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Mineral Turpentine Oil Price Trend and Forecast

UNSPC code: 12352103
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Historical Data Since 2015
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Forecast for 2026

mineral turpentine oil Price Trends by Country

inIndia
gbUnited Kingdom
aeUnited Arab Emirates
idIndonesia
zaSouth Africa

mineral turpentine oil Pricing Trends in India: 

  • Northern India mineral turpentine oil market price trend
  • Southern India mineral turpentine oil market price trend
  • Central India mineral turpentine oil market price trend

Global mineral turpentine oil Price Trend, Analysis and Forecast​

According to PriceWatch, MTO prices in Mumbai declined in Q2 2025, ending the quarter at INR 79,000 per ton. The drop was mainly due to weak demand from paints, coatings, and industrial solvent sectors, where buyers showed little urgency to restock amid adequate inventories and ongoing economic uncertainty.

Domestic supply remained stable throughout the quarter, with consistent production and no major disruptions. Feedstock and transport costs also held steady, reinforcing that the price decline was largely demand-driven. Also track real time Palm Oil and RBD Palm Oil price trend analysis.

Overall, the MTO market in Mumbai remained well-supplied but subdued, reflecting a bearish tone shaped by cautious buying and soft consumption.

India mineral turpentine oil Price Trend, Analysis and Forecast

Mineral Turpentine Oil Price Trend Analysis: Q1 2025

In Q1 2025, Ex-Mumbai MTO prices remained steady, reflecting a continuation of the prior quarter’s trends. January saw prices stabilize at INR 83,000, and February saw a slight rise of 2.41% to INR 85,000, followed by a marginal increase to INR 85,500 in March.

This stability suggests a more balanced market, with prices showing moderate growth despite underlying pressures from fluctuating feedstock costs and a stable demand from key end-user industries like paints and coatings. The overall price movement indicates a market that is neither overly optimistic nor declining rapidly but rather operating within a steady range. 

Mineral Turpentine Oil Price Trend Analysis: Q2 2025

According to the PriceWatch, In Q2 2025, Mineral Turpentine Oil (MTO) price trend for an Ex-Mumbai basis registered a clear decrease at the end of quarter second price stood at INR 79000 per ton, reflecting a combination of muted demand and stable supply dynamics.

The decline was primarily attributed to cautious buying activity from key downstream sectors such as paints, coatings, and industrial solvents, which operated with sufficient inventories and showed limited urgency in restocking.

This restrained procurement behaviour came amid broader economic uncertainties and a generally soft market sentiment. On the supply side, domestic production remained consistent throughout the quarter, ensuring adequate availability across regional markets.

Additionally, there were no significant changes in feedstock prices or transportation costs, further indicating that the price movement was fundamentally demand-driven. Despite the market being well-balanced in terms of supply, the lack of strong buying interest placed downward pressure on prices.

As a result, MTO prices in Mumbai trended lower over the quarter, highlighting a bearish tone shaped by cautious consumption and steady output. This points to a market that, while stable in logistics and production, continues to face headwinds from a demand perspective. 

According to the PriceWatch, In Q2 2025, Mineral Turpentine Oil (MTO) price trend for FOB India basis experienced a discernible decrease at the end of second quarter price stood at around INR 84000 per ton, driven by a confluence of factors rooted in restrained demand despite steady supply.

Exporters across India reported consistent production levels and ample availability throughout the quarter, indicating no supply-side disruptions. However, international buyers particularly from sectors like paints, coatings, and industrial solvents adopted a cautious procurement strategy amid broader macroeconomic uncertainty and sufficient inventory on hand.

Feedstock and freight costs remained largely unchanged, reinforcing the conclusion that the price pressure was primarily demand-driven rather than cost-related. Consequently, FOB India MTO prices softened gradually for most of the quarter, reflecting a mild bearish sentiment in an otherwise structurally sound market. This pricing trend underscores the influence of global demand sensitivity on Indian exports, even when domestic operational conditions remain stable. 

Mineral Turpentine Oil Price Trend Analysis: Q1 2024

In Q1 2024, Ex-Mumbai Mineral Turpentine Oil prices showed a noticeable downward trend. Starting the year at INR 94,000 per ton in January, prices experienced a consistent decline through the quarter, reaching INR 89,000 by March, representing a decrease of approximately 5.32% over the three-month period.

The decline was attributed to fluctuations in feedstock prices, with a slight softening in demand from key sectors like construction. This trend suggests that although the market began with relatively higher prices, a tightening in demand alongside unstable feedstock prices led to downward adjustments. 

Mineral Turpentine Oil Price Trend Analysis: Q2 2024

In Q2 2024, Ex-Mumbai prices continued to exhibit volatility. In April, the price stood at INR 87,000 per ton, marking a 2.25% decline. This was followed by a brief uptick in May to INR 88,000, a 1.15% increase, but prices again fell to INR 84,000 in June, reflecting a significant 4.55% drop.

