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Toluene Diisocyanate Price Trend and Forecast

⟳ Weekly Update
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Historical Data Since 2015
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Forecast for 2026

toluene diisocyanate Markets Covered:

cnChina
saSaudi Arabia
usUnited States
deGermany
itItaly
krKorea
inIndia

Global toluene diisocyanate Price Trend, Analysis and Forecast​

The Toluene Diisocyanate (TDI) market in China saw a notable rebound in Q1 2025, with prices rising by 9.41% to USD 1896/MT. This upward movement was primarily fueled by renewed demand after the Lunar New Year holidays, particularly from the flexible foam and coating sectors. A surge in downstream consumption, coupled with reduced inventory levels due to production cuts in the prior quarter, supported the price increase. Additionally, a modest uptick in raw material prices and logistical constraints in northern China temporarily disrupted supply chains, creating localized shortages. As a result, market participants grew more confident, and procurement activity intensified, lifting the overall market sentiment. 

Toluene DiisocyanateTrend Analysis: Q2 2025

The Toluene Diisocyanate (TDI) market in China saw a notable rebound in Q1 2025, with prices rising by 9.41% to USD 1896/MT. This upward movement was primarily fueled by renewed demand after the Lunar New Year holidays, particularly from the flexible foam and coating sectors. A surge in downstream consumption, coupled with reduced inventory levels due to production cuts in the prior quarter, supported the price increase. Additionally, a modest uptick in raw material prices and logistical constraints in northern China temporarily disrupted supply chains, creating localized shortages. As a result, market participants grew more confident, and procurement activity intensified, lifting the overall market sentiment. 

The Indian Toluene Diisocyanate market showed mixed pricing behavior in Q1 2025. India CIF prices increased by 9.70%, climbing to USD 1991/MT, whereas India Ex prices decreased by 2.30%, settling at USD 2289/MT. The surge in CIF prices was driven by a post-holiday demand uptick in China, tightening export availability and raising offer levels for Indian buyers. In contrast, domestic Ex prices corrected as local suppliers adjusted to the high inventory levels carried over from Q4 2024 and faced muted buying during the fiscal year-end. Additionally, some end-users postponed large-scale procurement in anticipation of potential price cuts or duty changes in the upcoming budget. The divergence between CIF and Ex prices reflected global supply-side tightening juxtaposed with domestic demand-side restraint. 

Toluene Diisocyanate Trend Analysis: Q4 2024

In Q4 2024, TDI (Toluene Diisocyanate) prices in China showed signs of stabilization, with only a marginal decline of 0.46%, settling at USD 1733/MT. The limited price movement indicated that the market might have reached a near-term floor after consecutive quarters of decline. Some planned maintenance activities at major TDI plants slightly tightened supply, which helped curb further price drops. While demand remained subdued due to seasonal slowdowns in construction and furniture manufacturing, the reduced pace of price erosion suggested that sellers were resisting further discounts amid tighter margins. Sentiment was cautious but slightly more balanced compared to the previous quarters. 

TDI (Toluene Diisocyanate) prices in India moderated in Q4 2024. India CIF prices registered a minor decline of 0.55%, reaching USD 1815/MT, while India Ex prices dropped more significantly by 7.72%, settling at USD 2343/MT. The domestic price correction was influenced by improved domestic production and import availability, which eased supply-side constraints observed in the previous quarter. Demand also softened due to the typical year-end industrial slowdown, especially in sectors like home furnishing and construction. On the import side, the limited decline in CIF values suggested some stabilization in global TDI markets, particularly from China, where prices had approached a floor following multiple quarters of declines. This convergence hinted at a potential rebalancing of market fundamentals moving into the new year. 

In Q3 2024, Toluene Diisocyanate (TDI) prices witnessed the sharpest quarterly decline of 11.80%, falling to USD 1741/MT. This significant dip was influenced by a combination of high inventories, aggressive price competition among local suppliers, and weak demand from both domestic and international buyers. The summer season typically sees lower construction and manufacturing activity due to high temperatures, further slowing down the demand for TDI. Additionally, Chinese exporters faced difficulties in securing orders due to competitive pricing from Southeast Asian and Middle Eastern suppliers. These market dynamics, coupled with stable-to-soft raw material costs, intensified the bearish momentum in the Chinese TDI market. 

