Asian Markets
July 23, 2025
Chinese TDI Update
Chinese TDI Prices Surge 20% in a Week amid Force Majeure in Europe and Supply Cuts
PUdaily | Updated: July 23, 2025
China’s TDI market has surged in July due to an array of positive news:
– On July 9, Covestro Shanghai raised its TDI guide price to CNY 12,700/tonne in bulk;
– On July 9, Wanhua Chemical stopped taking orders in Southeast Asia due to excessive demand and planned to raise its July TDI price by USD 100/tonne;
– On July 10, Covestro Shanghai announced suspension of TDI trading;
– On July 11, Wanhua Chemical increased its mid-July price for TDI by CNY 1,000/tonne to CNY 13,500/tonne;
– On July 12, a fire broke out at an external transformer station in building L26 at Chempark Dormagen. On July 16, Covestro declared force majeure on TDI;
– On July 14, Covestro Shanghai raised its TDI price to CNY 13,200/tonne;
– On July 14, Covestro Shanghai again halted TDI trading;
– On July 16, Covestro Shanghai further raised the TDI price to CNY 14,200/tonne;
– On July 17, Wanhua Chemical stopped taking orders from distributors for TDI;
– On July 17, BorsodChem increased TDI price by EUR 500/tonne;
– On July 18, Wanhua Chemical raised the July TDI price for direct sales by CNY 4,500/tonne to CNY 18,500/tonne;
– On July 18, Covestro Shanghai raised the TDI price to CNY 17,100/tonne.
Meanwhile, multiple TDI facilities are under maintenance. Wanhua Chemical’s Phase I TDI facility in Fujian has been shut down for maintenance since June 5. This maintenance, expected to span 45 days, has yet to come to an end. Xinjiang Heshan Juli’s TDI facility started maintenance on July 15 and is expected to last 33 days. Gansu Yinguang’s TDI facility is scheduled to undergo maintenance at the end of July for 7-15 days. BorsodChem’s 250 ktpa TDI facility began routine maintenance on July 19, which was scheduled for four weeks.
China’s TDI exports continued to see better-than-expected performance.
China exported 48,000 tonnes of TDI in June 2025, a year-on-year increase of 81.6%. China’s TDI exports from January to June 2025 amounted to 267,000 tonnes, up 82.9% year-on-year. The total annual export volume is expected to exceed 400,000 tonnes, reaching a record high.
Buoyed by multiple bullish factors, traders have mostly halted trading or maintained high prices starting mid-July. As of July 18, TDI prices in China had risen sharply to around CNY 15,000/tonne, up nearly CNY 2,500/tonne month on month, representing a weekly increase of nearly 20%. Some traders even quoted prices as high as CNY 17,000/tonne or above.
Actually, the current TDI price is still at historically low levels and just surpassing the producers’ break-even point. Although TDI prices have seen significant increases recently, there remains some upward momentum due to supply reductions and robust export demand. Moving forward, as some facilities resume production after maintenance, TDI supply will fluctuate and price trends will be impacted. If facilities are restarted as scheduled and production levels return to normal, increased supply may slow the price rise or even lead to a correction. If restarts are delayed or production falls short of expectations, it can lead to further price hikes due to ongoing supply tightness.
Given these unpredictable dynamics, access to accurate, real-time market intelligence has become essential. PUdaily’s Pricing Intelligence Service and dedicated Asia-Pacific TDI reports help industry participants anticipate shifts, benchmark prices, and make better-informed procurement and sales decisions amid the uncertainty.
July 1, 2025
China TDI Exports
China’s TDI Exports Registered a Sharp Increase in January-May 2025
PUdaily | Updated: July 1, 2025
In May 2025, China imported 85 tonnes of TDI worth USD 197,100 at an average price of USD 2,311/tonne, according to data by the General Administration of Customs. The import volume decreased 28.96% month-on-month and slumped 87.08% year-on-year.
China exported 51,617 tonnes of TDI in the month, earning around USD 84.13 million at an average price of USD 1,630/tonne. Export volume increased 32.82% month-on-month and jumped 98.45% year-on-year.