The market saw modest fluctuations due to a combination of steady demand from the paints and coatings sector and uncertainty in feedstock prices. Demand remained steady, but price reductions were still necessary to balance the market amid rising costs of raw materials. 

Mineral Turpentine Oil Price Trend Analysis: Q3 2024

In Q3 2024, Ex-Mumbai showed some signs of stabilization, with prices fluctuating within a narrow range. In July, prices remained steady at INR 84,000 and then increased by 2.38% to INR 86,000 in August. However, by September, the price decreased to INR 83,000, a drop of 3.49%.

This quarter’s price movements were indicative of a generally balanced market, with demand from the paint industry remaining stable. The shifts in price were largely influenced by ongoing volatility in the feedstock market, though overall supply and demand remained balanced. 

Mineral Turpentine Oil Price Trend Analysis: Q4 2024

In Q4 2024, Ex-Mumbai saw a sharper decline in prices, particularly in October when prices fell to INR 79,000, a significant 4.82% decrease. However, there was a rebound in November and December, with prices rising to INR 81,000 and then holding steady at INR 83,000 in December, reflecting increases of 2.53% and 2.47%, respectively.

The rebound could be attributed to a slight improvement in feedstock availability and perhaps a recovery in the demand from the industrial sectors, including paints and coatings. Despite the rebound, the overall market was still feeling the pressure of fluctuating raw material prices and external market uncertainties. 

Global mineral turpentine oil Supply Chain

India mineral turpentine oil Supply Chain

Upstream
  • Crude Oil
  • Petroleum 
Downstream
  • Painting and Coating
  • Varnishes
Major supplying countries
  • India
Major importing countries
  • UK
  • Indonesia
  • UAE
  • South Africa

Technical Specifications of Mineral Turpentine Oil Price Trends

Molecular Weight[g/mol]

136.23 g/mol

CAS No

8006-64-2

HS Code

27101990

Molecular Formula

C10H16
mineral turpentine oil

Mineral Turpentine Oil (MTO), or white spirit, is a versatile solvent used in various industries. It is commonly used in paints, coatings, and varnishes to dissolve resins and improve application. MTO is also used in cleaning and degreasing agents to remove grease and oil from machinery. Additionally, it serves as a paint thinner, adjusting viscosity for smoother application.

Packaging Type

ISO Tank

Mineral Turpentine Oil Grades Covered

Density (770-800)

Incoterms Used

FOB Nhava Sheva, Ex-India, CIF Southampton, CIF Jakarta, CIF Jebel Ali, CIF Durban.

Synonym

PriceWatch Quotation Terms:

25-28 MT

Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.

Property  Specification  
Density (15°C)    

770-800 kg/m3 
Gravity (30°C)  0.855-.875 
Final Boiling Point   240-245°C 
Kin. Viscosity (40°C)   0.01-3.00 
Mix Aniline Point   8-14 

Mineral Turpentine Oil Industrial Applications

Mineral turpentine oil, also known as white spirit, is a versatile solvent used in various industries. It is commonly employed as a paint thinner, brush cleaner, and surface degreaser, effectively removing grease, oil, and adhesive residues. In the industrial sector, it aids in degreasing machinery and can help remove rust or provide corrosion protection for metal surfaces. It is also used in wood treatment products, such as polishes and preservatives, and can be found in certain cosmetic formulations, perfumes, and even insect repellents. Additionally, mineral turpentine is used in the textile and rubber industries, and occasionally in aromatherapy, though it should be handled with care due to its strong fumes and potential health risks. 

 

 

Historically, several events have caused significant fluctuations in Mineral Turpentine Oil prices

  • Israel-Hamas Conflict (2023): The recent escalation in the Israel-Hamas conflict has introduced additional uncertainty in Middle Eastern supply chains, potentially impacting global crude oil prices and, consequently, the pricing of MTO. Disruptions in this region can affect supply routes and increase volatility in markets worldwide. 
  • Environmental Regulations Impact (October 2023): New environmental regulations aimed at reducing the use of high-GWP substances have driven up demand for Mineral Turpentine Oil. This regulatory shift has caused price increases and has impacted the availability of feedstocks used in Mineral Turpentine Oil production. 
  • Crude Oil Market Fluctuations (July 2022): The Russia-Ukraine conflict caused significant fluctuations in crude oil prices, which in turn affected Mineral Turpentine Oil prices. The war disrupted supply chains and contributed to increased production costs for Mineral Turpentine Oil.  
  • Impact of COVID-19 on Supply Chains (September 2021): The ongoing COVID-19 pandemic continued to affect global supply chains, causing disruptions in Mineral Turpentine Oil feedstock supplies and leading to fluctuations in prices. 