In Q3 2024, a divergence emerged between import and domestic prices. India CIF prices saw a sharp drop of 11.75%, reaching USD 1825/MT, while India Ex prices surprisingly rose by 6.32% to USD 2539/MT. The fall in CIF values reflected aggressive price undercutting by Chinese exporters amid surplus stocks and sluggish international demand. However, within India, a combination of tight domestic availability due to limited plant operations and a rebound in demand from the automotive and consumer goods sectors helped push Ex prices upward. Buyers in India turned to local sources to avoid long import lead times, creating upward momentum in domestic pricing. This contrast signaled a short-term decoupling between import and domestic price trends driven by localized supply-demand dynamics. 

During Q2 2024, the downward trend in TDI (Toluene Diisocyanate) prices continued, with a further decline of 8.27%, bringing prices down to USD 1974/MT. The drop was primarily driven by oversupply in the domestic market, as key producers continued operations at high capacity despite tepid demand recovery. Feedstock toluene and nitric acid prices remained soft, reducing production costs and enabling sellers to offer lower prices. Moreover, the Chinese real estate and automotive sectors, major end-users of polyurethane foams, showed limited growth, restraining overall TDI consumption. Market sentiment remained cautious, with buyers adopting a wait-and-watch approach in anticipation of further price corrections. 

In Q2 2024, Toluene Diisocyanate (TDI) prices in India continued to trend lower. India CIF prices dropped further by 6.72% to USD 2068/MT, while India Ex prices experienced a modest decline of 0.75%, settling at USD 2388/MT. The CIF market was pressured by persistently weak Chinese prices and competitive offers from global suppliers trying to offload excess inventory. The appreciation of the Indian Rupee during this quarter also made imports relatively cheaper. Meanwhile, the domestic market saw subdued price movement as downstream industries, particularly in construction and furniture, entered a seasonally slower demand phase. However, logistical efficiency and steady local demand helped keep Ex prices relatively stable in comparison to import values. 

In the first quarter of 2024, Toluene Diisocyanate (TDI) prices in the Chinese market dropped by 7.96%, settling at USD 2152/MT. This decline followed the elevated prices seen in Q4 2023 and was largely attributed to sluggish demand from downstream polyurethane and foam sectors, which typically experience a slow recovery post the Lunar New Year holidays. Additionally, the restart of several domestic production units, previously shut for maintenance, led to increased supply, further dampening prices. Weak export inquiries also contributed, as global demand remained uncertain amid economic concerns and currency fluctuations. The imbalance between supply and demand created a bearish tone in the market during this quarter. 

TDI prices in the Indian market registered a downward correction in Q1 2024. India CIF prices declined by 6.97%, settling at USD 2217/MT, while India Ex prices dropped by 2.31%, reaching USD 2406/MT. The downward pressure on prices was driven by weak demand recovery post the year-end slowdown and a lack of strong procurement activity from downstream sectors such as foam and adhesives. Additionally, improved inventory positions among Indian importers and better shipping availability from China contributed to the decline in CIF values. On the domestic front, the limited dip in Ex prices indicated a degree of pricing resilience supported by ongoing consumption from key users, though market sentiment remained cautious. 

toluene diisocyanate Parameters Covered: 

  • Toluene
  • Phosgene
  •  China
  •  Saudi Arabia
  •  South Korea
  •  Germany
  •  USA
  • Furniture and Bedding
  • Automotive
  • Construction
  • Packaging
  • Coatings
  • India
  • South Korea
  • Italy

Historically, several events have caused significant fluctuations in Toluene Diisocyanate prices

