanate Spot Price resilience over coming weeks.
Why did the price of Hexamethylene Diisocyanate change in September 2025 in Europe?
• Reduced Hexamethylene Diamine availability increased input costs and prompted producer offers to rise, tightening regional supply.
• Port disruptions, labor shortages and higher freight costs raised logistics expenses, delaying shipments, elevating procurement.
• Steady automotive coatings demand absorbed volumes, supporting firmer Price Index despite regional export momentum weakness.
North America
• Hexamethylene Diisocyanate Spot Price in North America remained stable through July and August but rose slightly in September due to tighter supply of feedstock Hexamethylene Diamine and elevated energy costs.
• The Price Index reflected a quarter-over-quarter increase, supported by consistent demand from downstream sectors such as high-performance coatings, adhesives, sealants, and polyurethane elastomers.
• Hexamethylene Diisocyanate Production Cost Trend moved upward in September, driven by higher raw material prices and logistical disruptions, including longer transit times and limited vessel availability.
• The Hexamethylene Diisocyanate Demand Outlook remained firm, with growth in automotive refinishing, industrial coatings, and construction applications sustaining consumption.
• In September 2025, the Price Index increased due to constrained feedstock availability and strong seasonal demand from the coatings industry, especially in infrastructure and automotive sectors.
• Hexamethylene Diisocyanate Price Forecast signals moderate gains into Q4 2025, as restocking activity and continued infrastructure spending support demand.
• Domestic producers maintained steady output, but import volumes from Europe and Asia faced delays, adding mild pressure to regional supply chains.
• Sustainability trends and demand for low-VOC coatings further supported HDI’s strategic relevance in North American markets.
Why did the price of Hexamethylene Diisocyanate change in September 2025 in North America?
• Limited availability of Hexamethylene Diamine raised input costs, prompting producers to increase offers and tighten supply.
• Inland transport delays, labor constraints, and rising fuel costs elevated logistics expenses and slowed regional deliveries.
• Strong demand from automotive and industrial coatings sectors absorbed available volumes, supporting a firmer Price Index despite softer export activity.
APAC
• Hexamethylene Diisocyanate Spot Price in APAC remained mostly stable in July and August but rose slightly in September due to rising feedstock costs and tighter regional supply.
• The Price Index showed a mild quarter-over-quarter increase, supported by steady demand from downstream sectors such as automotive coatings, adhesives, and industrial sealants.
• Hexamethylene Diisocyanate Production Cost Trend edged upward in September, driven by higher Hexamethylene Diamine prices and increased freight costs from Europe and North America.
• The Hexamethylene Diisocyanate Demand Outlook remained firm, with growth in infrastructure, automotive refinishing, and electronics coatings sustaining consumption.
• In September 2025, the Price Index increased due to constrained feedstock availability and strong seasonal demand from the coatings industry, especially in construction and transport sectors.
• Hexamethylene Diisocyanate Price Forecast signals moderate gains into Q4 2025, as restocking and regional manufacturing recovery support demand.
• Regional producers-maintained output, but import volumes faced delays due to port congestion and vessel shortages, adding pressure to supply chains.
• Sustainability goals and demand for low-VOC and high-performance coatings reinforced HDI’s strategic role in APAC markets.
Why did the price of Hexamethylene Diisocyanate change in September 2025 in APAC?
• Reduced availability of Hexamethylene Diamine raised input costs, prompting producers to adjust offers and tighten supply.
• Port congestion, vessel shortages, and rising freight rates increased logistics costs and delayed shipments.
• Robust demand from automotive and infrastructure coatings sectors absorbed available volumes, supporting a firmer Price Index despite import challenges.
For the Quarter Ending June 2025
Europe
• Hexamethylene Diisocyanate Price Index in Europe experienced a quarterly drop of approximately 6.3% in Q2 2025, despite a notable price recovery in the latter half of the quarter. FOB Hamburg quotations began the quarter at around USD 2860/MT in April after a sharp 12% decline but rebounded in May and further rose by early July, driven by constrained supply of feedstock Hexamethylene Diamine, elevated production costs, and sustained logistical disruptions. The early-quarter decline outweighed the late-quarter gains on average, resulting in a net quarterly decrease.
• Why did the price of Hexamethylene Diisocyanate change in July 2025 in Europe?
• In early July 2025, HDI prices are expected to show a marginal upward trend, as labor disruptions, including port strikes and driver shortages, continue to impact supply chains, while stable demand from automotive coatings and PU footwear markets supports consistent offtakes despite rising freight and input costs.
