For the Quarter Ending December 2025
North America
• In the USA, the Hydroxypropyl Cellulose Price Index fell by 4.66% quarter-over-quarter, driven by imports.
• The average Hydroxypropyl Cellulose price for the quarter was approximately USD 8011.67/MT, indicating restrained restocking.
• Hydroxypropyl Cellulose Spot Price softened as Asian exporters increased offers while U.S. buyers limited orders.
• Hydroxypropyl Cellulose Price Forecast suggests moderate recovery into early 2026 as restocking gradually resumes ahead.
• Hydroxypropyl Cellulose Production Cost Trend muted as propylene oxide rose but freight declines reduced costs.
• Hydroxypropyl Cellulose Demand Outlook stays subdued with pharmaceutical and nutraceutical buyers favoring inventory drawdowns periodically.
• Hydroxypropyl Cellulose Price Index reflected rising Gulf Coast stocks and warehouse cover limiting upward pressure.
• Major Asian and European plants ran reliably, sustaining exports while U.S. distributors avoided aggressive restocking.
Why did the price of Hydroxypropyl Cellulose change in December 2025 in North America?
• China to US freight collapsed, lowering landed costs and encouraging import flows into Gulf ports.
• Domestic demand softened as pharmaceutical, nutraceutical buyers drew down inventories instead of buying spot.
• Asian and European producers ran at normal rates, maintaining exports and increasing warehouse supply levels.
APAC
• In China, the Hydroxypropyl Cellulose Price Index fell by 3.2% quarter-over-quarter, reflecting supply glut pressure.
• The average Hydroxypropyl Cellulose price for the quarter was approximately USD 6760.67/MT per FOB Shanghai.
• Hydroxypropyl Cellulose Spot Price softened as bonded inventories accumulated and sellers offered sizeable prompt-shipment discounts.
• Hydroxypropyl Cellulose Price Forecast anticipates modest rebound driven by early-year restocking and firmer pulp costs.
• Hydroxypropyl Cellulose Production Cost Trend remained elevated due to cellulose pulp and processing energy prices.
• Hydroxypropyl Cellulose Demand Outlook remains steady as pharmaceuticals and coatings maintain routine buying, exports moderating.
• Hydroxypropyl Cellulose Price Index volatility reflected freight GRIs and congestion, and buyer caution curtailing spot enquiries.
• High operating rates and accumulated bonded stocks pressured markets, prompting prompt-shipment discounts and compressing margins.
Why did the price of Hydroxypropyl Cellulose change in December 2025 in APAC?
• Elevated eastern-China production increased inventories; plants ran high rates, creating supply overhang and downward pressure.
• Reduced buying from India, US and Europe lowered shipments, encouraging discounts on FOB Shanghai offers.
• Freight GRIs and congestion raised logistics costs, while available bonded stocks incentivized discounted prompt sales.
Europe
• In Germany, the Hydroxypropyl Cellulose Price Index fell by 4.52% quarter-over-quarter, reflecting elevated inventory levels.
• The average Hydroxypropyl Cellulose price for the quarter was approximately USD 7956.67/MT per CFR Hamburg.
• Hydroxypropyl Cellulose Spot Price eased in December as soft year-end buying trimmed immediate spot tendering.
• Hydroxypropyl Cellulose Price Forecast suggests modest recovery driven by restocking and freight and feedstock support.
• Hydroxypropyl Cellulose Production Cost Trend softened as caustic and propylene oxide feedstock prices eased modestly.
• Hydroxypropyl Cellulose Demand Outlook remains steady for pharmaceuticals and coatings, while industrial offtake stayed subdued.
• Hydroxypropyl Cellulose Price Index reflected abundant imports, elevated distributor stocks, and restrained export demand pressure.
• Major exporters operated without maintenance outages, supporting supply continuity and keeping competition among offers firm.
Why did the price of Hydroxypropyl Cellulose change in December 2025 in Europe?
• Ample imports and distributor stock builds created surplus availability, undermining spot pricing at month-end levels.
• Weakened year-end buying by pharmaceutical and food sectors reduced demand pull, leaving distributors with cover.
• Softer feedstock costs plus steady freight lowered landed costs, enabling suppliers to trim CFR offers.
For the Quarter Ending September 2025
North America
• In the USA, the Hydroxypropyl Cellulose Price Index fell by 2.32% quarter-over-quarter, reflecting global oversupply.
