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MexicoIn the first quarter of 2025, South Korea’s Toluene market started to bounce back. Prices of Toluene Industrial Grade (99%) FOB Busan edged up to USD 759/MT, marking a 2.85% increase from the last quarter. This slight rise came as industries like solvents and blending resumed regular operations after the year-end lull. Many buyers were restocking inventories, which helped support demand. Output levels within the country remained steady, ensuring that the supply landscape stayed balanced.
In the fourth quarter of 2024, Toluene prices in South Korea fell further. Toluene Industrial Grade (99%) FOB Busan was assessed at USD 738/MT, registering a notable 10.98% drop from the previous quarter. This was mainly due to reduced demand from end-use sectors like paints and resins, which typically slow down toward year-end. Many plants scaled back operations during the holiday season, and buying remained sluggish. On top of that, there were no major supply issues, and imports flowed steadily, which led to an oversupplied market and further price drops.
The July–September 2024 period brought another setback to the market. Prices of Toluene Industrial Grade (99%) FOB Busan dipped to USD 829/MT, down by 9.40% compared to Q2. Demand weakened as dowfnstream industries faced softer export orders and stiff competition. Consumption within the country slowed, and stock levels started building up. Even though crude oil prices held steady, the lack of strong pull from the market dragged Toluene prices lower. Some producers tried cutting output, but high availability kept the pressure on.
During Q2 2024, a modest recovery was seen in Toluene prices FOB Busan, which reached USD 915/MT, indicating a slight 0.77% uptick from the preceding quarter. Seasonal buying picked up, especially from the construction and solvent segments. Export movement was a bit more active, and refineries handled production more carefully after the earlier dip. With crude oil prices staying steady and logistics running smoothly, the market found a bit of balance—though demand overall remained on the cautious side.
At the beginning of 2024, the Toluene market in South Korea experienced a clear downward shift. Prices of Toluene Industrial Grade (99%) FOB Busan settled at USD 908/MT, which was 11.84% lower than the previous quarter. The decline happened mainly because demand from sectors like paints, adhesives, and construction was quite slow. The market stayed quiet, and supply wasn’t disrupted, as most producers maintained output. With few buyers and stable production levels, prices naturally trended downward.
During Q1 2025, prices of Toluene Industrial Grade (99%) (Bulk) Ex- Kandla inched up slightly to USD 853 per metric ton, recording a 1.29% rise over the previous quarter. This minor increase was due to renewed buying interest from the solvent and chemical sectors, which started restocking after the year-end lull. Supportive crude prices and steady port operations ensured regular supply movement, while stable demand helped the market maintain a balanced tone. The quarter closed on a steady note with no major price disruptions.
In Q4 2024, prices of Toluene Industrial Grade (99%) (Bulk) Ex- Kandla continued their downward trend, reaching USD 864 per metric ton, showing a 7.34% decrease from Q3. The decline was mainly driven by weak year-end demand, as industries slowed down operations for maintenance and inventory checks. In addition, rising import volumes, along with better availability from domestic refineries, led to oversupply in the market. This kept buyers cautious and led to softer pricing across the country.
By Q3 2024, Prices of Toluene Industrial Grade (99%) (Bulk) Ex- Kandla dropped sharply to USD 940 per metric ton, a 10.15% fall from Q2. This decline came because of reduced industrial activity during the monsoon months, with several downstream plants running at lower capacities. Global toluene supplies also improved due to smoother refinery operations, allowing Indian importers to procure at better rates. The drop in demand from paint and thinner producers also played a key role in this price correction.
In Q2 2024, prices of Toluene Industrial Grade (99%) (Bulk) Ex- Kandla rebounded to USD 1050 per metric ton, reflecting a 6.41% increase over the previous quarter. The rise came after higher seasonal demand from the construction and automobile sectors, which use toluene-based products like solvents and sealants. Festive season production and bulk buying from downstream users contributed to the upward trend. Additionally, some supply delays from the Middle East and Southeast Asia affected availability, pushing prices higher.
During Q1 2024, Toluene Industrial Grade (99%) (Bulk) Ex- Kandla prices in India dropped to USD 992 per metric ton, marking a 5.43% decrease compared to the previous quarter. This fall was due to sluggish demand from the paint, coatings, and adhesive industries, which had reduced buying activity. At the same time, international crude oil prices remained somewhat stable, leading to better availability of feedstock. Increased local inventories and steady import volumes also helped ease the price pressure.
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Molecular Weight[g/mol]
CAS No
HS Code
Molecular Formula
Toluene is a clear, water-insoluble liquid with a distinctive sweet, pungent odor, and is highly flammable. It is primarily used as an industrial solvent and chemical intermediate. Toluene serves as a key feedstock in the production of benzene, toluene diisocyanate (TDI), and other petrochemical derivatives. It is commonly derived from the catalytic reforming of petroleum or as a byproduct of coke oven processes. Toluene plays a critical role in industries such as paints and coatings, adhesives, pharmaceuticals, and chemical manufacturing.
Packaging Type
Grades Covered
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.
| Physical Properties | |
| Density | 867 kg/m³ @ 25 °C |
| Flash point | 4.4 °C (Closed cup) |
| Boiling point | 110.6 °C @ 1 atm |
| Vapor pressure | 3.8 kPa @ 20 °C |
| Appearance | Clear, colorless liquid with a sweet, aromatic odor |
Applications
Toluene is primarily used as a versatile chemical intermediate and industrial solvent across various sectors. It is widely employed in the production of benzene and toluene diisocyanate (TDI), which are essential for manufacturing polyurethane foams used in furniture, insulation, and automotive seats. Toluene also plays a crucial role in the formulation of paints, coatings, adhesives, inks, and cleaning agents due to its excellent solvency properties. Additionally, it is used in the production of explosives like TNT and in the synthesis of pharmaceuticals and agrochemicals. Toluene supports critical downstream chemical processes, making it indispensable to the petrochemical and manufacturing industries.
Toluene prices are affected by several key factors, including the cost of feedstocks like crude oil and natural gas. Other significant influences include fluctuations in crude oil prices, refinery production levels, transportation costs, and environmental regulations. Additionally, supply-demand imbalances, particularly in major production regions like Asia and North America, and disruptions due to geopolitical issues or natural disasters, can impact toluene pricing trends.
Supply chain disruptions, such as plant shutdowns, port delays, or shortages of raw materials, can lead to sharp increases in toluene prices. For example, when crude oil supplies tighten due to refinery outages or production cuts, toluene production costs rise, leading to higher market prices. Conversely, improved supply chain efficiency or reduced transportation costs can help stabilize or lower toluene prices. Procurement teams should stay informed on supply chain developments to optimize their purchasing strategies.
Toluene prices vary significantly across different regions due to factors like production capacity, local demand, and logistics. For instance, Asia, a leading producer of toluene, often has more competitive prices compared to Europe or the US, where higher production costs and stricter environmental regulations may drive up prices. Procurement heads should consider these regional variations by exploring opportunities to source toluene from cost-competitive regions or leveraging long-term contracts in regions with favourable pricing to reduce exposure to price volatility.
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