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Updated to Q1 2017
Polymeric methyl di-p-phenylene isocyanate (PMDI) spot import prices in China began its uptrend since December last year which carried on until early March, amid the surge in domestic prices.
Domestic prices in China rose due to tight supply, after a blast at Wanhua Chemical’s plant in Yantai, China, on 20 September 2016.
Average PMDI prices hit a peak of $2,850/tonne CFR (cost & freight) China on 1 March, up by a cumulative $725/tonne, or 34%, since 30 November last year before stabilising staying largely flat for the remainder of March. Southeast Asia and India prices were slow to keep up with the price increase in China and only started to show more substantial increases from early February onwards. Average prices were at $2,650/tonne CFR SE (southeast) Asia and $2,950/tonne CIF (cost, insurance and freight) India on 15 March.
Overall supply in Asia had tightened significantly in the first quarter due to turnaround at one of Wanhua Chemical’s two plants in Ningbo, China, from December to January. Reduced output at a South Korean plant since late-February, as well as upcoming turnarounds at a few northeast Asian plants from April to June, had further aggravated the tight supply situation as these producers were limiting their export cargoes to build up stock ahead of their plant turnarounds.
Updated to Q1 2017
Toluene di-isocyanate (TDI) spot import prices in Asia hit a bottom and stayed largely flat in January before rising in first-half February amid tight regional supply. Prices stabilised in second-half February before inching up again in March.
Average TDI import prices hit the lowest levels since second-half October 2016, at $3,200/tonne CFR (cost & freight) China/Hong Kong on 11 January, and then began to rise in early February to reach $3,600/tonne CFR China/Hong Kong in mid-February, before stabilising and moving sideways for the remainder of the month, while southeast Asia import prices were also moving in a similar trend. Average import prices in India had gained more than the former regions, with prices having risen by $550/tonne to $3,775/tonne CIF (cost, insurance and freight) India since 25 January for three straight weeks.
Asia TDI prices were supported by relatively short supply of import cargoes, while the sharp increase seen in India was because of tight domestic supply due to plant issues at the Indian producer’s GNFC plants since November last year.
ICIS is the only publication that provides a weekly price assessment on Isocyanates, Toluene di-isocyanate (or TDI) and methylene di-p-isocyanate (or MDI) in Asia.
For TDI, the report provides comprehensive coverage of the key China market, including cost & freight (CFR) China spot and monthly contract prices, and domestic prices for the North, South and East of China.
An assessment is also provided for South East Asia, alongside commentary on both the delivered and Indonesia and Malaysia markets. The cost, insurance and freight (CIF) India quote and commentary rounds up our TDI market coverage.
For MDI, we monitor both spot CFR import and domestic prices in China for both polymeric and monomeric or pure MDI.
To deliver greater context to the assessed prices, China’s many import statistics are provided, together with details of monthly production of upholstered furniture in China.
Feedstock Benzene, news of production output, and unexpected plant outages are also covered. We list deals, bids and offers that deliver easy reference assessments for our customers and this information also helps them in their decision making.
We speak to all the major players who produce, buy and sell isocyanates as this builds up a comprehensive and unbiased view of the market.
This is useful for participants looking for an independent reference or benchmark for spot transactions.
ICIS collects pricing data on a wide range of chemical, energy and fertilizer products, including Isocyanates. Our extensive experience in price reporting means we can offer you access to historical data dating back more than 20 years for certain commodities.
Our time series of pricing data enables you to build and model trends, to get a view of where markets might be heading. The data service includes charting functionality, allowing you to chart and download multiple data series for manipulation in your own internal models. You can also export data to Excel via the ICIS dashboard service.
ICIS price assessments are based on information gathered from a wide cross-section of the market, comprising consumers, producers, traders and distributors from more than 250 reporters world-wide. Confirmed deals, verified by both buyer and seller, provide the foundation of our price assessments.
Our in-depth market knowledge drives our specialist focus, as we recognise the importance of individual market dynamics and not a one-size-fits-all approach.
Over 25 years of reporting on key chemicals markets, including Isocyanates, has brought global recognition of our methodology as being unbiased, authoritative and rigorous in preserving our editorial integrity. Our global network of reporters in Houston, London, Singapore, Shanghai, Guangzhou, Mumbai, Perth and Moscow ensures unrivalled coverage of established and emerging markets.