For the Quarter Ending December 2025
APAC
• In Japan, the Nitro Benzene Price Index fell by 5.7% quarter-over-quarter, driven by weak benzene.
• The average Nitro Benzene price for the quarter was approximately USD 1132.33/MT per quarterly average.
• Nitro Benzene Spot Price remained subdued as import inflows and downstream inventories constrained spot volumes.
• Nitro Benzene Price Forecast indicates upside supported by year-end restocking and improved downstream operating rates.
• Nitro Benzene Production Cost Trend rose as benzene feedstock and intra-Asia freight costs increased expenditure.
• Nitro Benzene Demand Outlook remains cautious with weak aniline consumption offset by MDI and automotive demand.
• Nitro Benzene Price Index pressure persisted due to competitive Korean imports and domestic inventory overhangs.
• Export inquiries and domestic inventory builds motivated sellers to protect margins rather than discount aggressively.
Why did the price of Nitro Benzene change in December 2025 in APAC?
• Declining benzene feedstock lowered import costs, tightening domestic supply economics margins.
• Weak aniline consumption and conservative procurement reduced buying interest, limiting upward price momentum across markets.
• Stable port operations and balanced inventories removed restocking urgency, muting volatility despite import price upticks.
Europe
• In Europe, the Nitrobenzene Price Index declined quarter-over-quarter, reflecting weak downstream aniline and MDI demand amid broader chemical sector slowdown.
• Nitrobenzene Spot Price remained under pressure as buyers relied on contract volumes and avoided discretionary spot procurement toward year-end.
• Nitrobenzene Production Cost Trend softened during the quarter as benzene feedstock prices eased and energy cost volatility reduced compared with earlier quarters.
• Nitrobenzene Demand Outlook stayed subdued, with construction-linked polyurethane demand remaining weak, while automotive recovery was insufficient to lift consumption materially.
• Nitrobenzene Price Forecast suggests limited near-term upside, as high inventories and cautious restocking behavior are expected to persist into early 2026.
• The Nitrobenzene Price Index remained capped by steady imports and adequate regional supply despite selective plant operating rate adjustments.
• Export competitiveness from Asia and muted European downstream operating rates restricted pricing power across major hubs.
Why did the price of Nitrobenzene change in December 2025 in Europe?
• Softer benzene feedstock and lower energy costs reduced production cost support.
• Weak downstream aniline and MDI demand limited restocking interest.
• Year-end inventory optimization and cautious procurement pressured spot sentiment.
North America
• In the USA, the Nitrobenzene Price Index edged lower in Q4 2025, driven by subdued domestic demand and sufficient supply availability.
• Nitrobenzene Spot Price activity remained limited, as buyers prioritized contract fulfillment and delayed spot purchases ahead of year-end.
• Nitrobenzene Production Cost Trend moderated, supported by easing benzene prices and relatively stable operating costs across US producers.
• Nitrobenzene Demand Outlook remained cautious, with stable but unspectacular offtake from aniline, MDI, and insulation segments.
• Nitrobenzene Price Forecast points to a stable-to-soft trend, as downstream buyers continue conservative purchasing into early 2026.
• The Nitrobenzene Price Index faced pressure from ample inventories and balanced domestic supply despite isolated logistical tightness.
• Limited export pull and muted construction-linked demand constrained any meaningful price recovery.
Why did the price of Nitrobenzene change in December 2025 in North America?
• Lower benzene feedstock costs reduced pricing support.
• Soft year-end demand from downstream polyurethane and chemical segments.
• Inventory sufficiency reduced urgency for spot restocking.
For the Quarter Ending September 2025
APAC
• In Japan, the Nitro Benzene Price Index rose by 5.14% quarter-over-quarter, reflecting balanced supply conditions.
• The average Nitro Benzene price for quarter was approximately USD 1200.33/MT on FOB Osaka basis.
• Domestic Nitro Benzene Spot Price remained rangebound, supported by steady plant operations and port inventories.
• The Nitro Benzene Price Forecast stays cautious, reflecting muted regional demand and limited export upside.
• Observed Nitro Benzene Production Cost Trend showed mild benzene-driven pressure and currency import cost impacts.
• Regional Nitro Benzene Demand Outlook remained subdued with aniline, dyes and coatings limiting spot buying.
• The Nitro Benzene Price Index showed limited volatility, supported by disciplined producers and adequate supply.
