Naphtha Price Trend Q1 2025
In Q1 2025, global naphtha markets remained mixed as tighter regional supply competed with weak petrochemical demand. Asian availability is periodically constrained by refinery maintenance, reduced Russian exports and limited arbitrage cargoes, while new cracker start-ups in China and Indonesia provided additional demand support.
Russian naphtha exports to Asia also fell sharply in February following attacks on refining infrastructure, tightening east-of-Suez availability and supporting regional market sentiment. However, Asian petrochemical margins remained pressured, with some buyers switching from naphtha toward LPG where economics are more favorable.
Europe experienced improving cracking demand but continued to face competition from alternative feed stocks and ample regional stocks. By March, refinery maintenance and reduced arbitrage availability provided further support in Asia, while European markets benefited from seasonal refinery maintenance.
United Arab Emirates: Light Paraffinic Naphtha FOB Jebel Ali
In Q1 2025, Light Paraffinic Naphtha FOB Jebel Ali prices declined by approximately 2.34%, as weaker Asian petrochemical economics outweighed periodic Middle Eastern supply constraints. Early in the quarter, Asian buyers remained cautious because squeezed cracker margins encouraged some producers to substitute LPG for naphtha.
Middle Eastern refinery maintenance nevertheless tightened regional availability, while reduced Russian exports to Asia during February increased reliance on alternative suppliers. New cracker start-ups in China and Indonesia later supported regional demand and improved naphtha sentiment.
In March 2025, Naphtha Prices in the UAE declined by approximately 2.38%. The continued monthly decline indicated that weak downstream economics and cautious procurement still outweighed supply-side support, leaving Jebel Ali values softer overall despite tighter regional availability toward quarter-end.
United States: Light Paraffinic Naphtha FOB Houston
In Q1 2025, Light Paraffinic Naphtha FOB Houston prices increased marginally by approximately 0.47%, despite a sharp 6.46% decline in March. U.S. naphtha fundamentals are supported by domestic supply flexibility and relatively resilient petrochemical operations compared with Asia, where weak cracker economics encouraged feedstock switching.
Meanwhile, global trade flows are affected by reduced Russian naphtha exports and tighter Asian availability, but these disruptions has a more limited direct impact on Gulf Coast supply. European and Asian buyers remained sensitive to freight and arbitrage economics, keeping international trade flows dynamic.
In March 2025, Naphtha Prices in the USA declined by approximately 6.46%, reflecting weaker regional buying interest and softer downstream sentiment. The contrasting quarterly and monthly movements suggested that Houston remained relatively firm earlier in Q1 before experiencing a pronounced late-quarter correction.
Netherlands: Light Paraffinic Naphtha FOB Rotterdam
In Q1 2025, Light Paraffinic Naphtha FOB Rotterdam prices increased by approximately 2.86%, supported by stronger European cracking demand and seasonal refinery maintenance. European naphtha fundamentals improved during March as refinery maintenance increased and seasonal gasoline blending demand provided additional support to light-end products.
At the same time, petrochemical producers maintained relatively stronger naphtha demand than their Asian counterparts, where alternative LPG feedstocks remained economically attractive. However, European markets continued to face ample regional inventories and competition from Mediterranean supply, limiting the upside.
In March 2025, Naphtha Prices in the Netherlands increased by approximately 2.66%. The positive monthly movement reinforced the quarterly recovery, indicating that improving refinery maintenance dynamics and petrochemical feedstock demand outweighed concerns over regional product availability toward the end of Q1.
Saudi Arabia: Light Paraffinic Naphtha FOB Jeddah
In Q1 2025, Light Paraffinic Naphtha FOB Jeddah prices declined by approximately 2.92%, despite Middle Eastern refinery maintenance providing periodic supply support. Asian buyers initially remained cautious because weak petrochemical margins limited appetite for additional naphtha cargoes, while some consumers switched toward LPG as an alternative cracker feedstock.
Middle Eastern refinery turnarounds nevertheless restricted regional availability and helped support east-of-Suez naphtha markets during parts of the quarter. Reduced Russian exports to Asia during February also encouraged greater reliance on Middle Eastern and other alternative suppliers.
However, subdued downstream demand ultimately outweighed these supply-side factors. In March 2025, Naphtha Prices in Saudi Arabia declined by approximately 4.16%, showing renewed weakness as regional refinery availability improved and Asian buyers remained cautious.
Singapore: Light Paraffinic Naphtha FOB Port of Singapore
In Q1 2025, Light Paraffinic Naphtha FOB Singapore prices increased by approximately 3.61%, although the market weakened sharply in March. Early-quarter demand remained subdued as Asian cracker operators faced squeezed margins and some buyers substituted LPG for naphtha.
Supply-side conditions subsequently became more supportive as Middle Eastern refinery maintenance, reduced Russian exports and limited arbitrage cargoes tightened east-of-Suez availability. New cracker start-ups in China and Indonesia also provided incremental demand support.
By March, however, downstream paraxylene and polyester demand weakened, narrowing petrochemical margins and limiting further upside. In March 2025, Naphtha Prices in Singapore declined by approximately 5.26%. The result is a strong quarterly gain followed by a significant late-quarter correction as demand concerns overtook earlier supply tightness.
Japan: Light Paraffinic Naphtha CIF Tokyo (UAE)
In Q1 2025, Light Paraffinic Naphtha CIF Tokyo prices declined by approximately 2.22%, reflecting weak Japanese petrochemical demand and persistent pressure on regional cracker economics. At the start of the quarter, Asian buyers remained reluctant to accept higher offers as petrochemical production margins are squeezed, while some producers switched toward LPG feedstocks.
Supply constraints subsequently emerged as Middle Eastern refinery maintenance and lower Russian exports reduced regional availability. However, Japanese demand remained constrained by subdued downstream activity, limiting the benefit of tighter supply.
S&P Global also reported weakening Asian paraxylene economics in March as downstream demand deteriorated. In March 2025, Naphtha Prices in Japan declined by approximately 2.23%. The monthly decline confirmed that weaker consumption continued to outweigh regional supply-side support.
South Korea: Light Paraffinic Naphtha CIF Busan (UAE)
In Q1 2025, Light Paraffinic Naphtha CIF Busan prices declined by approximately 2.19%, reflecting weak South Korean petrochemical demand and cautious cracker operations. Early in the quarter, buyers resisted higher cargo offers because squeezed production margins reduced the incentive to increase naphtha consumption.
Regional supply subsequently tightened as Russian exports to Asia fell sharply following refinery disruptions, while Middle Eastern maintenance reduced alternative availability. South Korean buyers nevertheless remained cautious because downstream petrochemical economics stayed weak and alternative feedstocks remained competitive.
By March, some regional buyers are increasingly favoring lighter feedstocks over naphtha, further limiting demand. In March 2025, Naphtha Prices in South Korea declined by approximately 2.23%. The monthly decline demonstrated that weak downstream economics continued to offset supply constraints.
Mexico: Light Paraffinic Naphtha CIF Manzanillo (USA)
In Q1 2025, Light Paraffinic Naphtha CIF Manzanillo prices declined by approximately 1.48%, reflecting softer North American and international demand conditions. Mexican import economics remained closely connected to U.S. Gulf Coast availability, allowing buyers to access regional cargoes without relying as heavily on longer east-of-Suez supply routes.
This flexibility limited the effect of Asian supply disruptions, including reduced Russian exports and Middle Eastern refinery maintenance. Meanwhile, weak global petrochemical margins encouraged cautious procurement and limited inventory accumulation. North American buyers also remained sensitive to changing refinery utilization and downstream operating rates.