• The Hexamethylene Diisocyanate Price Forecast for early Q3 suggests a moderately bullish trend, contingent on how quickly feedstock Hexamethylene Diamine availability improves, how port and transport bottlenecks across Northern Europe are resolved, and whether elevated shipping costs on intra-EU and Asia-bound routes continue.
• The Hexamethylene Diisocyanate Production Cost Trend remained elevated through June, due to constrained feedstock availability and higher raw material input costs. Compounding factors such as port labor shortages, rising fuel expenses, and regulatory transport toll changes in the Netherlands and Denmark further inflated regional logistics and production costs.
• The Hexamethylene Diisocyanate Demand Outlook held firm, supported by steady offtake in the automotive sector—especially for high-performance coatings used in EVs and hybrids—and in construction, where HDI remained essential in coatings and insulation materials for EU-supported infrastructure and green building projects.
• European imports and exports of HDI were constrained by continued logistical strain, with congestion at Rotterdam, Hamburg, and Bremerhaven ports delaying shipments and raising costs. Inland transport was further challenged by low Rhine water levels, limited container availability, and increased reliance on alternate routing due to policy-driven toll adjustments.
• Demand from France, Benelux, and Central Europe was mixed. While France and Germany saw some cooling in HDI consumption amid weaker macroeconomic activity and declining car registrations, Italy and Eastern Europe recorded stable demand tied to construction and footwear production. Regional differences helped offset broader market pressure and provided some support to overall HDI offtakes in Europe.
Asia-Pacific (APAC)
• Hexamethylene Diisocyanate (HDI) Price Index in APAC declined moderately on a quarterly basis, influenced by sluggish demand from industrial coatings and soft automotive activity, especially in China and South Korea. April saw a sharp decline due to inventory oversupply and weakened purchasing from construction-related applications. In May, prices continued to dip as buyer sentiment remained cautious amid tepid export activity and unfavorable macroeconomic indicators. However, June brought marginal improvement, supported by seasonal uptick in demand from specialty coatings, increased PU leather applications, and slight recovery in overseas orders.
• In early July 2025, HDI prices in APAC are expected to remain stable to slightly firm. Recovery in manufacturing PMI readings across key Southeast Asian countries, along with gradual normalization in construction pipeline projects, is likely to underpin short-term price resilience. Additionally, firm procurement in flexible coating segments for electronics and packaging provided downstream demand support.
• The Hexamethylene Diisocyanate Price Forecast for early Q3 2025 suggests a cautiously bullish sentiment, driven by steady demand from the coatings sector, anticipated recovery in exports to North America, and localized production curbs due to feedstock constraints and safety-related inspections in China.
• The Hexamethylene Diisocyanate Production Cost Trend remained volatile, driven by fluctuations in feedstock adiponitrile and hexamethylene diamine availability. Although easing crude oil prices offered temporary cost relief, rising compliance-related costs, inland transport bottlenecks, and freight imbalances in APAC continued to elevate overall producer margins.
• Hexamethylene Diisocyanate Demand Outlook showed moderate recovery. While industrial coatings demand improved with reactivation of delayed infrastructure and electronics-related projects, slow-moving orders from the automotive refinishing segment and cost-sensitive buyers in India limited full-scale rebound.
• China’s export performance for HDI showed a mild uptick by June-end, with increased shipments to Southeast Asia and Australia. Exporters leveraged spot opportunities amid favorable FX rates and rebounding vessel availability, though persistent global trade uncertainties capped gains.
• Domestic consumption remained concentrated in East and South China, driven by automotive interior refurbishment and sustainable packaging sectors. Urban repair projects and EV ecosystem investments supported end-use demand, while subdued rural construction spending kept overall growth in check.
North America
• Hexamethylene Diisocyanate (HDI) Price Index in North America registered a modest quarterly decline, driven by softened industrial activity, lower refinishing demand, and extended inventory cycles among coatings manufacturers. April and May saw gradual price erosion due to market saturation and prolonged turnaround schedules at downstream plants. However, June marked a marginal recovery, supported by stabilizing construction material orders and resurgent demand in powder coatings for automotive parts.
• In early July 2025, HDI prices in North America remained rangebound. Steady downstream demand from industrial flooring, automotive paint, and protective coatings segments provided baseline consumption. Meanwhile, cost pressure eased slightly as upstream supply chains normalized following geopolitical de-escalation.
