According to China Chemical Information Weekly, December 1—BASF announced effective immediately (or as permitted by contract terms) a price increase of $200 per ton for its Lupranate® TDI (toluene diisocyanate) in the ASEAN and South Asia regions.

BASF stated that the price adjustment was necessary due to persistently rising transportation costs, energy expenses, and regulatory pressures.

In addition to BASF, Shanghai Covestro raised its TDI price to 14,600 RMB/ton effective November 17, with limited supply. The company's 310,000-ton facility in Shanghai has scheduled maintenance for the fourth quarter.

As of November 25, the domestic TDI market overall maintained a stable consolidation pattern. Reference quotations in East China: Shanghai spot barrel-packed with tax invoice at 13,900-14,100 RMB/ton; domestic product at 13,600-13,800 RMB/ton. South China: Shanghai spot at 14,000-14,200 RMB/ton; domestic product at 13,700-13,800 RMB/ton. The market currently remains largely in a wait-and-see mode, with participants generally awaiting the next round of price guidance from major producers at month-end.

Additionally, the second phase of the new TDI facility (360,000 tons/year) at Wanhua Chemical's Fujian Industrial Park commenced operations in August. Following production halts at Covestro and Mitsui Chemicals in July due to accidents, domestic producers raised prices, with some reaching as high as 20,000 RMB/ton.

Regarding exports, China's cumulative TDI exports from January to October 2025 reached 449,765 tons, a year-on-year increase of 56.2%. In October 2025 alone, TDI exports totaled 43,956 tons, valued at $67.1004 million USD, with an average price of $1,527 per ton. Export volume decreased by 9.52% month-on-month but increased by 16.73% year-on-year.

Regarding imports, China imported a cumulative total of 2,769 tons of TDI from January to October 2025, representing an 83.6% year-on-year decrease. In October 2025 alone, China imported 220 tons of TDI, valued at USD 263,500, with an average price of USD 1,198 per ton. Import volume decreased by 59.93% month-on-month and 81.97% year-on-year.

By export destination, the primary markets for China's TDI exports from January to October 2025 were Vietnam (9.2%), Indonesia (8.7%), Brazil (7.4%), India (5.5%), Turkey (4.8%), Nigeria (4.6%), Argentina (3.2%), Russia (3.1%), Kenya (3.0%), Colombia (2.6%), and other regions (47.8%).

In terms of production capacity and import/export dynamics, both the ASEAN and South Asian regions lack local suppliers, making them heavily reliant on imports for their TDI needs.

MDI Price Increase

Beyond TDI, regarding MDI, BASF has raised the price of its Lupranate® MDI base products in South Asia by $200/ton effective November 20 (or as per contract terms). This adjustment is also a necessary measure implemented due to the sustained increase in transportation costs, energy costs, and compliance management expenses.

Additionally, Wanhua Chemical will increase prices for polymeric MDI and pure MDI products in Southeast Asia and South Asia effective December 1, 2025, by $200/ton or as per existing contracts. Covestro and Huntsman previously raised their November product quotations.

Significant demand growth in the polyurethane industry across South Asia, coupled with robust demand for MDI in emerging sectors such as building energy efficiency and lightweighting for new energy vehicles, has prompted companies to proactively raise prices to align with the market supply-demand dynamics.

As an integrated internet platform providing benchmark prices, On December 3, the benchmark price of isooctanol SunSirs was 6733.33 RMB/ton, an increase of 2.54% compared with the beginning of the month (6566.67 RMB/ton).

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