In March 2025, Naphtha Prices in Mexico declined by approximately 5.93%, marking sharper late-quarter correction than the overall Q1 movement. The divergence suggested that regional supply remained relatively balanced earlier in the quarter before weaker demand exerted stronger pressure toward March.
Canada: Light Paraffinic Naphtha CIF Montreal (USA)
In Q1 2025, Light Paraffinic Naphtha CIF Montreal prices increased by approximately 2.58%, despite a substantial 7.73% decline in March. Canadian import economics remained influenced by U.S.-origin supply, while North American buyers benefited from regional availability that reduced exposure to Asian and European disruptions.
However, the broader global market remained volatile as Russian naphtha exports to Asia fell sharply and refinery maintenance tightened supply elsewhere. These disruptions supported international feedstock sentiment during parts of the quarter, while weak downstream petrochemical demand sustained upside.
By March, softer North American procurement and weaker international sentiment pressured Montreal values sharply lower. In March 2025, Naphtha Prices in Canada declined by approximately 7.73%. The large monthly correction outweighed earlier gains only partially, leaving the market moderately higher over the full quarter.
Brazil: Light Paraffinic Naphtha CIF Santos (USA)
In Q1 2025, Light Paraffinic Naphtha CIF Santos prices increased by approximately 1.16%, despite a 6.07% decline in March. Brazilian import economics remained influenced by U.S.-origin supply and international freight availability, while domestic buyers maintained procurement requirements despite subdued global petrochemical conditions.
Asian supply disruptions, including reduced Russian exports and refinery maintenance, tightened some international markets but has limited direct impact on Brazil because Santos remained primarily connected to Atlantic Basin supply. Meanwhile, weaker downstream demand and cautious inventory management limited buying enthusiasm.
In March 2025, Naphtha Prices in Brazil declined by approximately 6.07%, reflecting a pronounced late-quarter correction. The divergence between the quarterly increase and March decline indicated that earlier Q1 support from regional replacement demand and international supply concerns is largely eroded as market sentiment weakened toward quarter-end.
Germany: Light Paraffinic Naphtha FD Hamburg
In Q1 2025, Light Paraffinic Naphtha FD Hamburg prices increased by approximately 2.80%, supported by improving European cracking demand and increasing refinery maintenance. West-of-Suez naphtha fundamentals received support as spring refinery turnarounds reduced regional availability, while seasonal gasoline blending activity provided additional demand for light-end products.
German inland markets also benefited from unplanned refinery disruptions that temporarily tightened local supply. Nevertheless, European crackers continued to face competition from propane and other alternative feedstocks, limiting the extent of the recovery.
In March 2025, Naphtha Prices in Germany increased by approximately 2.69%, reinforcing the positive quarterly movement. The combination of maintenance-related supply restrictions, stronger seasonal blending demand and relatively resilient petrochemical consumption gave Hamburg a firmer Q1 performance than most Asian benchmarks.
Belgium: Light Paraffinic Naphtha FD Antwerp
In Q1 2025, Light Paraffinic Naphtha FD Antwerp prices increased by approximately 2.79%, reflecting tighter European supply and improved refinery-related demand. Spring maintenance across Northwest European refineries reduced regional availability, while seasonal gasoline blending requirements provided additional support to naphtha and related light products.
At the same time, petrochemical demand remained comparatively resilient, with European cracking economics recovering from the weaker conditions seen at the end of 2024. However, Mediterranean cargoes continued moving into Northwest Europe, cushioning supply tightness and limiting stronger gains.
In March 2025, Naphtha Prices in Belgium increased by approximately 2.68%, matching the broader quarterly recovery. Antwerp therefore benefited from a combination of refinery maintenance, seasonal blending demand and improved cracker activity, although alternative feedstocks continued to constrain upside.
France: Light Paraffinic Naphtha FD Le Havre
In Q1 2025, Light Paraffinic Naphtha FD Le Havre prices increased by approximately 2.72%, supported by stronger European refinery maintenance and improving naphtha demand from petrochemical consumers. Spring refinery turnarounds tightened regional availability during March, while seasonal gasoline blending activity added demand for naphtha and related light products.
European cracker economics also improved from the weak conditions experienced during Q4 2024, encouraging more stable feedstock consumption. Nevertheless, Mediterranean cargoes continued moving into Northwest Europe, limiting the degree of supply tightness.
In March 2025, Naphtha Prices in France increased by approximately 2.69%, reinforcing the quarterly advance. Le Havre therefore remained supported by regional maintenance and stronger petrochemical demand, although competition from alternative feedstocks and available imports prevented a more pronounced rally.
India: Light Paraffinic Naphtha CIF Nhava Sheva (Saudi Arabia)
In Q1 2025, Light Paraffinic Naphtha CIF Nhava Sheva prices increased by approximately 0.97%, as stronger Indian import activity and supply disruptions offset weak petrochemical demand. India increasingly relied on Russian naphtha during the quarter, with Russia becoming the country’s largest supplier for the 2024–25 period as discounted cargoes displaced some Middle Eastern supply.
However, Russian exports to Asia fell sharply in February after attacks on refining infrastructure, tightening availability and increasing reliance on alternative suppliers. Indian refiners also offered significant naphtha cargoes during periods of subdued Asian demand, demonstrating active participation in regional trade flows.
In March 2025, Naphtha Prices in India declined by approximately 1.43%, as supply conditions improved and weaker downstream economics limited buying interest. The market therefore ended with Q1 softer despite a modest quarterly increase.
Singapore: Heavy Aromatic Solvent Naphtha (C10) FOB Port of Singapore
In Q1 2025, Heavy Aromatic Solvent Naphtha (C10) FOB Singapore prices declined by approximately 3.92%, reflecting weaker demand for aromatic feedstocks and subdued downstream petrochemical economics. Asian producers continued to manage operating rates cautiously as excess capacity and weak margins restricted purchasing appetite.
The broader naphtha market also faced competition from LPG, which remained economically attractive as an alternative feedstock for flexible crackers. Supply constraints from Middle Eastern refinery maintenance and lower Russian exports nevertheless provided some support to regional light-end markets during February and March.
In March 2025, Heavy Aromatic Solvent Naphtha Prices in Singapore increased by approximately 0.93%, indicating a modest late-quarter recovery. The improvement reflected tighter regional supply and replacement demand, although weak downstream fundamentals kept the overall C10 market below its previous quarter level.
Belgium: Heavy Aromatic Solvent Naphtha (C11_Naphthalene Depleted) FOB Antwerp
In Q1 2025, Heavy Aromatic Solvent Naphtha (C11_Naphthalene Depleted) FOB Antwerp prices increased by approximately 2.84%, supported by firmer European industrial demand and tighter regional availability. The specialized grade remained less dependent on steam-cracker economics than conventional light naphtha, allowing demand from solvent and industrial applications to provide greater stability.
European refinery maintenance during March reduced regional product availability, while seasonal blending activity also supported light-end petroleum products. Mediterranean supply continued to move into Northwest Europe, preventing more pronounced tightening.
In March 2025, Heavy Aromatic Solvent Naphtha Prices in Belgium increased by approximately 2.56%, extending the quarterly advance. The positive performance indicated comparatively resilient specialized-grade demand, while tighter European supply conditions provided additional support toward quarter-end despite broader petrochemical-market uncertainties
Naphtha Price Trend Q2 2025
In Q2 2025, global naphtha markets weakened as subdued petrochemical demand, improved refinery availability and persistent regional oversupply outweighed intermittent supply disruptions. Asian crackers remained under margin pressure, while new capacity in China and Southeast Asia added competition and kept buyers cautious.