These events underscore the Mineral Turpentine Oil 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 mineral turpentine oil price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the mineral turpentine oil 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 mineral turpentine oil prices worldwide. Stay ahead of the curve with PriceWatch’s reliable, accurate, and timely mineral turpentine oil market data.

Track PriceWatch's mineral turpentine oil 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: PriceWatch 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 Mineral Turpentine Oil production hubs. This ground-level intelligence is crucial for understanding localized market dynamics.
  • Supply Chain Monitoring: We track the entire Mineral Turpentine Oil supply chain, from raw material availability (e.g., crude oil) to production and distribution channels. This includes monitoring feedstock prices, production capacities, and transportation logistics.

Event Tracking and Impact Analysis​

  • Geopolitical Tensions: PriceWatch continuously monitors global geopolitical developments, such as conflicts or trade disputes, which can significantly impact Mineral Turpentine Oil 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 hurricanes or winter storms, Mineral Turpentine Oil production facilities, particularly in vulnerable regions like the U.S. Gulf Coast. These events are factored into our price forecasts and supply outlooks.
  • Economic Shifts: PriceWatch evaluates macroeconomic trends, including global economic growth, inflation rates, and sector-specific demand (e.g., paints, varnishes), to predict shifts in Mineral Turpentine Oil demand and corresponding price movements.

Production Capacity and Supply Analysis

  • Current Production Monitoring: We maintain a comprehensive database of global Mineral Turpentine Oil 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 Mineral Turpentine Oil 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: PriceWatch 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 Mineral Turpentine Oil pricing. This includes understanding the impact of shifts in manufacturing bases, trade policies, and environmental regulations.

Pricing Model Development

  • Dynamic Pricing Models: PriceWatch utilizes advanced econometric models to forecast Mineral Turpentine Oil 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: PriceWatch 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 PriceWatch delivers the most accurate, timely, and actionable Mineral Turpentine Oil pricing assessments, helping our clients stay ahead of market trends and make informed business decisions.

Molecular Weight[g/mol]

136.23 g/mol

CAS No

8006-64-2

HS Code

27101990

Molecular Formula

C10H16
mineral turpentine oil

Mineral Turpentine Oil (MTO), or white spirit, is a versatile solvent used in various industries. It is commonly used in paints, coatings, and varnishes to dissolve resins and improve application. MTO is also used in cleaning and degreasing agents to remove grease and oil from machinery. Additionally, it serves as a paint thinner, adjusting viscosity for smoother application.

Packaging Type

ISO Tank

Grades Covered

Density (770-800)

Incoterms Used

FOB Nhava Sheva, Ex-India, CIF Southampton, CIF Jakarta, CIF Jebel Ali, CIF Durban.

Synonym

PriceWatch Quotation Terms:

25-28 MT

Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.

Property  Specification  
Density (15°C)    

770-800 kg/m3 
Gravity (30°C)  0.855-.875 
Final Boiling Point   240-245°C 
Kin. Viscosity (40°C)   0.01-3.00 
Mix Aniline Point   8-14 

Applications

Mineral turpentine oil, also known as white spirit, is a versatile solvent used in various industries. It is commonly employed as a paint thinner, brush cleaner, and surface degreaser, effectively removing grease, oil, and adhesive residues. In the industrial sector, it aids in degreasing machinery and can help remove rust or provide corrosion protection for metal surfaces. It is also used in wood treatment products, such as polishes and preservatives, and can be found in certain cosmetic formulations, perfumes, and even insect repellents. Additionally, mineral turpentine is used in the textile and rubber industries, and occasionally in aromatherapy, though it should be handled with care due to its strong fumes and potential health risks. 

 

 

Mineral Turpentine Oil Market Price Trend 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 mineral turpentine oil. 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.

The pricing of Mineral Turpentine Oil is influenced by several factors, including raw material costs such as crude oil fluctuations in supply and demand within industries like paints, coatings, and adhesives, as well as external elements like geopolitical events, trade tariffs, and energy prices. These factors combine to create variability in pricing depending on global economic conditions.

Regional production plays a significant role in Mineral Turpentine Oil pricing. Regions with high production, like Asia-Pacific, tend to have more competitive pricing due to local availability, whereas regions that rely on imports, such as North America and Europe, often face higher costs due to transportation fees, import duties, and potential supply chain disruptions.

The latest pricing trends for Mineral Turpentine Oil often reflect fluctuations in the cost of raw materials and changes in global supply chains. To secure better rates, procurement heads can consider locking in long-term contracts with suppliers, monitoring global price trends and indices, and optimizing bulk purchasing strategies to take advantage of volume discounts.

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