• Inventory levels and weak export demand capped upside, keeping Nitro Benzene spot talks largely unchanged.
Why did the price of Nitro Benzene change in September 2025 in APAC?
• Balanced domestic production and steady imports maintained supply, preventing price declines despite soft export demand.
• Muted downstream buying and contractual procurement constrained spot activity, limiting upward pressure on Nitro Benzene.
• Low energy and freight costs eased production expense, while yen weakness raised landed cost risks.
North America
• In the United States, the Nitro Benzene Price Index declined quarter-over-quarter, reflecting weak demand from downstream aniline and MDI sectors.
• Domestic Nitro Benzene Spot Price softened in September as inventory levels remained high and downstream offtake slowed.
• The Nitro Benzene Price Forecast remains neutral, with limited upside expected unless construction-linked demand improves.
• The Nitro Benzene Production Cost Trend eased slightly due to lower benzene feedstock prices and stable energy inputs.
• The Nitro Benzene Demand Outlook was sluggish, with muted activity in polyurethane intermediates and coatings applications.
• The Nitro Benzene Price Index reflected oversupply conditions and competitive import offers, pressuring domestic margins.
• Gulf Coast logistics remained stable, but inland freight inflation added cost pressure to delivered pricing.
Why did the price of Nitro Benzene change in September 2025 in the USA?
• Weak demand from aniline and MDI sectors reduced spot buying, softening the Price Index.
• Lower benzene feedstock prices and high inventories prompted price corrections across key terminals.
• Competitive imports and slow construction activity capped any upward price movement.
Europe
• In Germany and Belgium, the Nitro Benzene Price Index rose quarter-over-quarter, supported by restocking and stable pharmaceutical and coatings demand.
• Nitro Benzene Spot Price firmed in September due to tighter supply and increased procurement from downstream aniline producers.
• The Nitro Benzene Price Forecast is cautiously optimistic, with potential support from seasonal coatings demand and limited imports.
• The Nitro Benzene Production Cost Trend remained stable, with benzene prices holding firm and energy costs elevated in Western Europe.
• The Nitro Benzene Demand Outlook was steady in pharmaceuticals and coatings, while agrochemical demand remained flat.
• The Nitro Benzene Price Index was supported by disciplined production and reduced Asian imports, tightening regional availability.
• Inland transport delays and rising energy tariffs added pressure to delivered pricing, especially in Central Europe.
Why did the price of Nitro Benzene change in September 2025 in Europe?
• Restocking by downstream aniline and coatings sectors lifted demand, supporting the Price Index.
• Stable benzene feedstock costs and controlled production maintained supply balance, preventing volatility.
• Logistics constraints and energy inflation sustained firm spot offers across key European terminals.
For the Quarter Ending June 2025
North America (USA)
• The Nitrobenzene Price Index in the U.S. remained stable through Q2 2025, despite a 9 day weather-related slowdown at BASF’s Louisiana facility. Gulf Coast production operated normally otherwise, ensuring balanced regional supply.
• The Nitrobenzene Spot Price showed little movement, as downstream polyurethane and aniline buyers relied on contracts rather than spot purchases, citing weak pigment demand.
• Why did the price change in July 2025?
• Prices are projected to increase slightly, supported by seasonal polyurethane and MDI demand in automotive and construction, though pigment consumption remains subdued.
• The Nitrobenzene Production Cost Trend stayed firm, driven by stable benzene costs and higher Gulf Coast logistics charges.
• The Nitrobenzene Demand Outlook is moderately positive, supported by agrochemical and polyurethane demand despite softness in pigments and coatings.
Europe (Germany)
• The Nitrobenzene Price Index in Germany stayed flat through Q2 2025, as Asian import availability offset weak domestic activity in coatings, pigments, and automotive intermediates.
• The Nitrobenzene Spot Price remained soft, with buyers purchasing conservatively amid eurozone industrial and construction headwinds.
• Why did the price change in July 2025?
• Prices are expected to edge upward, mainly due to rising replacement costs from Asia and higher domestic energy tariffs despite continued demand weakness.
• The Nitrobenzene Production Cost Trend rose slightly, supported by Rhine freight surcharges and power costs, even as plants maintained regular operating rates.
• The Nitrobenzene Demand Outlook is mixed, with agrochemicals providing steady offtake but coatings and pigments keeping total consumption subdued.