The end of major refinery maintenance increased regional availability, although Middle Eastern tensions in June prompted Asian refiners to reassess emergency feedstock inventories and supply security. Trade flows also shifted as Russian naphtha continued moving toward Asian buyers, particularly India and Taiwan, while cargoes are increasingly routed around the Cape of Good Hope because of Red Sea security concerns.
By June, stronger geopolitical risk and tighter prompt availability supported a recovery across several markets, but weak downstream petrochemical fundamentals kept the broader Q2 trend firmly negative.
UAE: Light Paraffinic Naphtha FOB Jebel Ali
In Q2 2025, Light Paraffinic Naphtha FOB Jebel Ali prices declined by approximately 12.25%, as weaker petrochemical demand and improving regional availability outweighed Middle Eastern supply support. Asian crackers remained under margin pressure, limiting aggressive purchasing, while refinery maintenance ending across the region increased available feedstock.
June’s Middle East tensions changed procurement behavior as Asian refiners considered higher emergency inventories because of potential shipping disruption through the Strait of Hormuz. Russian naphtha also continued moving toward Asia, increasing competition among suppliers.
In June 2025, Naphtha Prices in the UAE increased by approximately 2.19%. The monthly recovery reflected heightened supply-security concerns and stronger prompt procurement, but insufficiently strong downstream demand kept the overall quarterly market bearish.
USA: Light Paraffinic Naphtha FOB Houston
In Q2 2025, Light Paraffinic Naphtha FOB Houston prices declined by approximately 13.25%, reflecting weaker feedstock sentiment, ample regional availability and cautious petrochemical demand. U.S. naphtha markets remained relatively insulated from the east-of-Suez supply disruptions that affected Asian buyers, with domestic refining infrastructure providing flexible supply.
Seasonal refinery operations also influenced availability as maintenance programs progressed. Kpler noted that U.S. Gulf Coast naphtha fundamentals remained weak while refinery maintenance eased and arbitrage opportunities narrowed. By June, Middle East tensions temporarily improved broader feedstock sentiment and encouraged precautionary buying globally.
In June 2025, Naphtha Prices in the USA increased by approximately 2.21%. The monthly recovery provided limited relief, however, as subdued petrochemical demand and comfortable domestic availability continued to constrain the broader Q2 market.
Netherlands: Light Paraffinic Naphtha FOB Rotterdam
In Q2 2025, Light Paraffinic Naphtha FOB Rotterdam prices declined by approximately 13.30%, reflecting weak European petrochemical demand and increased regional availability after refinery maintenance. European crackers remained cautious as downstream markets faced economic uncertainty and limited consumption growth.
Northwest European naphtha also faced competition from alternative feedstocks, while Mediterranean and transatlantic cargoes continued influencing regional supply balances. By June, geopolitical tensions and stronger seasonal refinery requirements improved prompt-market sentiment, encouraging some replacement buying.
In June 2025, Naphtha Prices in the Netherlands increased by approximately 4.75%. The late-quarter recovery reflected tighter prompt conditions and improved refinery-linked demand rather than a fundamental recovery in European petrochemical consumption.
Consequently, Rotterdam prices remained significantly lower over Q2 despite the stronger June performance and continued activity in regional arbitrage markets.
Saudi Arabia: Light Paraffinic Naphtha FOB Jeddah
In Q2 2025, Light Paraffinic Naphtha FOB Jeddah prices declined by approximately 11.62%, as weak downstream petrochemical demand outweighed Saudi Arabia’s strategic importance as a Middle Eastern feedstock supplier. Regional refinery maintenance initially restricted availability, but the return of facilities increased supply as the quarter progressed.
Asian buyers remained important outlets for Saudi-origin cargoes, although weak cracker economics limited purchasing enthusiasm. June’s escalation of Middle East tensions increased concerns about regional shipping and encouraged Asian refiners to consider precautionary feedstock inventories.
In June 2025, Naphtha Prices in Saudi Arabia increased by approximately 2.62%. The monthly gain reflected stronger supply-security considerations and prompt buying, but the quarterly decline showed that broader petrochemical weakness and improving availability remained the dominant forces throughout Q2.
Singapore: Light Paraffinic Naphtha FOB Port of Singapore
In Q2 2025, Light Paraffinic Naphtha FOB Singapore prices declined by approximately 12.07%, although the market recovered strongly during June. Asian crackers remained under pressure from weak downstream demand and persistent capacity overhang, while the end of refinery maintenance increased regional availability.
At the same time, limited arbitrage flows toward Asia supported by regional supply balances during parts of the quarter. By June, Middle East tensions raised concerns about feedstock security and encouraged Asian refiners to consider larger emergency inventories.
In June 2025, Naphtha Prices in Singapore increased by approximately 6.06%. The sharp monthly recovery reflected stronger prompt procurement and geopolitical risk rather than a broad improvement in petrochemical fundamentals. Earlier Q2 weakness therefore remained dominant, leaving Singapore’s light naphtha market substantially lower over the quarter.
Japan: Light Paraffinic Naphtha CIF Tokyo (UAE)
In Q2 2025, Light Paraffinic Naphtha CIF Tokyo prices declined by approximately 11.41%, as weak Japanese petrochemical economics outweighed intermittent supply concerns. Asian cracker operators remained cautious because downstream margins are constrained, limiting their willingness to build inventories. Japan’s heavy reliance on Middle Eastern feedstocks made buyers particularly sensitive to June’s escalation of regional tensions.
Japanese refiners are among the Asian market participants considering additional emergency inventories amid concerns about potential disruption to Middle Eastern supply routes. In June 2025, Naphtha Prices in Japan increased by approximately 2.10%.
The late-quarter recovery reflected precautionary procurement and heightened supply risk awareness. However, subdued domestic petrochemical consumption and weak cracker economics continued to restrict demand, preventing the June rebound from reversing the substantial decline accumulated during Q2.
South Korea: Light Paraffinic Naphtha CIF Busan (UAE)
In Q2 2025, Light Paraffinic Naphtha CIF Busan prices declined by approximately 11.35%, reflecting weak Korean petrochemical demand and ample regional availability. Asian crackers continued operating cautiously because downstream margins remained under pressure, while the end of refinery maintenance increased feedstock availability.
South Korean buyers nevertheless remained strategically important to Middle Eastern suppliers, and June’s geopolitical escalation increased concerns about supply security. South Korea maintained substantial emergency reserves, reducing immediate purchasing urgency, although private refiners continued monitoring Middle Eastern supply routes closely.
In June 2025, Naphtha Prices in South Korea increased by approximately 1.90%. The monthly recovery reflected stronger risk awareness and replacement demand, but it remained modest because domestic petrochemical fundamentals are still weak and buyers continued managing inventories conservatively.
Mexico: Light Paraffinic Naphtha CIF Manzanillo (USA)
In Q2 2025, Light Paraffinic Naphtha CIF Manzanillo prices declined by approximately 13.39%, reflecting weaker international feedstock demand and comfortable North American supply. Mexican buyers remained closely linked to U.S. Gulf Coast cargoes, providing greater sourcing flexibility than Asian markets exposed to Middle Eastern supply disruptions. U.S. naphtha fundamentals remained weak as refinery maintenance eased and arbitrage opportunities narrowed.
This regional availability reduced the impact of geopolitical disruptions affecting east-of-Suez markets. June’s Middle East tensions nevertheless improved global risk sentiment and encouraged some precautionary procurement.