• According to the Hexamethylene Diisocyanate Price Forecast, prices are expected to trend stable with an upward bias through mid-Q3 2025. However, weather-related disruptions, freight cost rebounds, and new tariff enforcement could pose upside risks.
• The Hexamethylene Diisocyanate Production Cost Trend remained relatively firm. While easing in crude oil and benzene prices in early July helped reduce upstream strain, logistical inefficiencies and sporadic shutdowns in regional intermediates production limited broader cost relief.
• The Hexamethylene Diisocyanate Demand Outlook stayed steady across Q2 2025. Demand from OEM and aftermarket automotive segments saw partial recovery, while infrastructure maintenance programs and resilient housing repair activity supported floor coating and exterior applications.
• HDI import volumes experienced slight volatility due to shipping delays and policy shifts. However, overall import availability was maintained through advanced sourcing contracts and supplier diversification. Inventory balancing by distributors ensured uninterrupted supply to key customers.
• Export activity remained limited but stable, with U.S.-based HDI producers targeting high-value coatings markets in Mexico and Canada. Strategic shipments under existing trade pacts ensured competitive positioning, despite rising compliance documentation and border inspection delays.
For the Quarter Ending March 2025
North America
In Q1 2025, the North American Hexamethylene Diisocyanate (HDI) market experienced a generally bullish price trend, driven by supply-side constraints and steady demand from downstream industries. The quarter began with stable HDI production and a modest recovery in the U.S. manufacturing sector, which helped support market sentiment. Although crude oil prices initially fell, easing feedstock costs, production costs remained influenced by ongoing trade policy shifts and geopolitical factors.
During the Mid-quarter, the Arctic Blast caused disruptions in production, while port congestion, particularly in New York and New Jersey, hampered logistics and exacerbated supply chain challenges. Despite these hurdles, HDI prices remained steady, supported by consistent demand from the automotive and construction sectors. The automotive industry saw a slight rebound, especially in electric vehicle (EV) production, which increased demand for HDI in Polyurethane (PU) materials used in lightweight and interior applications. On the construction side, while demand remained mixed due to high material costs and labor shortages, some growth was anticipated, with overall spending projected to rise by 5.5% in 2025.
Towards the end of the quarter, the bullish momentum continued, driven by persistent supply challenges, and increasing chemical exports, despite rising tariffs and trade uncertainties. Strong automotive demand and moderate construction activity contributed to steady HDI consumption, reinforcing the overall upward price trend for the quarter.
APAC
During the first quarter of 2025, the Hexamethylene Diisocyanate (HDI) market in Asia experienced a mixed trend, with fluctuations in both prices and demand. At the start of the quarter, HDI prices increased due to stronger cost support from improved feedstock availability and stable production levels in key manufacturing regions. However, this positive price movement was tempered by weak domestic demand, particularly in the automotive and construction sectors. In February, the market shifted towards a bearish trend as stock availability improved after the Lunar New Year holidays, which put downward pressure on prices. Sluggish demand from key industries, including automotive and construction, further contributed to the decline. Towards the end of the quarter, market sentiment remained moderate, with steady demand in Southeast Asia, particularly for HDI in Polyurethane (PU) production. However, China's weak property market and declining automotive sales kept the overall market subdued. The combination of stable production, fluctuating feedstock costs, and varying demand across regions resulted in a cautious and mixed overall trend for HDI prices and market conditions during the quarter.
Europe
The price trend for Hexamethylene Diisocyanate (HDI) in the European region saw notable fluctuations during Q1 2025, driven by a mix of supply chain disruptions, geopolitical tensions, and sector-specific demand shifts. The quarter began with a sharp price increase, largely due to tight butadiene supplies, limited crude oil availability, and geopolitical tensions, particularly regarding Russia and Iran. Cold weather further strained heating oil demand, exacerbating supply shortages. Despite challenges in the construction sector, demand for HDI in the automotive industry, especially for Polyurethane (PU) materials, remained steady. However, by mid-quarter, prices dropped as demand weakened across the automotive and construction sectors, coupled with continued supply chain disruptions caused by severe weather and labor strikes at European ports. These factors led to a significant price decline. Toward the end of the quarter, the price trend recovered slightly, supported by stable production, moderate feedstock availability, and renewed demand from the automotive sector, particularly in the growing electric vehicle market, as well as a recovery in some construction markets, particularly in Italy. Overall, Q1 2025 for HDI in Europe was characterized by volatility, influenced by external and internal factors that impacted supply and demand dynamics.
