For the Quarter Ending December 2025
APAC
- In Thailand, the Liquid Paraffin Price Index fell by 0.31% quarter-over-quarter, due to muted demand.
- The average Liquid Paraffin price for the quarter was approximately USD 957.33/MT reflecting steady imports.
- Liquid Paraffin Spot Price remained largely flat; steady imports and normal freight restrained immediate upside.
- Liquid Paraffin Price Forecast points to marginal downside as inventories increase and buyers delay purchases.
- Liquid Paraffin Production Cost Trend remained subdued with group I and II feedstock benchmarks flat.
- Liquid Paraffin Demand Outlook remains muted as personal-care and food segments sustain routine non-expansive orders.
- Liquid Paraffin Price Index was cushioned by punctual cargo arrivals and normal refinery operating rates.
- Rising baht improved buyers' purchasing power, encouraging hand-to-mouth procurement and restraining aggressive restocking across terminals.
Why did the price of Liquid Paraffin change in December 2025 in APAC?
- Sustained imports and punctual cargo arrivals kept inventories comfortable, preventing upward price momentum in December.
- Muted domestic offtake from personal-care and food sectors limited buying interest and discouraged aggressive restocking.
- Stable feedstock benchmarks and flat freight rates reduced cost pass-through, constraining any significant price increases.
Europe
- In Spain, the Liquid Paraffin Price Index rose by 0.45% quarter-over-quarter, reflecting firmer refined-product economics.
- The average Liquid Paraffin price for the quarter was approximately USD 1037.67/MT, based on assessments.
- Liquid Paraffin Spot Price strengthened slightly late-quarter as regional refinery throughput dips tightened prompt availability.
- Liquid Paraffin Price Forecast suggests marginal decreases, with seasonal demand dips offset by import flows.
- Liquid Paraffin Production Cost Trend stayed stable; crude oil traded in narrow range, reducing volatility.
- Liquid Paraffin Demand Outlook points to steady pharma and cosmetic consumption, while industrial demand stays subdued.
- Liquid Paraffin Price Index movements were muted due to comfortable coastal inventories and balanced imports.
- Export demand remained limited; exporters and sellers offered marginally softer quotes as buyers rationalised year-end inventories.
Why did the price of Liquid Paraffin change in December 2025 in Europe?
- Stable pharmaceutical buying supported prices, while modest replenishment failed to create significant upward pressure thereby.
- Balanced imports from Belgium and UAE kept availability ample, reducing sellers' leverage to push prices.
- Steady crude costs and smooth port operations limited production cost volatility and prevented supply shocks.
MEA
- In United Arab Emirates, the Liquid Paraffin Price Index fell by 0.40% quarter-over-quarter, citing imports.
- The average Liquid Paraffin price for the quarter was approximately USD 987.67/MT, with stable costs.
- Liquid Paraffin Spot Price remained capped as steady cargo inflows absorbed arrivals, limiting upward pressure.
- Liquid Paraffin Price Forecast indicates marginal downside amid ample inventories and muted holiday season procurement.
- Liquid Paraffin Production Cost Trend stayed subdued given soft base oil feedstocks and steady freight.
- Liquid Paraffin Demand Outlook remains muted as pharmaceutical and personal care orders tracked routine volumes.
- Liquid Paraffin Price Index shifts were shaped by regular terminal operations and dirham exchange peg.
- Liquid Paraffin Spot Price volatility eased as distributors normalized offers following October crude-related inventory adjustments.
Why did the price of Liquid Paraffin change in December 2025 in MEA?
- Comfortable cargo inflows from India and Saudi Arabia increased availability, reducing spot market scarcity pressures.
- Year-end inventory cover and cautious buyers limited spot purchases, easing near-term demand and price pressure.
- Stable freight and pegged dirham reduced transport and currency pressures, keeping landed costs constrained.
South America
- In Brazil, the Liquid Paraffin Price Index rose by 0.51% quarter-over-quarter, reflecting selective cost pass-through.
- The average Liquid Paraffin price for the quarter was approximately USD 1057.67/MT on reported basis.
- Local Liquid Paraffin Spot Price movements mirrored modest freight shifts and steady import cargo availability.
- Brazilian Liquid Paraffin Price Forecast remains neutral amid balanced imports and muted industrial consumption domestically.
- Liquid Paraffin Production Cost Trend eased as Brent-linked feedstock and freight declines trimmed landed costs.
- Liquid Paraffin Demand Outlook showed selective restocking by pharmaceutical and personal-care buyers supporting spot liquidity.