In June 2025, Naphtha Prices in Mexico increased by approximately 1.83%. The monthly recovery indicated temporary stabilization rather than a fundamental demand improvement. Overall, flexible U.S. supply and weak downstream consumption kept Manzanillo firmly under pressure throughout Q2.
Canada: Light Paraffinic Naphtha CIF Montreal (USA)
In Q2 2025, Light Paraffinic Naphtha CIF Montreal prices declined by approximately 11.04%, reflecting weaker feedstock fundamentals and subdued petrochemical demand. Canadian buyers benefited from access to U.S. origin supply, reducing exposure to disruptions affecting Middle Eastern and Asian cargoes.
North American availability remained comparatively flexible, while refinery maintenance gradually eased and increased local product availability. Kpler noted that U.S. Gulf Coast fundamentals remained weak as maintenance eased and arbitrage opportunities narrowed. In June, geopolitical tensions increased global concerns about supply security and encouraged more cautious procurement.
In June 2025, Naphtha Prices in Canada increased by approximately 1.76%. The monthly recovery reflected broader stabilization and precautionary buying, but it is insufficient to offset earlier weaknesses. Montreal therefore remained bearish throughout Q2, supported mainly by flexible regional supply.
Brazil: Light Paraffinic Naphtha CIF Santos (USA)
In Q2 2025, Light Paraffinic Naphtha CIF Santos prices declined by approximately 10.43%, reflecting softer international demand and weaker petrochemical fundamentals. Brazil remained primarily connected to Atlantic Basin supply, particularly U.S. origin cargoes, limiting its direct exposure to east-of-Suez disruptions. North American supply remained relatively flexible as refinery maintenance eased, while weaker petrochemical demand reduced incentives for aggressive procurement.
International trade flows nevertheless became more complicated as geopolitical tensions affected shipping risk and regional sourcing decisions. In June 2025, Naphtha Prices in Brazil increased by approximately 2.04%, reflecting stronger prompt sentiment and precautionary buying as Middle East tensions intensified.
The monthly recovery is not sufficient to reverse the broader quarterly decline. Santos therefore remained softer overall, with Atlantic Basin supply flexibility cushioning but not eliminating the impact of weak global fundamentals.
Germany: Light Paraffinic Naphtha FD Hamburg
In Q2 2025, Light Paraffinic Naphtha FD Hamburg prices declined by approximately 13.82%, reflecting weak European petrochemical demand and greater regional availability after refinery maintenance. European crackers remained cautious as economic uncertainty and limited downstream consumption restricted operating-rate increases.
Regional naphtha fundamentals nevertheless received some support from refinery outages and maintenance, particularly as the quarter progressed. Kpler noted that West-of-Suez naphtha markets benefited from increasing refinery maintenance and seasonal blending demand.
In June 2025, Naphtha Prices in Germany increased by approximately 4.93%. The strong monthly recovery reflected tighter prompt availability and seasonal refinery-linked demand. However, the gain followed substantial earlier weakness caused by ample supply and subdued petrochemical consumption. Hamburg therefore remained significantly lower over Q2 despite improved conditions toward the quarter-end.
Belgium: Light Paraffinic Naphtha FD Antwerp
In Q2 2025, Light Paraffinic Naphtha FD Antwerp prices declined by approximately 9.90%, making it comparatively resilient among the European light-naphtha markets. The quarter began with weak petrochemical demand and improving regional supply as refinery maintenance eased.
Antwerp’s position within the ARA refining and trading hub allowed cargoes to move flexibly according to changing regional arbitrage economics, helping moderate supply imbalances. Toward June, seasonal refinery activity and geopolitical concerns improved prompt-market sentiment, encouraging replacement buying.
In June 2025, Naphtha Prices in Belgium increased by approximately 4.78%. The substantial monthly recovery reflected tighter prompt conditions and stronger refinery-linked demand. Nevertheless, the earlier supply surplus and weak downstream petrochemical environment kept the overall Q2 balance negative. Antwerp therefore experienced a significant quarterly decline followed by a notable stabilization toward quarter-end.
France: Light Paraffinic Naphtha FD Le Havre
In Q2 2025, Light Paraffinic Naphtha FD Le Havre prices declined by approximately 9.14%, recording one of the smaller quarterly declines among European markets. The broader region remained pressured by weak petrochemical demand and improving product availability as refinery maintenance eased.
Le Havre benefited from its access to Atlantic and Northwest European supply flows, allowing traders to adjust cargo movements as regional arbitrage economics changed. By June, seasonal refinery activity and geopolitical concerns strengthened prompt demand and reduced selling pressure.
In June 2025, Naphtha Prices in France increased by approximately 4.47%. The recovery reflected tighter prompt conditions and stronger replacement buying rather than a broad improvement in petrochemical consumption. Consequently, Le Havre remained lower over Q2, although its relatively smaller decline indicated greater resilience than several neighboring European markets.
India: Light Paraffinic Naphtha CIF Nhava Sheva (Saudi Arabia)
In Q2 2025, Light Paraffinic Naphtha CIF Nhava Sheva prices declined by approximately 11.24%, reflecting weaker international fundamentals despite continued Indian import demand. India remained an important destination for Russian naphtha, with June shipments reaching approximately 250,000 tonnes, while buyers continued seeking competitively sourced cargoes.
Russian supplies increasingly replaced some Middle Eastern volumes, demonstrating how changing trade economics influenced India’s procurement strategy. Middle East tensions later encouraged refiners to monitor supply security more closely, although India continued receiving cargoes through alternative routes.
In June 2025, Naphtha Prices in India increased by approximately 0.15%. The nearly flat monthly movement indicated that geopolitical supply concerns offset softer underlying demand. Overall, increased availability from alternative suppliers and cautious petrochemical buying kept the Indian market lower during Q2.
Singapore: Heavy Aromatic Solvent Naphtha (C10) FOB Port of Singapore
In Q2 2025, Heavy Aromatic Solvent Naphtha (C10) FOB Singapore prices increased by approximately 1.79%, diverging from the substantial decline in Singapore’s light paraffinic grade. The specialty market benefited from firmer regional demand and tighter availability, while conventional naphtha remained constrained by weak cracker economics.
Asian trade flows became more supportive as limited arbitrage availability encouraged cargoes toward eastern markets. In June, Middle East tensions increased concern about regional feedstock security and encouraged Asian refiners to reassess inventory requirements.
In June 2025, Heavy Aromatic Solvent Naphtha Prices in Singapore increased by approximately 5.10%. The strong monthly gain reflected tighter prompt availability, stronger procurement and geopolitical risk concerns. Unlike mainstream naphtha, the C10 grade therefore maintained positive quarterly momentum despite broader weakness across Asian petrochemical markets.
Belgium: Heavy Aromatic Solvent Naphtha (C11_Naphthalene Depleted) FOB Antwerp
In Q2 2025, Heavy Aromatic Solvent Naphtha (C11_Naphthalene Depleted) FOB Antwerp prices declined by approximately 18.63%, recording the sharpest quarterly fall in the dataset. The specialized grade faced weaker industrial demand while greater European product availability emerged after refinery maintenance.
Unlike conventional naphtha, demand depended more heavily on solvent and industrial applications, but those markets also remained cautious amid broader economic uncertainty. Regional trade flows provided alternative supply sources, limiting urgency among buyers to secure cargoes. By June, seasonal demand and heightened geopolitical concerns improved prompt-market sentiment.
In June 2025, Heavy Aromatic Solvent Naphtha Prices in Belgium increased by approximately 4.80%. The recovery reflected stronger replacement buying and tighter prompt conditions, but it is insufficient to offset the substantial earlier decline. The grade therefore remained significantly weaker overall despite its late-quarter stabilization.
