According to the commodity analysis system of SunSirs, the domestic TDI market continued to rise in July. As of July 22, the average price of TDI in East China was 15,333 RMB/ton, up 30.68% from 11,733 RMB/ton on July 1.

The recent operation of TDI equipment at home and abroad is as follows:

On July 12, Covestro's Dormagen plant in Germany was affected by an electrical fire, and force majeure occurred in the production process of caustic soda, chlorine and hydrochloric acid. The loss could not be fully compensated by delivery from other factories, and the duration could not be predicted for the time being, which directly led to the declaration of supply force majeure for the 300,000 tons per year TDI unit. This accident directly led to the rise in domestic TDI prices. Due to the surge in overseas orders, Shanghai Covestro stopped reporting, and Wanhua's quotation continued to rise. On July 18, the northern large factory announced that the direct sales channel payment price would be increased by 4,500 RMB to 18,500 RMB/ton, with a single-day increase of more than 30%.

At the same time as the overseas equipment was moving, domestic TDI equipment was concentrated for maintenance, further exacerbating the TDI supply crisis. Two units in the northwest region entered maintenance one after another. One unit was shut down for 35 days from July 16, and the bulk water supply was completely interrupted; the other unit was overhauled for 10-15 days in advance at the end of July. Wanhua's 350,000 tons/year TDI unit in Hungary began routine maintenance on July 19, and the maintenance is expected to take about 30 days. The capacity of the units affected recently totaled 1.52 million tons, accounting for about 40% of the global capacity.

Export market exceeded expectations

In May 2025, China's TDI exports reached 51,600 tons, a record high for a single month, soaring 98.45% year-on-year. In June 2025, 48,000 tons of TDI were exported, an increase of 81.62% compared with the same period last year. With the continuous growth of domestic TDI production capacity, the shrinking capacity in Europe and the United States and the stimulation of tariff policies, orders in the TDI export market have surged. The second round of force majeure events of Covestro in Germany affected the production capacity of 300,000 tons, accounting for 55% of the total production capacity in Europe, which will further stimulate the growth of TDI exports.

Market Forecast

So far, the high price of TDI has exceeded 16,000 RMB/ton. After TDI prices have jumped several times, some middlemen have entered a state of closing and suspending quotation, and some have increased their willingness to ship. End users have just bought, and placing orders at high prices is not good. Considering that multiple TDI units are being overhauled simultaneously and some of them still have maintenance plans in the future, the supply is expected to remain tight. It is expected that the TDI market will continue to rise in the short term. Pay close attention to changes in supply and demand in the future.

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