  • 2022 (Energy Crisis and Supply Disruptions): The Russia-Ukraine conflict resulted in a global energy crisis, particularly affecting natural gas prices in Europe, a critical input for TDI production. Energy shortages and rising production costs led to significant price spikes in the second half of the year. At the same time, production disruptions and rising freight costs added to the volatility. 
  • 2019-2021 (Trade Tensions, Pandemic, and Supply Chain Disruptions): The U.S.-China trade war affected global chemical supply chains, contributing to fluctuating prices. In Asia, particularly in China, prices remained volatile due to uncertainty around tariffs and trade policies. The COVID-19 pandemic led to a sharp decrease in demand for TDI, especially in the automotive and construction sectors, driving prices lower. However, as countries recovered and industries began ramping up production later in the year, prices saw an uptick due to supply chain disruptions and plant shutdowns. Despite ongoing supply chain challenges, demand from recovering sectors like automotive, construction, and appliances drove prices up. Several manufacturers struggled with logistics issues, and a global shortage of raw materials like benzene caused further price increases. 
  • 2015-2018 (Supply Tightness and Plant Disruptions): From 2015 to 2018, supply shortages due to plant maintenance in China and Europe, as well as production issues at BASF’s German facility, tightened global supplies. TDI prices surged to record highs due to shutdowns at key plants, including Covestro’s facility in Germany, and stricter environmental regulations in China, which affected local production. 

 

These events underscore the TDI market’s vulnerability to global disruptions and highlight the need for continuous monitoring of supply-demand dynamics.

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Historically, several events have caused significant fluctuations in Toluene Diisocyanate prices

  • 2022 (Energy Crisis and Supply Disruptions): The Russia-Ukraine conflict resulted in a global energy crisis, particularly affecting natural gas prices in Europe, a critical input for TDI production. Energy shortages and rising production costs led to significant price spikes in the second half of the year. At the same time, production disruptions and rising freight costs added to the volatility. 
  • 2019-2021 (Trade Tensions, Pandemic, and Supply Chain Disruptions): The U.S.-China trade war affected global chemical supply chains, contributing to fluctuating prices. In Asia, particularly in China, prices remained volatile due to uncertainty around tariffs and trade policies. The COVID-19 pandemic led to a sharp decrease in demand for TDI, especially in the automotive and construction sectors, driving prices lower. However, as countries recovered and industries began ramping up production later in the year, prices saw an uptick due to supply chain disruptions and plant shutdowns. Despite ongoing supply chain challenges, demand from recovering sectors like automotive, construction, and appliances drove prices up. Several manufacturers struggled with logistics issues, and a global shortage of raw materials like benzene caused further price increases. 
  • 2015-2018 (Supply Tightness and Plant Disruptions): From 2015 to 2018, supply shortages due to plant maintenance in China and Europe, as well as production issues at BASF’s German facility, tightened global supplies. TDI prices surged to record highs due to shutdowns at key plants, including Covestro’s facility in Germany, and stricter environmental regulations in China, which affected local production. 

 

These events underscore the TDI market’s vulnerability to global disruptions and highlight the need for continuous monitoring of supply-demand dynamics.

Why PriceWatch?

PriceWatch is your trusted resource for tracking global toluene diisocyanate price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the toluene diisocyanate market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, PriceWatch keeps you fully informed of market dynamics.

In addition, PriceWatch provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With PriceWatch, you gain a competitive edge in understanding all the elements that influence toluene diisocyanate prices worldwide. Stay ahead of the curve with PriceWatch’s reliable, accurate, and timely toluene diisocyanate market data.

Track PriceWatch's toluene diisocyanate price assessment on a weekly basis since 2015 onwards, along with short-term forecasts, and get access to the detailed report in a downloadable format.

Data Collection and Sources​

  • Real-Time Market Data: Price-Watch aggregates real-time pricing data from a diverse range of sources, including global commodity exchanges, industry reports, and proprietary databases. This ensures that our assessments reflect the most current market conditions. 
  • On-the-Ground Intelligence: Our team gathers insights directly from key market participants, including producers, suppliers, traders, and end-users, across major TDI production hubs. This ground-level intelligence is crucial for understanding localized market dynamics. 
  • Supply Chain Monitoring: We track the entire TDI supply chain, from raw material availability to production and distribution channels. This includes monitoring feedstock prices, production capacities, and transportation logistics. 