Naphtha Price Trend Q3 2025
In Q3 2025, global naphtha markets remained broadly soft despite tighter Asian supply toward quarter-end, as shown in the naphtha price chart and naphtha price index. Persistent petrochemical oversupply, particularly from China, kept cracker margins under pressure and limited feedstock demand.
At the same time, Ukrainian attacks on Russian refineries disrupted supply flows into Asian markets, increasing competition for alternative cargoes. Middle Eastern refinery maintenance further tightened east-of-Suez availability, while South Korean buyers increased spot purchases ahead of planned cracker maintenance.
In Europe, weak industrial demand and logistics constraints kept markets under pressure, although Russian supply disruptions provided periodic support. Singapore also experienced an extended cracker outage, forcing the refinery to export surplus naphtha cargoes.
Consequently, September recorded modest recoveries across most markets despite negative or near-flat quarterly movements.
UAE: Light Paraffinic Naphtha FOB Jebel Ali
In Q3 2025, the naphtha price trend in UAE showed Light Paraffinic Naphtha FOB Jebel Ali prices declining by approximately 0.47%, as weak petrochemical demand offset tighter regional availability. Asian crackers continued facing margin pressure from persistent oversupply, particularly from China, limiting aggressive naphtha procurement.
Middle Eastern refinery maintenance nevertheless tightened east-of-suez supply toward quarter-end, while disruptions to Russian refining increased competition for alternative cargoes. Asian buyers therefore became more active in securing prompt supplies during September.
In September 2025, Naphtha Prices in the UAE increased by approximately 2.39%. The monthly recovery reflected tighter regional availability and stronger procurement interest, although weak downstream petrochemical economics prevented a meaningful quarterly increase.
USA: Light Paraffinic Naphtha FOB Houston
In Q3 2025, the naphtha price trend in USA showed Light Paraffinic Naphtha FOB Houston prices increasing marginally by approximately 0.24%, supported by relatively stable domestic supply and firmer late-quarter sentiment. U.S. naphtha remained less exposed to the Asian supply disruptions caused by Russian refinery attacks and Middle Eastern maintenance.
However, global petrochemical oversupply and cautious downstream demand limited stronger buying interest. European and Asian markets also competed for alternative cargoes as Russian exports faced disruptions, influencing international trade flows. By September, firmer global feedstock sentiment and concerns over supply availability supported regional procurement.
In September 2025, Naphtha Prices in the USA increased by approximately 1.62%. The monthly gain helped lift the market slightly over the quarter, although subdued petrochemical demand and comfortable domestic availability continued to cap upside.
Netherlands: Light Paraffinic Naphtha FOB Rotterdam
In Q3 2025, the naphtha price trend in Netherlands showed Light Paraffinic Naphtha FOB Rotterdam prices declining by approximately 1.00%, as weak European industrial and petrochemical demand outweighed supply-side disruptions. European downstream markets remained pressured by subdued manufacturing activity and increased imports, limiting naphtha consumption.
Russian refinery disruptions nevertheless tightened alternative supply flows and increased competition for available cargoes in Europe. Logistics bottlenecks and terminal constraints also reduced effective availability at times. In September 2025, Naphtha Prices in the Netherlands increased by approximately 1.27%.
The late-quarter recovery reflected tighter prompt availability and renewed supply concerns, although European demand remained insufficiently strong to generate sustained upward momentum. Rotterdam therefore ended Q3 slightly lower despite improving sentiment during September.
Saudi Arabia: Light Paraffinic Naphtha FOB Jeddah
In Q3 2025, the naphtha price trend in Saudi Arabia showed Light Paraffinic Naphtha FOB Jeddah prices declining by approximately 0.18%, remaining broadly stable as Middle Eastern supply strength balanced uneven Asian demand. Saudi Arabia retained its importance as a major naphtha supplier to Asian petrochemical markets, while refinery maintenance periodically tightened regional availability.
Asian buyers increased procurement ahead of planned cracker maintenance, providing additional support toward September. Meanwhile, persistent petrochemical oversupply and weak downstream margins limited the ability of buyers to sustain aggressive purchasing.
In September 2025, Naphtha Prices in Saudi Arabia increased by approximately 1.83%. The monthly recovery reflected stronger Asian buying and tighter prompt supply, while the almost unchanged quarterly movement showed that supply-side support largely offset weak petrochemical fundamentals.
Singapore: Light Paraffinic Naphtha FOB Port of Singapore
In Q3 2025, the naphtha price trend in Singapore showed Light Paraffinic Naphtha FOB Singapore prices declining by approximately 0.61%, as weak petrochemical demand offset tighter supply conditions. Singapore’s Bukom refinery experienced an extended naphtha-cracker outage, forcing the facility to export surplus naphtha cargoes and altering regional trade flows.
Elsewhere in Asia, refinery maintenance and disruptions to Russian refining tightened feedstock availability, while buyers remained cautious because of weak downstream margins. South Korean buyers increased spot purchases ahead of planned cracker maintenance, adding support to regional demand.
In September 2025, Naphtha Prices in Singapore increased by approximately 1.76%. The recovery reflected tighter prompt availability and stronger regional procurement, although weak petrochemical economics kept the quarterly movement slightly negative.
Japan: Light Paraffinic Naphtha CIF Tokyo (UAE)
In Q3 2025, the naphtha price trend in Japan showed Light Paraffinic Naphtha CIF Tokyo prices declining by approximately 0.51%, as weak Japanese petrochemical demand balanced tighter Asian supply. Northeast Asian crackers continued operating cautiously because persistent Chinese overcapacity and subdued downstream consumption constrained margins.
Meanwhile, disruptions to Russian refinery operations reduced supply availability for Asian buyers, increasing competition for Middle Eastern cargoes. Refinery maintenance across the region further tightened prompt availability toward September.
In September 2025, Naphtha Prices in Japan increased by approximately 2.25%. The monthly recovery reflected stronger procurement and supply concerns ahead of planned maintenance, while the modest quarterly decline showed that weak downstream demand continued to offset supply-side tightening during most Q3.
South Korea: Light Paraffinic Naphtha CIF Busan (UAE)
In Q3 2025, the naphtha price trend in South Korea showed Light Paraffinic Naphtha CIF Busan prices declining by approximately 0.79%, despite stronger procurement toward quarter-end. South Korean crackers remained under pressure from persistent regional petrochemical oversupply, while producers managed operating rates cautiously.
However, buyers increased spot purchases ahead of planned maintenance at Daesan crackers, supporting regional naphtha demand. Supply concerns also intensified as Russian refinery disruptions reduced available cargoes and Middle Eastern maintenance tightened east-of-suez availability.
In September 2025, Naphtha Prices in South Korea increased by approximately 2.39%. The monthly increase reflected stronger pre-maintenance procurement and tighter prompt supply. Nevertheless, the quarterly decline indicated that weak downstream economics and excess petrochemical capacity continued to constrain the market through most of Q3.
Mexico: Light Paraffinic Naphtha CIF Manzanillo (USA)
In Q3 2025, the naphtha price trend in Mexico showed Light Paraffinic Naphtha CIF Manzanillo prices increasing marginally by approximately 0.22%, reflecting relatively balanced North American supply and demand. Mexican buyers continued to benefit from U.S.-linked supply, reducing their exposure to disruptions affecting Asian and Middle Eastern cargoes.
Meanwhile, global petrochemical oversupply limited demand growth and kept procurement cautious. International supply disruptions nevertheless supported broader feedstock sentiment as Russian refinery attacks reduced availability for Asian markets.