- Liquid Paraffin Price Index reflected tight distributor inventories amid steady US Korean Indian import flows.
- Major supplier schedules remained regular, port operations fluid, preventing logistic disruptions pushing up quotes significantly.
Why did the price of Liquid Paraffin change in December 2025 in South America?
- Reduced Brent-linked feedstock costs and lower Asia freight trimmed import parity, easing Liquid Paraffin prices.
- Steady import volumes from US, South Korea and India sustained supply, preventing domestic price increases.
- Selective restocking by pharmaceutical and personal-care buyers tightened distributor inventories, modestly supporting near-term spot prices.
For the Quarter Ending September 2025
APAC
- In Thailand, the Liquid Paraffin Price Index fell by 15.51% quarter-over-quarter, driven by global oversupply.
- The average Liquid Paraffin price for the quarter was approximately USD 960.33/MT, reported by importers and distributors.
- Liquid Paraffin Spot Price stayed pressured as competitive regional offers kept landed costs subdued domestically.
- Liquid Paraffin Price Forecast indicates modest stabilization with marginal upside risk as inventories gradually normalize.
- Liquid Paraffin Production Cost Trend softened as lower crude and reduced freight eased refiners' costs.
- Liquid Paraffin Demand Outlook remains steady in pharmaceuticals while consumer segments stay muted amid weakness.
- Liquid Paraffin Price Index performance was weighed by inventories and weak export demand in Q3.
- Regional producers maintained supply with shipments, pressuring margins and prompting distributors to clear excess inventory.
Why did the price of Liquid Paraffin change in September 2025 in APAC?
- Ample imports from Gulf and China increased supply, creating surplus and downward pressure on domestic prices.
- Reduced intra-Asia freight and easing crude costs lowered landed costs, compressing refiners' pricing power further.
- Steady pharmaceutical demand could not offset oversupply, while importers negotiated aggressively to optimize spot purchases.
Europe
- In Spain, the Liquid Paraffin Price Index fell by 10.56% quarter-over-quarter, pressured by global surplus and discounted imports into Spain.
- The average Liquid Paraffin price for the quarter was approximately USD 1033/MT across CFR Algeciras.
- Liquid Paraffin Spot Price weakened as Asian and Middle Eastern offers pressured local distributor margins.
- Liquid Paraffin Price Forecast suggests stabilization over coming months as suppliers adjust offers and inventories.
- Liquid Paraffin Production Cost Trend eased as feedstock and freight costs declined, relieving upward pressure.
- Liquid Paraffin Demand Outlook supportive in pharmaceuticals and personal care, though buyers were price sensitive.
- Inventory build and weak export enquiries pressured the Liquid Paraffin Price Index, prompting distributor discounting.
- Refinery maintenance and selective export curbs may tighten supply, moderating Liquid Paraffin Price Index declines.
Why did the price of Liquid Paraffin change in September 2025 in Europe?
- Asian and Middle Eastern exporters offloaded volumes into Spain, creating oversupply and downward price pressure.
- Lower freight rates and improved shipping reduced procurement costs, enabling purchasers to push offers down.
- Domestic pharmaceutical demand remained steady but insufficient to absorb inventories, preventing price recovery in September.
MEA
- In United Arab Emirates, the Liquid Paraffin Price Index fell by 13.39% quarter-over-quarter, reflecting global oversupply.
- The average Liquid Paraffin price for the quarter was approximately USD 991.67/MT, benefiting importers with lower landed costs.
- Liquid Paraffin Spot Price declined as elevated inventories and easing freight inflation pressured import offers and margins.
- Liquid Paraffin Price Forecast indicates near-term stabilization with modest positive revisions expected as seasonal demand strengthens.
- Liquid Paraffin Production Cost Trend weakened following crude price declines, reducing feedstock pressure on refiners' output economics.
- Liquid Paraffin Demand Outlook remains modest; domestic pharmaceutical growth insufficient to offset broad international oversupply and subdued exports.
- Liquid Paraffin Price Index pressure amplified by weak export demand and competitive regional offers from Asian refiners.
- Stable logistics via Jebel Ali and lower freight rates facilitated timely imports, sustaining distributor inventories at controlled levels.
Why did the price of Liquid Paraffin change in September 2025 in MEA?
- Global oversupply and inventory accumulation pressured CIF import offers, driving down Liquid Paraffin prices in MEA.
- Crude price declines and easing freight inflation reduced Liquid Paraffin Production Cost Trend and seller price expectations.
- Domestic pharmaceutical demand growth remained insufficient against export weakness, limiting buying activity and sustaining price pressure.