• The average Hydroxypropyl Cellulose price for the quarter was approximately USD 8403.33/MT CFR Houston market
• Hydroxypropyl Cellulose Spot Price recovery was constrained by persistent inventories and aggressive Asian export discounting.
• Hydroxypropyl Cellulose Price Forecast indicates mild firming as importers rebuild stocks and procurement stabilizes shortly.
• Hydroxypropyl Cellulose Production Cost Trend rose due to freight inflation and tariff-driven landed import costs.
• Hydroxypropyl Cellulose Demand Outlook remains subdued as pharmaceutical buyers cautious and cosmetic pre-stocking reduced purchases.
• Hydroxypropyl Cellulose Price Index pressured by elevated inventories, muted demand, and diverted shipments boosting stock.
• Major supplier operational stability supports recovery, while competitive domestic selling limits Hydroxypropyl Cellulose near-term rally.
Why did the price of Hydroxypropyl Cellulose change in September 2025 in North America?
• Excess imports from China and India created oversupply, triggering aggressive discounting and increased U.S. inventories.
• Freight inflation and tariff-driven landed cost uncertainty disrupted logistics, prompting procurement timing shifts and congestion.
• Downstream buyers pre-stocked earlier and remained cautious, reducing fresh procurement and keeping short-term demand muted.
APAC
• In China, the Hydroxypropyl Cellulose Price Index fell by 2.74% quarter-over-quarter, reflecting oversupply and weak demand.
• The average Hydroxypropyl Cellulose price for the quarter was approximately USD 8156.67/MT, reflecting reported FOB Shanghai transactions.
• Supply disruptions and maintenance lifted Hydroxypropyl Cellulose Spot Price while inventories remained uneven across provinces.
• Downstream purchasing patterns influenced the Hydroxypropyl Cellulose Price Forecast amid tariff-driven export arbitrage and premiums.
• Rising starch feedstock costs supported the Hydroxypropyl Cellulose Production Cost Trend, pressuring smaller producers' supply.
• Hydroxypropyl Cellulose Demand Outlook stayed subdued with pharmaceutical demand stable but insufficient to absorb inventories.
• Short-term Price Index momentum reflected regulatory crackdowns on underpricing and aggressive discounting by smaller manufacturers.
• Inventories and export restocking before tariff changes constrained availability, supporting rallies in the Price Index.
Why did the price of Hydroxypropyl Cellulose change in September 2025 in APAC?
• Plant maintenance reduced output while smaller producers increased shipments, temporarily further rebalancing tight domestic supply.
• Elevated freight and feedstock costs raised delivered costs, sustaining upward pressure despite weak industrial PMI.
• Export pre-buying and regulatory enforcement on pricing shifted volumes, reducing domestic inventories and impacting availability.
Europe
• In Germany, the Hydroxypropyl Cellulose Price Index fell by 2.23% quarter-over-quarter, reflecting ample inventories and muted imports.
• The average Hydroxypropyl Cellulose price for the quarter was approximately USD 8333.33/MT, cited by Hamburg CFR trades.
• Hydroxypropyl Cellulose Spot Price showed limited upside as Price Index weakness persisted amid cautious distributor selling.
• Hydroxypropyl Cellulose Production Cost Trend remained mixed, freight and demurrage increases offset lower energy and feedstock input pressures.
• Hydroxypropyl Cellulose Demand Outlook modestly improved from July, yet Price Index volatility reflects cautious downstream procurement behavior.
• Hydroxypropyl Cellulose Price Forecast indicates mild recovery into Q4 driven by restocking and constrained import lead times.
• Inventory drawdown and subdued export demand limited spot activity, keeping the Hydroxypropyl Cellulose Price Index under pressure.
• Major producers operated stably with no major outages; logistics bottlenecks and port congestion influenced landed Hydroxypropyl Cellulose costs.
Why did the price of Hydroxypropyl Cellulose change in September 2025 in Europe?
• Ample inventories and muted imports reduced buying urgency, producing downward pressure on September Price Index.
• Rising freight and demurrage increased landed costs, tightening supply chains despite soft domestic demand in September.
• Downstream cautious procurement and export timing shifts kept transactional velocity low, limiting upward price momentum.
For the Quarter Ending June 2025
North America
• Hydroxypropyl cellulose (HPC) spot price in North America displayed a downward trajectory over Q2 2025 with average quarter-over-quarter fluctuation close to -5%, driven primarily by weak demand and trade uncertainties impacting pricing stability.
