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IndiaThe 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.
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.
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.
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 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.
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.
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, 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.
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.
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.
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These events underscore the TDI market’s vulnerability to global disruptions and highlight the need for continuous monitoring of supply-demand dynamics.
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.
Molecular Weight[g/mol]
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Molecular Formula
Toluene diisocyanate (TDI), derived from petroleum-based toluene, is a key chemical intermediate for polyurethane foam production. It exists as two isomers: 2,4-TDI and 2,6-TDI, which can be used individually or as a mixture.
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Incoterms Used
Synonym
PriceWatch Quotation Terms:
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 | ||||
| Purity (%) | 99.5 | ||||
| Viscosity 25 °C (m Pa∙s) | 3 | ||||
| Colour (APHA) | 15 max. | ||||
| Acidity, as HCL | 40 ppm | ||||
| Isomer Content:
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Applications
Toluene diisocyanate (TDI) is a versatile chemical widely used in the production of flexible polyurethane foams, which are essential for the furniture and automotive industries, providing comfort in cushions and seats. It is also important in manufacturing coatings, adhesives, and sealants for durability and strong bonding. In construction, TDI is used for rigid foam insulation and casting materials, while the textile industry utilizes it for water-resistant finishes.
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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