South America
- In Brazil, the Liquid Paraffin Price Index fell by 10.3% quarter-over-quarter due to global oversupply.
- The average Liquid Paraffin price for the quarter was approximately USD 1052.33/MT, reflecting import-driven softness.
- Liquid Paraffin Spot Price softened as exporters aggressively discounted offers, pressuring local sellers and margins.
- Liquid Paraffin Price Forecast points to gradual stabilization as inventories normalize and seasonal demand improves.
- Liquid Paraffin Production Cost Trend remained muted due to stable feedstock and improved freight economics.
- Liquid Paraffin Demand Outlook shows steady pharmaceutical consumption but remains insufficient to absorb import surplus.
- Price Index volatility eased as buyers disciplined purchasing and distributors offered discounts to clear inventories.
- Domestic blenders sustained operations, maintaining supply reliability despite import competition and limited recent largely manageable logistical challenges.
Why did the price of Liquid Paraffin change in September 2025 in South America?
- Surplus global inventories prompted exporters to cut prices, encouraging imports and pressuring domestic Price Index.
- Lower feedstock costs and improved freight reduced landed costs, enabling importers to offer competitive prices.
- Domestic demand stayed steady but could not offset rising imports, sustaining downward pressure through September.
North America
- The Price Index of Liquid Paraffin in North America witnessed a moderate decline through Q3 2025, primarily due to falling crude oil and base oil values across the region.
- The Liquid Paraffin Spot Price trended lower as supply conditions remained comfortable amid sluggish downstream offtake.
- Prices decreased in September 2025, driven by reduced feedstock mineral oil costs and subdued demand from personal care and pharmaceutical sectors. Additionally, refineries maintained consistent production levels, leading to stable inventories and pressuring sellers to offer discounts.
- The Liquid Paraffin Production Cost Trend reflected softening due to lower energy prices and stable freight rates. However, limited turnarounds at refinery units ensured adequate supply across North America.
- Demand Outlook: The Liquid Paraffin Demand Outlook for Q4 2025 suggests a gradual recovery supported by festive season manufacturing and restocking in cosmetic and healthcare industries. The Liquid Paraffin Price Forecast indicates marginal improvement as consumption picks up toward year-end.
For the Quarter Ending June 2025
South America
- Q2 Price Index Trend: Price Index for Heavy Liquid Paraffin (USP) CFR Santos fell from USD 1235/ton in April to USD 1070/ton in June 2025, driven by excessive supply and rising freight burdens.
- July 2025 Price Movement: Prices decreased in July, as Brazilian importers continued sourcing discounted international shipments despite strong pharmaceutical demand.
- Liquid Paraffin Spot Price experienced further declines as imports from Asia and the Middle East flooded the market.
- Liquid Paraffin Demand Outlook was positive in the pharma sector but overshadowed by declining industrial and cosmetic consumption.
- Liquid Paraffin Production Cost Trend remained flat; local manufacturing costs were steady, but international logistics dictated pricing.
- Liquid Paraffin Price Forecast projects continued weakness unless there’s significant curtailment in upstream exports or a cost shock.
Europe
- The Price Index for Heavy Liquid Paraffin (USP) CFR Algeciras declined sharply from USD 1215/ton in April to USD 1040/ton in June 2025, marking a consistent downward movement throughout the quarter.
- July 2025 Price Movement: Prices decreased in July due to persistent oversupply in the global market and a lack of significant domestic demand growth, even as pharma and personal care sectors maintained steady offtake.
- Liquid Paraffin Spot Price in Spain trended downward as suppliers responded to global surplus and softened shipping costs.
- Liquid Paraffin Demand Outlook remained neutral to weak, with buyers continuing cautious procurement amid stable downstream activities.
- Liquid Paraffin Production Cost Trend reflected easing input costs and stabilized port charges, reducing pressure on the supply chain.
- Liquid Paraffin Price Forecast indicates subdued pricing into Q3 unless there’s a pullback in global inventories.
Asia
- Q2 Price Index Trend: Price Index for Heavy Liquid Paraffin (USP) CFR Laem Chabang dropped from USD 1205/ton in April to USD 1010/ton in June 2025, reflecting gradual but persistent weakness.
- July 2025 Price Movement: Prices decreased further in July due to continued global oversupply, even though domestic pharmaceutical demand stayed robust and tourism-driven consumption improved.
- Liquid Paraffin Spot Price weakened as excess inventories and softened freight rates allowed importers to negotiate lower rates.
- Liquid Paraffin Demand Outlook stayed strong in healthcare, haircare, and food-processing sectors, but supply exceeded demand.