Table 1 China’s TDI Imports & Exports, 2024-2025 (tonne)
| Month | Import Volume | Export Volume | ||||||
| 2024 | 2025 | YoY Change | MoM Change | 2024 | 2025 | YoY Change | MoM Change | |
| Jan. | 1,160 | 280 | -75.90% | -75.10% | 21,749 | 41,912 | 92.70% | 4.50% |
| Feb. | 1,992 | 260 | -86.90% | -7.10% | 19,562 | 35,644 | 82.20% | -15.00% |
| Mar. | 3,140 | 290 | -90.80% | 11.50% | 28,062 | 51,170 | 82.30% | 43.60% |
| Apr. | 2,503 | 120 | -95.20% | -58.60% | 24,258 | 38,863 | 60.20% | -24.10% |
| May | 660 | 85 | -87.10% | -29.20% | 26,010 | 51,617 | 98.50% | 32.80% |
| Jun. | 2,182 | 26,486 | ||||||
| Jul. | 929 | 29,781 | ||||||
| Aug. | 1,747 | 37,007 | ||||||
| Sep. | 1,364 | 37,302 | ||||||
| Oct. | 1,220 | 37,656 | ||||||
| Nov. | 245 | 38,559 | ||||||
| Dec. | 1,124 | 40,089 | ||||||
| Total (Jan-May) | 8,795 | 1,030 | -88.30% | – | 93,631 | 219,206 | 134.10% | – |
Figure 1: China’s Monthly TDI Exports, 2023-2025 (tonne)
Table 2. China’s TDI Export Destinations & Export Volumes, Jan.-May 2025 (tonne)
| Destination | Export Volume | Share |
| Indonesia | 22,213 | 10.1% |
| Vietnam | 20,892 | 9.5% |
| India | 11,941 | 5.4% |
| Brazil | 11,266 | 5.1% |
| Nigeria | 11,240 | 5.1% |
| Kenya | 8,100 | 3.7% |
| Mexico | 7,166 | 3.3% |
| Turkey | 7,136 | 3.3% |
| Columbia | 7,100 | 3.2% |
| Argentina | 6,554 | 3.0% |
| Others | 105,599 | 48.2% |
| Total | 219,206 | 100.0% |
China’s TDI exports from January to May 2025 amounted to 219,206 tonnes, registering a sharp increase of 134.1% compared to the same period last year. The total annual export volume is poised to achieve a remarkable growth this year.
June 13, 2025
Chinese Mattress Exports
China’s Foam Mattress Exports Demonstrated Resilience Due to Stable Demand in Jan-Apr
PUdaily | Updated: June 10, 2025
China exported a total of 9.975 million foam mattresses during January to April 2025, down 2.5% year-on-year. The export value was USD 236 million, a decrease of 3.2% compared to the same period last year, according to customs data. The declines in the two key indicators were both below 3%, demonstrating the industry’s resilience amid rising uncertainties. The total weight of mattresses exported from China during this period reached 47,900 tonnes, up 2.1% year-on-year, reflecting a slight adjustment in product structure and an overall stable demand.
| Foam Mattress Exports(Under HS Code 94042100) | Quantity (1,000 pieces) | Weight (1,000 tonnes) | Value (USD 100 million) |
| Jan-Apr 2025 | 9,974.80 | 47.9 | 2.36 |
| Jan-Apr 2024 | 10,226.30 | 46.9 | 2.44 |
| YoY Change | -2.50% | 2.10% | -3.20% |
China’s Monthly Foam Mattress Exports 2023-2025 (tonne)
From January to April, Japan was the first export destination for Chinese foam mattresses, with exports totaling 7,881 tonnes, up 5.2% year-on-year, accounting for 16.4% of China’s total exports.