Asia-Pacific (China)
• The Nitrobenzene Price Index averaged USD 1,078/MT FOB Shanghai (Mar–Jun 2025), easing from USD 1,085 in March to USD 1,068 in May, before recovering to USD 1,130 in June on seasonal agrochemical strength.
• The Nitrobenzene Spot Price held near USD 1,100/MT in June, supported by stable output and moderate exports despite continued pigment demand weakness from India.
• Why did the price change in July 2025?
• Prices are projected to soften slightly to USD 1,080–1,085/MT, as weak pigment orders offset steady agrochemical-linked consumption.
• The Nitrobenzene Production Cost Trend stayed stable, with benzene holding around USD 706/MT FOB Korea and no major refinery throughput reductions.
• The Nitrobenzene Demand Outlook remains soft-to-balanced, with pesticides and intermediates maintaining baseline volumes while dyes, pigments, and coatings cap growth.
For the Quarter Ending March 2025
North America
Nitrobenzene prices in the U.S. trended downward throughout Q1 2025, reflecting a continued imbalance between weak demand and steady production. The market faced persistent pressure as sluggish consumption from downstream sectors like aniline, dyes, and rubber chemicals coincided with inflation-driven feedstock volatility and broader macroeconomic uncertainty.
Production in the U.S. remained stable, but rising energy costs, freight disruptions, and labor-related cost inflation added strain to producer margins. Meanwhile, feedstock benzene prices faced volatility, driven by geopolitical risks, crude oil fluctuations, and tariff uncertainties affecting imports from major trade partners such as Canada, Mexico, and China. Although some producers frontloaded shipments in anticipation of tariff hikes, operating rates stayed modest due to tepid demand recovery.
Demand from key end-use sectors showed only limited signs of improvement. The tire and automotive sectors—which rely on aniline derivatives—remained flat as the construction and transportation segments battled high borrowing costs and low project activity. Meanwhile, the polymer and coatings markets exhibited weak growth despite ongoing R&D investment in solvent applications, reflecting a cautious stance among manufacturers. With demand recovery lagging and trade policies continuing to disrupt cost structures, U.S. nitrobenzene prices closed Q1 on a bearish note.
APAC
Nitrobenzene prices in China averaged USD 1,071/MT FOB Shanghai in Q1 2025, marking a 4.4% decrease from Q4 2024’s average and an 18.8% drop year-on-year from Q1 2024. Prices softened from January to March, as balanced feedstock costs and ample domestic supply countered only modest downstream demand.
Production levels remained stable throughout the quarter, supported by consistent benzene and nitric acid availability. China’s crude oil throughput rose 2.1% YoY to 119.17 MMT over Jan–Feb 2025, but weak refining margins and cautious operations by independent refiners limited further feedstock cost volatility. Export flows and high inventory levels helped keep the nitrobenzene market well-supplied, with no major disruptions reported.
Demand from the aniline and dye sectors improved moderately, supported by a post-holiday pickup in construction activity and real estate sentiment. Meanwhile, the tire manufacturing sector saw significant growth in January and February, contributing to firm demand for aniline—a key nitrobenzene derivative. However, global dye export weakness and cautious FMCG-linked procurement limited broader consumption recovery, keeping price movements in check.
Europe
Nitrobenzene prices in Europe declined through Q1 2025, reflecting sustained weakness in feedstock costs and tepid demand from key downstream industries. After a modest rebound in February, values fell again in March due to subdued consumption and ample supply across the region. Compared to the same period last year, Q1 2025 marked a sharper downturn, driven by sluggish industrial activity, falling benzene feedstock prices, and cautious procurement behavior.
Manufacturing and supply conditions remained stable throughout the quarter. European producers operated at normal rates, supported by consistent raw material availability. However, soft benzene fundamentals, driven by falling crude oil and naphtha prices, weighed on overall production economics. Regional supply chains normalized after Q4 congestion, but growing benzene shortages in the Mediterranean prompted increased intra-EU trade. Rising LNG costs and fears of another energy crunch added further uncertainty to forward-looking cost structures.
Demand across downstream applications stayed uneven. The aniline and dye sectors showed limited recovery, while coatings and solvents demand in the polymer industry remained stable but uninspiring. The paints and coatings segment continues to show structural resilience, underpinned by innovation and R&D, but competitive pressure from cheaper imports and weak construction activity capped volume growth. Automotive-linked polymer usage remained cautious amid inflationary headwinds and low new order volumes.