Event Tracking and Impact Analysis​

  • Geopolitical Tensions: Price-Watch continuously monitors global geopolitical developments, such as conflicts or trade disputes, which can significantly impact TDI prices. Our analysis includes potential disruptions to supply chains and their immediate and long-term effects on pricing. 
  • Natural Disasters and Climate Events: We assess the impact of natural disasters, such as typhoon and floods, on TDI production facilities, particularly in vulnerable regions. These events are factored into our price forecasts and supply outlooks. 
  • Economic Shifts: Price-Watch evaluates macroeconomic trends, including global economic growth, inflation rates, and sector-specific demand (e.g., automotive, packaging), to predict shifts in TDI demand and corresponding price movements.

Production Capacity and Supply Analysis

  • Current Production Monitoring: We maintain a comprehensive database of global TDI production facilities, tracking their operational status, maintenance schedules, and output levels. This allows us to assess current supply availability accurately. 
  • Future Capacity Projections: Our research includes detailed forecasts of upcoming TDI production capacities, factoring in new plant constructions, expansions, and technological advancements. This helps in predicting future supply trends and potential price stabilization. 

Demand Forecasting

  • Sectoral Demand Analysis: Price-Watch provides in-depth analysis of demand trends across key sectors, including packaging, automotive, and construction. We track year-on-year demand growth and project future consumption patterns based on economic indicators and industry developments. 
  • Global Demand Dynamics: Our methodology considers regional demand variations and how they influence global TDI pricing. This includes understanding the impact of shifts in manufacturing bases, trade policies, and environmental regulations.

Pricing Model Development

  • Dynamic Pricing Models: Price-Watch utilizes advanced econometric models to forecast TDI prices, incorporating real-time data, historical trends, and projected market conditions. Our models are continuously refined to enhance accuracy and predictive power. 
  • Scenario Analysis: We conduct scenario-based assessments to evaluate potential future market conditions. This includes best-case, worst-case, and most likely scenarios, helping our clients prepare for a range of market outcomes.

Reporting and Client Support

  • Comprehensive Reports: Our clients receive detailed reports that include current price assessments, future price forecasts, and in-depth analysis of market drivers. These reports are designed to be actionable, providing clear insights and recommendations. 
  • Ongoing Support: Price-Watch offers continuous updates and personalized support to our clients, ensuring they have the most up-to-date information to make informed decisions. Our experts are available to discuss specific market developments and provide tailored advice. 

This research methodology ensures that Price-Watch delivers the most accurate, timely, and actionable TDI pricing assessments, helping our clients stay ahead of market trends and make informed business decisions. 

Toluene Diisocyanate price provided by PriceWatch is a base price and excludes VAT/Taxes, discounts, or offers. The information herein is accurate to the best of our knowledge as of the date indicated and is provided solely for the convenience of our customers as a reference for toluene diisocyanate. PriceWatch disclaims any warranties or representations regarding the accuracy of results derived from this information. It is the sole responsibility of the user to assess the suitability of the product for their specific application. This document does not constitute an endorsement to use the product in violation of any applicable patent rights.

Toluene diisocyanate (TDI) prices are influenced by several key factors, including raw material costs, production capacity, demand from end-user industries, and geopolitical events. Fluctuations in the prices of feedstocks such as toluene and phosgene significantly affect TDI pricing. Additionally, supply disruptions due to maintenance shutdowns or regulatory changes can tighten supply, leading to price increases. Economic conditions, such as growth in the automotive, furniture, and construction sectors, also play a crucial role in shaping demand and influencing TDI prices globally.

Environmental regulations significantly influence Toluene Diisocyanate (TDI) pricing and procurement strategies by imposing additional costs on manufacturers for compliance and sustainability practices. Stricter regulations may lead to increased production costs, which can be passed on to customers in the form of higher TDI prices. Procurement heads should consider sourcing from suppliers with a strong compliance record and sustainable practices, as they may offer competitive pricing and mitigate risks associated with regulatory penalties and market access.

International trade policies, including tariffs, trade agreements, and import/export restrictions, play a crucial role in Toluene Diisocyanate (TDI) pricing fluctuations. For instance, tariffs on raw materials or finished products can lead to increased costs for manufacturers, which may be reflected in TDI prices. Additionally, trade agreements can facilitate smoother supply chains and potentially lower costs. Procurement heads should stay informed about trade policy changes in key producing countries to adjust their sourcing strategies and manage pricing effectively.

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