• April 2025 saw a sharp decline in HPC prices attributed to subdued demand across pharmaceuticals, cosmetics, food, and personal care sectors, combined with softened inflation trends and a 0.5% drop in the Producer Price Index.
• The initiation of reciprocal tariffs in early April created uncertainty, with a 49% slump in ocean container bookings leading to softened procurement and elevated inventories that pressured prices downward.
• Chinese producers reduced export prices to stay competitive under tariff costs, influencing U.S. market pricing due to reliance on Asian imports.
• In May, prices reversed briefly, rising sharply due to logistical disruptions including a 300% spike in freight demand and port congestion at U.S. gateways, which increased landed costs.
• Elevated freight costs and shipment delays led domestic buyers to increase safety stocks, supporting a temporary pricing upswing amid strong pharmaceutical demand.
• By June 2025, HPC spot prices fell steeply again driven by oversupply from increased production in China and India, aggressive discounting, and cautious buying prompted by tariff policy uncertainty.
• Despite high freight costs in June, excess inventories and muted fresh demand from major industrial buyers maintained soft price conditions.
• The Hydroxypropyl cellulose demand outlook remains cautious with key downstream users in pharmaceuticals and personal care continuing conservative procurement due to inventory destocking and tariff-related supply concerns.
• Overall production cost trends indicate rising logistics and raw material expenses were insufficient to support prices amid oversupply and weakened demand in Q2, making HPC a buyer’s market in North America.
Asia-Pacific (APAC)
• The HPC market in APAC showed a mixed but generally downward price trend throughout Q2 2025 with quarterly fluctuation averaging around -3%, closely influenced by weakening Chinese market conditions and external trade pressures.
• April 2025 prices declined amid weak domestic consumption, with China’s consumer price index dipping 0.1% YoY and manufacturing PMI falling below 50, indicating contraction and soft demand.
• China faced surplus inventory and price competition intensified by U.S.-China trade tensions and tariffs reaching 245%, prompting manufacturers to reduce offers to maintain global market share.
• May marked a temporary price recovery fueled by a surge in export demand ahead of expiring tariff relief, causing logistical tightening and increased shipping costs that supported higher price levels.
• Pharmaceutical exporters accelerated procurement amid freight rate hikes (+27%), contributing to faster inventory turnover and upward momentum in HPC prices.
• June 2025 prices dropped sharply reflecting China’s biggest producer price index contraction in nearly two years (-3.6%), exacerbated by excess supply, maintenance shutdowns at major plants, and aggressive price discounting by smaller low-cost producers.
• Production cost trends in APAC show pressures from maintenance-related capacity shifts but overall oversupply, combined with subdued consumer and downstream demand, constrained pricing power in Q2.
• The demand outlook remains cautious as sluggish pharmaceutical sector activity and macroeconomic headwinds limit HPC consumption, despite its critical role in healthcare and pain management formulations.
• Logistics improvements at key Chinese ports enhanced throughput but also contributed to supply gluts, complicating price stabilization efforts.
• In summary, the Hydroxypropyl cellulose price forecast for APAC points to continued volatility and softening near term as global trade frictions ease but supply/demand imbalances persist.
Europe
• Europe's Hydroxypropyl cellulose spot price trended downward through Q2 2025 with an average quarter-over-quarter decline around -4%, impacted by oversupply from redirected shipments and logistical constraints.
• In April, German HPC prices fell due to import surges diverted from the U.S. market amid new tariffs, combined with proactive front-loading by buyers before May holidays which temporarily increased inventory levels.
• Favorable shipping conditions and a stronger Euro against the dollar lowered landed costs and contributed to soft price pressure in April.
• May saw prices rise significantly due to severe congestion at Northern European ports and restricted barge traffic on the Rhine, which delayed imports and tightened inventory availability.
• Carriers implemented congestion surcharges and space controls, while increased demand for U.S.-bound shipping further tightened supply into Europe, supporting higher local HPC prices.
• Demand remained robust from pharmaceuticals and healthcare sectors intent on avoiding stockouts, creating a seller’s market dynamic despite wider economic softness.
• June 2025 experienced a steep price decline as previous stocking reduced spot market activity, shipping surcharges were delayed, and economic indicators showed cooling inflation and marginal business growth.
• Demand softened with cautious procurement and inventory drawdown by downstream manufacturers amid stagnant end-user consumption in personal care, food processing and pharmaceuticals.
• Production cost trends reflected lower energy prices and steady import conditions, but logistical delays kept disruption risks elevated.
