India - Toluene - Market Analysis, Forecast, Size, Trends And Insights
India's Toluene Price Plummets 14%, Averaging $1,062 per Ton
India Toluene Import Price in September 2022
In September 2022, the toluene price amounted to $1,062 per ton (CIF, India), declining by -13.8% against the previous month. In general, import price indicated a noticeable increase from January 2022 to September 2022: its price increased at an average monthly rate of +3.5% over the last eight months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on September 2022 figures, toluene import price decreased by -17.7% against July 2022 indices. The most prominent rate of growth was recorded in April 2022 when the average import price increased by 14% month-to-month. Over the period under review, average import prices attained the peak figure at $1,291 per ton in July 2022; however, from August 2022 to September 2022, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In September 2022, the country with the highest price was China ($1,197 per ton), while the price for Singapore ($768 per ton) was amongst the lowest.
From January 2022 to September 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.
India Toluene Imports
Toluene imports into India contracted to 35K tons in September 2022, almost unchanged from August 2022. Overall, imports recorded a noticeable reduction. The growth pace was the most rapid in June 2022 when imports increased by 123% m-o-m. As a result, imports reached the peak of 73K tons. From July 2022 to September 2022, the growth of imports remained at a lower figure.
In value terms, toluene imports declined to $37M (IndexBox estimates) in September 2022. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in June 2022 with an increase of 139% against the previous month. Over the period under review, imports reached the peak figure at 89K tons in July 2022; however, from August 2022 to September 2022, imports failed to regain momentum.
India Toluene Imports by Country
In September 2022, Thailand (15K tons) constituted the largest toluene supplier to India, accounting for a 42% share of total imports. Moreover, toluene imports from Thailand exceeded the figures recorded by the second-largest supplier, Iran (5.9K tons), twofold. The United Arab Emirates (4.8K tons) ranked third in terms of total imports with a 14% share.
From January 2022 to September 2022, the average monthly growth rate of volume from Thailand totaled -2.7%. The remaining supplying countries recorded the following average monthly rates of imports growth: Iran (+8.7% per month) and the United Arab Emirates (-9.1% per month).
In value terms, Thailand ($16M) constituted the largest supplier of toluene to India, comprising 43% of total imports. The second position in the ranking was held by Iran ($6.2M), with a 17% share of total imports. It was followed by the United Arab Emirates, with a 14% share.
From January 2022 to September 2022, the average monthly rate of growth in terms of value from Thailand stood at +1.1%. The remaining supplying countries recorded the following average monthly rates of imports growth: Iran (+7.4% per month) and the United Arab Emirates (-8.3% per month).
Factors Affecting Toluene Prices
Toluene is used extensively in the paints and coatings industry, as well as in the production of adhesives, detergents, pharmaceuticals and rubber chemicals. In addition, toluene is also used as a fuel additive and as a solvent in printing ink and paint formulations. Local demand for these products is a key driver of toluene prices in India.
As one of the world's leading producers of petroleum products, India plays a key role in global energy markets. Toluene is an important component in the production of gasoline and other fuels, and as such, its price is closely linked to crude oil prices.
However, there are a number of other factors that can affect toluene prices in India. For example, domestic demand for toluene can be influenced by economic growth or seasonal factors such as the monsoon season. Сontinued economic growth in India is likely to support healthy demand for toluene-based products and keep prices at relatively elevated levels. Additionally, global trade flows can impact India's toluene market, as the country is a major importer of this product.
This report provides an in-depth analysis of the toluene market in India. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
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The Largest Import Supplying Countries
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