In September 2025, Naphtha Prices in Mexico increased by approximately 1.47%. The monthly gain reflected stronger late-quarter sentiment and tighter international supply conditions, while flexible North American sourcing prevented a sharper price response. Overall, Manzanillo remained comparatively stable during Q3 as regional supply flexibility balanced global market pressures.
Canada: Light Paraffinic Naphtha CIF Montreal (USA)
In Q3 2025, the naphtha price trend in Canada showed Light Paraffinic Naphtha CIF Montreal prices increasing by approximately 1.05%, supported by relatively stable North American supply and firmer international sentiment toward quarter-end.
Canadian buyers continued relying on U.S.-origin material, reducing exposure to Asian supply disruptions and Middle Eastern refinery maintenance. Global petrochemical oversupply nevertheless limited demand growth and kept procurement cautious. International disruptions to Russian refining increased competition for alternative cargoes, providing some support to global naphtha markets.
In September 2025, Naphtha Prices in Canada increased by approximately 1.30%. The monthly improvement reflected stronger replacement demand and tighter international supply conditions. Montreal therefore remained moderately firmer over Q3, with regional supply flexibility preventing the sharper declines recorded in several European and Asian markets.
Brazil: Light Paraffinic Naphtha CIF Santos (USA)
In Q3 2025, the naphtha price trend in Brazil showed Light Paraffinic Naphtha CIF Santos prices declining by approximately 1.01%, reflecting subdued downstream demand and cautious import procurement. Brazil remained primarily connected to Atlantic Basin supply, limiting its direct exposure to Asian disruptions caused by Russian refinery attacks and Middle Eastern maintenance.
Global petrochemical oversupply nevertheless reduced demand growth and kept buyers conservative. International supply disruptions provided some support toward September as competition for alternative cargoes increased.
In September 2025, Naphtha Prices in Brazil increased by approximately 1.66%. The monthly recovery reflected improved international sentiment and firmer replacement demand, although it is insufficient to reverse the quarterly decline. Santos therefore remained slightly weaker over Q3, with Atlantic Basin supply flexibility cushioning broader global volatility.
Germany: Light Paraffinic Naphtha FD Hamburg
In Q3 2025, the naphtha price trend in Germany showed Light Paraffinic Naphtha FD Hamburg prices declining by approximately 1.59%, reflecting weak European downstream demand and persistent petrochemical-sector pressure. European olefin demand remained subdued as economic headwinds and increased imports limited cracker utilization.
Russian refinery disruptions provided periodic support by reducing alternative supply availability and increasing competition for European cargoes. Logistics bottlenecks and terminal delays also tightened effective supply at times.
In September 2025, Naphtha Prices in Germany increased by approximately 1.53%. The late-quarter recovery reflected supply concerns and improved prompt availability dynamics, but weak industrial demand prevented a sustained rally. Hamburg therefore remained lower over Q3 despite firmer September sentiment.
Belgium: Light Paraffinic Naphtha FD Antwerp
In Q3 2025, the naphtha price trend in Belgium showed Light Paraffinic Naphtha FD Antwerp prices declining by approximately 4.11%, making Belgium one of the weakest European markets. Persistent industrial and petrochemical demand weakness limited naphtha consumption, while increased imports added competition to domestic supply.
European markets also faced logistics bottlenecks, although these periodically supported prompt availability. Russian refinery disruptions tightened some regional flows and prevented an even deeper decline. In September 2025, Naphtha Prices in Belgium increased by approximately 0.69%.
The modest monthly recovery reflected temporary supply tightening and improved prompt buying, but it is insufficient to offset the substantial weakness accumulated earlier in Q3. Antwerp therefore remained among the softer European markets despite late-quarter stabilization.
France: Light Paraffinic Naphtha FD Le Havre
In Q3 2025, the naphtha price trend in France showed Light Paraffinic Naphtha FD Le Havre prices declining by approximately 3.26%, reflecting weak French and European industrial demand. European Olefin markets remained under pressure from economic headwinds and increased imports, limiting cracker feedstock consumption.
Russian refinery disruptions nevertheless tightened some alternative supply flows and supported regional naphtha sentiment periodically. Logistics and terminal constraints also affected effective availability across European markets.
In September 2025, Naphtha Prices in France increased by approximately 1.45%. The late-quarter recovery reflected tighter prompt conditions and renewed procurement interest, although downstream demand remained insufficient to reverse the broader quarterly decline. Le Havre therefore finished Q3 weaker overall, but its September improvement indicated some stabilization as supply concerns intensified.
India: Light Paraffinic Naphtha CIF Nhava Sheva (Saudi Arabia)
In Q3 2025, the naphtha price trend in India showed Light Paraffinic Naphtha CIF Nhava Sheva prices declining marginally by approximately 0.06%, indicating a broadly balanced Indian market. India remained an important Asian naphtha buyer, while refinery and petrochemical operations supported steady feedstock demand.
Russian refinery disruptions tightened Asian supply flows, encouraging buyers to diversify procurement toward Middle Eastern and other regional sources. At the same time, India’s naphtha demand remained supported by continued petrochemical activity, while alternative feedstocks limited stronger buying interest.
In September 2025, Naphtha Prices in India increased by approximately 3.88%. The strong monthly recovery reflected tighter regional supply, stronger procurement and heightened competition for prompt cargoes. Despite the late-quarter increase, the nearly flat quarterly movement showed that balanced domestic demand and diversified import availability largely offset international supply disruptions.
Singapore: Heavy Aromatic Solvent Naphtha (C10) FOB Port of Singapore
In Q3 2025, the naphtha price trend in Singapore showed Heavy Aromatic Solvent Naphtha (C10) FOB Singapore prices declining by approximately 1.82%, reflecting subdued downstream demand despite periodic supply disruptions. Singapore’s extended Bukom cracker outage created surplus naphtha availability and resulted in unusual export cargoes, including shipments to South Korea.
This temporarily pressured local feedstock balances, while broader Asian petrochemical oversupply continued to constrain demand. However, Russian refinery disruptions and Middle Eastern maintenance tightened regional supply later in the quarter, supporting specialty feedstock sentiment.
In September 2025, Heavy Aromatic Solvent Naphtha Prices in Singapore increased by approximately 1.72%. The recovery reflected tighter regional availability and stronger procurement, although weak downstream demand and the earlier Singapore supply surplus kept the quarterly movement negative.
Belgium: Heavy Aromatic Solvent Naphtha (C11_Naphthalene Depleted) FOB Antwerp
In Q3 2025, the naphtha price trend in Belgium showed Heavy Aromatic Solvent Naphtha (C11_Naphthalene Depleted) FOB Antwerp prices declining by approximately 3.96%, reflecting weak industrial demand and competitive European supply. Automotive and manufacturing activity remained subdued, reducing solvent-related consumption, while imports from other European markets increased competitive pressure.
Logistics constraints periodically tightened effective availability, but these disruptions are insufficient to offset the broader demand weakness. European petrochemical markets also remained under pressure from economic headwinds and increased imports.
In September 2025, Heavy Aromatic Solvent Naphtha Prices in Belgium increased by approximately 1.18%. The modest monthly recovery reflected tighter prompt logistics and some replacement buying, but the grade remained weaker overall. Antwerp’s specialty market therefore followed the broader European pattern of quarterly softness followed by limited stabilization toward September.
Naphtha Price Trend Q4 2025
In Q4 2025, global naphtha markets weakened as subdued petrochemical demand, ample inventories, and reduced cracker operating rates outweighed periodic supply constraints, a trend clearly reflected in the naphtha price chart and naphtha price index. Northeast Asian demand remained pressured by weak steam-cracker economics, while competition from alternative feedstocks further limited naphtha procurement.