• The Hydroxypropyl cellulose price forecast for Europe suggests stabilization at lower levels in the near term as inventories clear and supply chain bottlenecks ease, with demand outlook remaining measured due to subdued macroeconomic conditions.
For the Quarter Ending March 2025
North America
In Q1 2025, the U.S. Hydroxypropyl Cellulose market exhibited a volatile pricing trajectory, marked by strong initial gains in January and February followed by a notable correction in March. During the first two months, prices climbed steadily due to persistent supply constraints, surging pharmaceutical demand, and significant logistical disruptions at major ports such as Los Angeles and New York. Elevated freight costs, labor shortages, and prolonged vessel delays exacerbated the situation, leading to higher input expenses and limited availability in spot markets. Export demand from Asia and Latin America further intensified the strain on domestic inventories, amplifying the upward momentum.
February saw a continuation of this bullish trend, with export pressures and tariff-related cost escalations on Asian imports increasing production costs for U.S. manufacturers. Buyers, anticipating continued inflation and seasonal demand growth, adopted proactive stocking strategies, reinforcing the pricing uptrend. However, the market dynamic shifted in March, as a combination of elevated inventories, improved logistics, and soft downstream activity triggered a reversal. Falling transpacific freight rates and increased competition from Chinese exporters compelled domestic suppliers to reduce prices to maintain competitiveness.
By the end of Q1, Hydroxypropyl Cellulose prices in the U.S. had softened from their February peak. The market transitioned from inflation-driven stocking and tight supply conditions to cautious buyer sentiment and oversupply, highlighting the cyclical and sentiment-driven nature of the product’s pricing dynamics.
Asia Pacific
In the first quarter of 2025, the price trend of Hydroxypropyl Cellulose in China showcased a dynamic yet cyclical pattern, reflecting a combination of seasonal factors, macroeconomic shifts, and evolving demand-supply conditions across the domestic and export markets. During the initial two months of Q1 2025, Hydroxypropyl Cellulose prices in China registered a marked upward trend. January's price surge was primarily underpinned by heightened international procurement, as key importers sought to hedge against potential tariff changes under the new U.S. administration. This strong export demand coincided with logistical bottlenecks and rising freight costs, placing an upward pressure on prices. The inflationary environment, reflected in a rising Consumer Price Index (CPI), further contributed to increased production costs.
February saw continued price escalation, largely fueled by seasonal supply disruptions due to the Lunar New Year holiday. Factory shutdowns created a temporary supply gap, while post-holiday restocking activity from pharmaceutical and nutraceutical sectors sharply tightened market availability.
By March 2025, Hydroxypropyl Cellulose prices reversed course, experiencing a decline driven by improved manufacturing efficiencies and softened demand. The appreciation of the Chinese Yuan and a national deflation rate of -0.7% helped reduce raw material and input costs, creating favorable conditions for producers to lower export prices. Logistics also normalized, with port operations at Shanghai and Ningbo-Zhoushan improving significantly, reducing supply chain friction. From a demand perspective, post-holiday inventory liquidation and weaker consumer activity led to intensified competition among suppliers. Overall, the quarter exhibited a bell-shaped pricing curve—rising steadily through January and February before softening in March.
Europe
In Q1 2025, the German Hydroxypropyl Cellulose market experienced a dynamic price trajectory, marked by a strong rise in January and February, followed by a notable correction in March. January witnessed price increases fueled by proactive procurement ahead of the Lunar New Year, logistical uncertainties, and stable production from Asian exporters. Buyers in the pharmaceutical and industrial sectors advanced their purchases, triggering an early-quarter upward shift in pricing. This momentum continued into February, where tightened Chinese exports during the holiday season, compounded by severe port delays in Hamburg and strong regional demand, sustained the bullish trend.
February saw the sharpest pricing pressure of the quarter, underpinned by robust domestic and international demand, low trader inventories, and persistent logistical bottlenecks. Market participants stockpiled inventory amid geopolitical concerns and rising raw material costs, pushing prices to peak levels.
However, the trend reversed in March as demand weakened. Improved freight conditions, the removal of the Peak Season Surcharge, declining ocean rates, and currency appreciation enhanced import affordability. Simultaneously, subdued downstream activity and high domestic inventories led suppliers to prioritize stock clearance over new production. By quarter’s end, the Hydroxypropyl Cellulose market in Germany reflected a cycle of early-quarter bullishness offset by late-quarter moderation, ending Q1 with a balanced but cautious pricing environment.