Table 1: Top 15 Export Destinations for China’s Foam Mattresses (Jan-Apr 2025)
| Destination | Weight (tonnes) | Share (%) |
| Japan | 7,881 | 16.44% |
| USA | 7,146 | 14.91% |
| Germany | 3,974 | 8.29% |
| Mexico | 3,461 | 7.22% |
| Australia | 3,219 | 6.71% |
| France | 2,516 | 5.25% |
| UK | 2,037 | 4.25% |
| South Korea | 1,827 | 3.81% |
| Thailand | 1,103 | 2.30% |
| Poland | 1,083 | 2.26% |
| Others | 13,693 | 28.56% |
| Total | 47,940 | 100.00% |
Among these export destinations, traditional markets such as Japan, the USA and Germany made up 44.55% of the total exports (with the top three destinations combined to occupy 39.64% of the market share). Exports to Japan increased by 5.2% year-on-year to 7,881 tonnes, highlighting strong resilience in key markets. Although some market shares fluctuated slightly, the top 15 destinations accounted for over 70% of exports, indicating a stable market landscape and endorsing the robust demand for Chinese mattress products in the international market.
It indicates that China’s mattress industry could hold on in the face of an ever-changing global environment. Chinese manufacturers have made risk mitigation efforts to counter external uncertainties, such as retaining existing customer bases and optimizing product structure. The slight changes in export volume and value mostly reflect normal market fluctuations rather than a shift in demand trends. The fundamentals remain stable and strong.
Going forward, China’s mattress exports are expected to keep resilient amid stable recovery in global consumer demand. Chinese businesses should continue to focus on market needs and optimize supply chain, steadily increasing added value while maintaining cost advantages, thereby further enhancing market share and promoting sustainable industrial development.
May 28, 2025
Chinese PO Imports Drop
China PO Imports & Exports in April 2025
PUdaily | Updated: May 28, 2025
Import
In April 2025, China imported roughly 1,960 tonnes of PO, representing a year-on-year decrease of 90% and a month-on-month decrease of 87%.
The sources of China’s PO imports are limited to two countries: the U.S. and Thailand. In April, imports from the U.S. reached 1,260 tonnes, while imports from Thailand were 701 tonnes.
China’s PO imports from January to April 2025 amounted to 41,006 tonnes, only 42% of the import volume in the same period last year (97,766 tonnes). It indicates a remarkable reduction in China’s reliance on PO imports.
Export
In April 2025, China’s PO exports were 216 tonnes, remaining largely unchanged at a relatively low level. This has contributed to decreased costs for polyether polyols production domestically and enhanced price competitiveness of end products in overseas markets.
China’s PO exports in the first four months of 2025 totaled 872 tonnes. The exporters are mostly based in Zhejiang, Shandong, and Jiangsu. India was the largest destination for China’s PO exports due to its polyols capacity expansion, accounting for 60% of total exports.
Figure 1: China’s Monthly PO Imports 2024-2025 (tonne)
April 30, 2025
China Waives Ethane Tariffs
China removes 125% tariff on U.S. ethane imports – Reuters
EditorLouis Juricic
Published 29/04/2025, 15:20
China removes 125% tariff on U.S. ethane imports – Reuters
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect
Investing.com — China has recently eliminated the 125% tariff on ethane imports from the United States, according to Reuters, citing two informed sources. The tariff, which was imposed earlier this month, has now been waived, providing relief for Chinese firms importing U.S. ethane for petrochemical production. This decision will also create a market for the natural gas liquid, a byproduct of U.S. shale gas production.
Chinese companies that import ethane include Satellite Chemical, SP Chemicals, Sinopec (OTC:SHIIY), Sanjiang Fine Chemical, and Wanhua Chemical Group. The primary U.S. exporters are Enterprise Products Partners (NYSE:EPD) and Energy Transfer (NYSE:ET). According to data from the U.S. Energy Information Administration, China purchases nearly half of all U.S. ethane exports.
Earlier this month, China had escalated its tariffs on imports of U.S. goods, including ethane, to 125%. This was a response to U.S. President Donald Trump’s decision to target the world’s second-largest economy with higher duties.
In recent days, however, the tariff on ethane was waived.
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