Europe also faced weaker industrial activity and reduced demand from petrochemical cracking and gasoline blending, while higher regional availability increased competitive pressure. However, maintenance and production constraints periodically tightened regional supply, while improving naphtha attractiveness against propane provided temporary support to European crackers.
India remained an active participant in regional trade, with naphtha imports and exports continuing throughout the quarter. Overall, Q4 is characterized by weak downstream consumption, comfortable supply, cautious inventory management, and broadly declining prices across conventional and specialty naphtha markets.
UAE: Light Paraffinic Naphtha FOB Jebel Ali
In Q4 2025, the naphtha price trend in UAE showed Light Paraffinic Naphtha FOB Jebel Ali prices declining by approximately 4.51%, reflecting weak Asian petrochemical demand and comfortable regional availability. Asian crackers continued operating cautiously as oversupply and subdued downstream margins limited feedstock procurement.
Middle Eastern export availability remained relatively stable, while competing cargoes from other origins kept buyers from aggressively restocking. By December, regional demand remained restrained despite occasional support from improved naphtha-to-propane economics.
In December 2025, Naphtha Prices in the UAE declined by approximately 4.72%. The monthly fall reinforced the broader bearish trend, indicating that weak downstream consumption and sufficient supply outweighed temporary improvements in feedstock attractiveness.
Jebel Ali therefore remained under pressure throughout Q4, with buyers maintaining a cautious procurement strategy and avoiding substantial inventory accumulation.
USA: Light Paraffinic Naphtha FOB Houston
In Q4 2025, the naphtha price trend in USA showed Light Paraffinic Naphtha FOB Houston prices declining by approximately 4.73%, as softer refinery margins and reduced petrochemical feedstock demand weighed on the U.S. market. North American crackers operated cautiously, while ample domestic refinery output maintained comfortable naphtha availability.
Competition from lighter alternative feedstocks such as ethane also reduced demand for naphtha within the petrochemical sector. Inventory availability consequently limited buying urgency, while weaker international fundamentals restricted export-related upside.
In December 2025, Naphtha Prices in the USA declined by approximately 4.85%. The monthly decrease closely matched the quarterly contraction, indicating persistent weakness rather than a temporary correction. Houston therefore remained pressured by comfortable supply, subdued cracker utilization and reduced feedstock requirements, with limited evidence of a meaningful demand recovery during the quarter.
Netherlands: Light Paraffinic Naphtha FOB Rotterdam
In Q4 2025, the naphtha price trend in Netherlands showed Light Paraffinic Naphtha FOB Rotterdam prices declining by approximately 6.54%, reflecting weak European industrial activity, reduced petrochemical demand, and increased regional availability.
European crackers remained under pressure from subdued downstream consumption, while inventories at major storage hubs encouraged competitive selling. However, naphtha became relatively more attractive against propane during parts of December, supporting some renewed cracker interest. Regional maintenance and production constraints also provided intermittent support.
In December 2025, Naphtha Prices in the Netherlands declined by approximately 4.36%. The continued monthly decline showed that temporary improvements in feedstock competitiveness could not overcome weak European demand.
Rotterdam therefore remained firmly bearish through Q4, with ample availability and cautious petrochemical procurement keeping pressure on physical market conditions.
Saudi Arabia: Light Paraffinic Naphtha FOB Jeddah
In Q4 2025, the naphtha price trend in Saudi Arabia showed Light Paraffinic Naphtha FOB Jeddah prices declining by approximately 5.30%, as weak Asian petrochemical demand offset the Middle East’s role as a major regional supply source. Asian buyers remained cautious because petrochemical oversupply reduced cracker utilization and limited feedstock requirements.
Stable Middle Eastern refinery output provided sufficient export availability, preventing sustained supply tightness. At the same time, competition from alternative feedstocks constrained demand from Asian crackers. In December 2025, Naphtha Prices in Saudi Arabia declined by approximately 4.94%.
The monthly decline confirmed the persistence of weak downstream fundamentals into year-end. Jeddah therefore followed the broader regional trend, with steady export availability and subdued Asian procurement outweighing occasional support from feedstock economics and traditional Middle Eastern supply relationships.
Singapore: Light Paraffinic Naphtha FOB Port of Singapore
In Q4 2025, the naphtha price trend in Singapore showed Light Paraffinic Naphtha FOB Singapore prices declining by approximately 3.40%, reflecting weak Asian cracker demand and persistent petrochemical oversupply. Northeast Asian producers continued to manage operating rates cautiously, while competition from alternative feedstocks limited naphtha consumption.
Singapore’s position as a major regional trading hub allowed cargo flows to adjust according to changing arbitrage economics, but ample availability kept buyers from building inventories aggressively. By December, some improvement in naphtha competitiveness against propane supported limited feedstock demand.
In December 2025, Naphtha Prices in Singapore declined by approximately 4.67%. The monthly decline showed that improved relative feedstock economics are insufficient to offset weak downstream consumption. Singapore consequently remained under pressure, although its smaller quarterly decline indicated greater resilience than several other Asian markets.
Japan: Light Paraffinic Naphtha CIF Tokyo (UAE)
In Q4 2025, the naphtha price trend in Japan showed Light Paraffinic Naphtha CIF Tokyo prices declining by approximately 4.29%, reflecting weak Japanese petrochemical demand and persistent regional oversupply. Northeast Asian crackers continued facing difficult economics, while competition from alternative feedstocks reduced incentives for aggressive naphtha procurement.
Regional inventories also remained comfortable, allowing buyers to delay restocking and purchase only when necessary. Toward December, improved relative economics against propane provided some support for naphtha consumption, but Japanese downstream demand remained insufficiently strong to reverse the market’s weakness.
In December 2025, Naphtha Prices in Japan declined by approximately 4.42%. The continued monthly fall confirmed that weak petrochemical operating rates and cautious procurement outweighed temporary improvements in feedstock competitiveness.
South Korea: Light Paraffinic Naphtha CIF Busan (UAE)
In Q4 2025, the naphtha price trend in South Korea showed Light Paraffinic Naphtha CIF Busan prices declining by approximately 4.24%, as Korean petrochemical producers continued to face weak margins and excess regional capacity. South Korea’s petrochemical restructuring remained a major market concern, with capacity rationalization in the region expected to reduce structural demand for naphtha.
Buyers therefore maintained conservative inventories and delayed discretionary purchases. The availability of alternative feed stocks also limited naphtha demand, while regional suppliers faced pressure from comfortable cargo availability.
In December 2025, Naphtha Prices in South Korea declined by approximately 4.38%. The monthly contraction reinforced the broader Q4 weakness, indicating that downstream petrochemical conditions remained the dominant market driver.
Busan therefore ended the quarter softer despite occasional support from changing feedstock economics and regional supply adjustments.
Mexico: Light Paraffinic Naphtha CIF Manzanillo (USA)
In Q4 2025, the naphtha price trend in Mexico showed Light Paraffinic Naphtha CIF Manzanillo prices declining by approximately 4.27%, reflecting weaker North American petrochemical demand and comfortable regional supply. Mexican buyers continued benefiting from access to U.S.-linked cargoes, reducing dependence on more distant international suppliers.
North American refinery output remained sufficient to maintain comfortable availability, while reduced steam-cracker operating rates weakened feedstock demand. Competition from lighter alternative feedstocks also limited naphtha consumption.