- Liquid Paraffin Production Cost Trend declined slightly due to refinery overcapacity and efficient shipping networks.
- Liquid Paraffin Price Forecast remains bearish short-term, especially with global stock levels still elevated and muted upstream cost pressure.
For the Quarter Ending March 2025
South America
- The South American liquid paraffin market in Q1 2025 exhibited steady demand supported by robust industrial production and resilient downstream sectors such as pharmaceuticals and cosmetics. Supply chains benefited from improved logistics and consistent raw material inflows, particularly from Asia and Europe, contributing to balanced inventory levels. Market sentiment remained cautiously optimistic, with strategic inventory management and preparations for seasonal demand increases shaping the regional landscape.
- Overall, the quarter showed a gradual upward momentum amid stable economic activity and moderate inflationary pressures. In Brazil, liquid paraffin prices increased modestly by 0.4% from Q4 2024 to Q1 2025, averaging $1266.67 USD/MT. The intra-quarter price trend was relatively flat, reflecting steady monthly prices supported by strong pharmaceutical sector demand and rigorous quality controls at key ports.
- This stable yet bullish environment is underpinned by balanced supply-demand dynamics and improved freight conditions. Near-term outlook remains positive, with expectations of sustained price levels driven by ongoing domestic manufacturing growth and strategic inventory planning.
Asia
The APAC liquid paraffin market in Q1 2025 exhibits a cautiously optimistic trajectory underpinned by steady manufacturing activity and improving supply chain logistics. Demand remains robust across pharmaceutical, cosmetic, and industrial sectors, supported by enhanced port throughput and regional trade flows. Inventory levels are generally balanced, facilitating stable market operations despite slight supply-demand imbalances. Seasonal normalization and strategic inventory planning are shaping a gradual upward momentum as the quarter progresses, with market participants preparing for increased summer consumption. In Thailand, Heavy Liquid Paraffin prices declined by 4.63% from Q4 2024 to Q1 2025, averaging USD 1,235 per tonne. Monthly prices fluctuated within the quarter, reflecting dynamic supply-demand interactions influenced by growing pharmaceutical sector demand and stringent quality controls at key ports. The market trend is cautiously bearish but poised for recovery, with near-term outlooks indicating potential price stabilization and gradual increases driven by sustained end-user interest and improved logistics.
Europe
The European liquid paraffin market in Q1 2025 exhibits a cautiously optimistic trajectory, underpinned by steady demand from pharmaceutical and healthcare sectors. Supply chains are gradually stabilizing with improved Asian material flows, though persistently high freight charges continue to challenge logistics. Inventory levels remain balanced across the region, supporting a measured upward price momentum as market participants prepare for seasonal consumption increases and strategic stock adjustments. Overall, market fundamentals suggest a slight supply-demand imbalance favoring sellers, with expectations for sustained demand and moderate price appreciation as the quarter progresses. In Spain, liquid paraffin prices declined by 5.0% from Q4 2024 to an average of $1298.33 USD/MT in Q1 2025, reflecting a fluctuating intra-quarter trend with monthly prices ranging between $1245.00 and $1370.00 USD/MT. This volatility is driven by the interplay of stringent USP compliance at key Mediterranean ports, global freight cost pressures, and robust pharmaceutical sector demand. The market remains cautiously bearish to stable, with near-term outlooks indicating potential price stabilization supported by strategic inventory management and improving supply chain conditions.
MEA
The MEA liquid paraffin market in Q1 2025 exhibited a cautiously optimistic trajectory, underpinned by steady pharmaceutical and healthcare sector demand alongside improved logistics and supply chain fluidity. Regional supply channels, particularly from Asia, showed signs of normalization, supporting balanced inventory levels across the value chain. Market participants engaged in strategic stock management amid a backdrop of stable economic indicators and rising freight costs, fostering a measured environment with gradual upward momentum anticipated as seasonal consumption patterns normalize and preparations for summer demand intensify.
In the United Arab Emirates, liquid paraffin prices declined by 10.51% from Q4 2024 to an average of USD 1,291.67/MT in Q1 2025, reflecting a fluctuating intra-quarter trend with monthly prices ranging between USD 1,200 and USD 1,445/MT. This volatility was driven by importers' inventory adjustments and evolving demand dynamics within the pharmaceutical-grade sector, amid rising freight rates and careful stockholding ahead of peak seasons. The overall trend is currently bearish but tempered by stable demand fundamentals, with a cautiously optimistic near-term outlook as market participants anticipate renewed price support from sustained downstream consumption and improved supply chain conditions.