In December 2025, Naphtha Prices in Mexico declined by approximately 4.38%, confirming continued weakness at year-end. The monthly decline closely followed the quarterly movement, suggesting that market fundamentals remained consistently soft rather than being driven by a single temporary disruption.
Manzanillo therefore remained pressured by cautious procurement, adequate regional supply and subdued downstream petrochemical activity throughout Q4.
Canada: Light Paraffinic Naphtha CIF Montreal (USA)
In Q4 2025, the naphtha price trend in Canada showed Light Paraffinic Naphtha CIF Montreal prices declining by approximately 3.77%, reflecting softer North American petrochemical demand and comfortable regional availability. Canadian buyers remained supported by U.S.-origin supply, limiting exposure to international shipping disruptions and maintaining relatively flexible procurement options.
North American refinery output remained ample, while lower cracker operating rates reduced feedstock consumption. Competition from alternative feedstocks further limited demand for naphtha. In December 2025, Naphtha Prices in Canada declined by approximately 3.86%. The similar quarterly and monthly declines indicated sustained market weakness rather than a sharp temporary correction.
Montreal therefore remained comparatively resilient versus some European markets, but sufficient regional supply and subdued petrochemical requirements continued to prevent meaningful price recovery during the final quarter of 2025.
Brazil: Light Paraffinic Naphtha CIF Santos (USA)
In Q4 2025, the naphtha price trend in Brazil showed Light Paraffinic Naphtha CIF Santos prices declining by approximately 4.85%, reflecting weaker global petrochemical demand and subdued regional procurement. Brazil remained connected primarily to Atlantic Basin supply, allowing buyers to access U.S.-origin material while limiting exposure to Asian feedstock disruptions.
Comfortable regional availability reduced urgency among importers, while weaker cracker utilization internationally reinforced cautious purchasing behavior. North American markets also experienced softer refinery margins and lower petrochemical feedstock demand during the quarter.
In December 2025, Naphtha Prices in Brazil declined by approximately 4.44%. The monthly decrease confirmed that weak fundamentals persisted into year-end. Santos therefore remained under pressure as buyers prioritized lean inventories and flexible procurement, while subdued downstream consumption prevented stronger demand from emerging despite periodic changes in international trade flows.
Germany: Light Paraffinic Naphtha FD Hamburg
In Q4 2025, the naphtha price trend in Germany showed Light Paraffinic Naphtha FD Hamburg prices declining by approximately 5.39%, reflecting weak European manufacturing activity and subdued petrochemical feedstock demand. European cracking and gasoline-blending demand remained under pressure, while increased product availability encouraged competitive selling and inventory reduction.
Nevertheless, regional production constraints and maintenance turnarounds periodically restricted supply and helped maintain some market balance. By December, stronger relative naphtha economics against propane provided limited support for cracker demand, although broader downstream margins remained weak.
In December 2025, Naphtha Prices in Germany declined by approximately 3.97%. The continued monthly decline indicated that weak European consumption outweighed temporary supply-side support. Hamburg consequently ended Q4 under pressure, with cautious procurement and elevated inventories limiting recovery potential.
Belgium: Light Paraffinic Naphtha FD Antwerp
In Q4 2025, the naphtha price trend in Belgium showed Light Paraffinic Naphtha FD Antwerp prices declining by approximately 5.86%, reflecting weak European petrochemical demand and increased regional availability. Industrial activity remained subdued, while lower cracker utilization reduced demand for naphtha feedstock.
Antwerp’s location within the ARA trading hub provided access to multiple supply sources, allowing buyers to postpone purchases when inventories are sufficient. Regional production constraints and maintenance offered temporary support, but they do not materially tighten the market.
In December 2025, Naphtha Prices in Belgium declined by approximately 4.06%. The continued monthly decline reflected persistent downstream weakness and competitive selling across Northwest Europe. Antwerp therefore remained bearish throughout Q4, with flexible regional supply, cautious inventories and limited petrochemical demand preventing a meaningful recovery.
France: Light Paraffinic Naphtha FD Le Havre
In Q4 2025, the naphtha price trend in France showed Light Paraffinic Naphtha FD Le Havre prices declining by approximately 5.94%, reflecting weak European industrial demand and reduced petrochemical feedstock consumption. European crackers continued operating cautiously as downstream margins remained under pressure, while increased availability from international sourcing channels intensified competition among sellers.
Temporary production constraints and refinery maintenance provided some support, but regional supply remained sufficient overall. In December, improved naphtha competitiveness against propane encouraged some renewed petrochemical interest, although demand remained subdued.
In December 2025, Naphtha Prices in France declined by approximately 3.68%. The monthly fall confirmed that broader European weakness persisted through year-end. Le Havre therefore remained pressured by cautious procurement, subdued industrial activity and sufficient regional availability despite intermittent support from changing feedstock economics.
India: Light Paraffinic Naphtha CIF Nhava Sheva (Saudi Arabia)
In Q4 2025, the naphtha price trend in India showed Light Paraffinic Naphtha CIF Nhava Sheva prices declining by approximately 2.57%, showing greater resilience than most international benchmarks. India remained an active participant in naphtha trade, with imports and exports continuing as refiners and petrochemical producers adjusted regional supply flows.
Domestic demand remained supported by petrochemical and refining requirements, although broader Asian cracker economics stayed weak. Comfortable regional supply and cautious inventory management limited stronger procurement. By December, India’s naphtha demand remained substantial, while stock levels and trade flows continued adjusting to domestic requirements.
In December 2025, Naphtha Prices in India declined by approximately 3.45%. The quarterly decline remained smaller than in most markets, indicating that domestic consumption and active import-export participation provided some cushioning against broader Asian weakness.
Singapore: Heavy Aromatic Solvent Naphtha (C10) FOB Port of Singapore
In Q4 2025, the naphtha price trend in Singapore showed Heavy Aromatic Solvent Naphtha (C10) FOB Singapore prices declining by approximately 4.32%, reflecting weak downstream demand and broader Asian petrochemical pressure. Specialty solvent demand remained more resilient than conventional naphtha in some applications, but comfortable inventories and cautious industrial procurement limited upside.
Asian petrochemical producers continued managing operating rates conservatively because of weak margins and structural oversupply. By December, Naphtha’s relative competitiveness against propane provided some support for feedstock demand, although the broader market remained weak.
In December 2025, Heavy Aromatic Solvent Naphtha Prices in Singapore declined by approximately 3.15%. The monthly fall confirmed persistent demand-side pressure. C10 therefore followed the broader Asian market lower, with cautious procurement and comfortable availability outweighing intermittent support from changing feedstock economics.
Belgium: Heavy Aromatic Solvent Naphtha (C11_Naphthalene Depleted) FOB Antwerp
In Q4 2025, the naphtha price trend in Belgium showed Heavy Aromatic Solvent Naphtha (C11_Naphthalene Depleted) FOB Antwerp prices declining by approximately 3.04%, reflecting weak European industrial demand and competitive regional supply. Solvent consumption remained affected by subdued manufacturing activity, while buyers maintained lean inventories and avoided unnecessary restocking.
European naphtha markets also faced increased availability from international sourcing channels, reinforcing competitive selling pressure. Nevertheless, specialty-grade demand provided some resilience compared with mainstream light naphtha.
In December 2025, Heavy Aromatic Solvent Naphtha Prices in Belgium declined by approximately 4.20%. The stronger monthly decline indicated that year-end industrial demand remained insufficient to absorb available supply.
Antwerp therefore finished Q4 weaker, with cautious purchasing, soft manufacturing activity and ample regional availability outweighing the relative stability normally provided by its specialized solvent applications.
