Polyurethanes (MDI, TDI, polyols): Trading
Wanhua's monthly list price sets the tone
Wanhua's monthly list price sets the tone What this tab covers How it is bought and sold: buyers and sellers, price benchmarks and who publishes them, exchanges, contract types, traders, how Indian buyers price it, recent price points, and good sources to follow.Who buys, and where
- India
- Southeast Asia
- Middle East
- Latin America
- Africa
Who sells, and from where
- China (Wanhua and others)
- Saudi Arabia (Sadara)
- Hungary (BorsodChem)
- US Gulf Coast
- Germany
- South Korea and Japan
Price benchmarks
| Benchmark | Publisher | Basis |
|---|---|---|
| ICIS polymeric MDI and TDI Asia, Europe, US | ICIS | spot and monthly contract |
| China MDI and TDI domestic prices | SunSirs, PU Daily, CCF | daily domestic |
| Wanhua monthly list prices for China and export | Wanhua | monthly |
Exchanges
| Venue | Contract | Notes |
|---|---|---|
| none | no futures for MDI, TDI or polyols | Hedging is through contract structure, not exchanges. |
Contract types
- Annual supply agreements with monthly price resets
- Producer monthly list prices (Wanhua, BASF, Covestro)
- Spot cargoes in drums, IBCs and ISO tanks
Traders and distributors
- Producer sales arms
- Japanese trading houses
- Indian distributors and systems houses
How Indian buyers price it
- Indian buyers price MDI and polyols at CFR India import parity, often against Chinese and Sadara offers (indicative).
- TDI landed price includes the anti-dumping duty on EU and Saudi supply, extended to 1 March 2026 pending review; DGTR issued sunset-review final findings on 12 Nov 2025 (Alchempro; TeamLease RegTech, Nov 2025).
Recent price points
| Date | Price | Basis | Source |
|---|---|---|---|
| 31 Dec 2024 | CNY 18,100-18,300/t | China polymeric MDI | faxiangongchang 2026 |
| Sep 2025 | about $2,110/t (about CNY 15,000) | China MDI average | faxiangongchang 2026 |
| H2 2025 | CNY 14,300-14,500/t | China TDI | faxiangongchang 2026 |
Good sources to follow
ISOPA eco-profiles and publicationsfree research site · ISOPA (European diisocyanate and polyol producers)Life-cycle data and safe handling of MDI, TDI and polyols
PU Dailyfreemium newsletter · PU DailyPolyurethane market news, including India and China
ICIS polyurethanespaid research site · ICISMDI, TDI and polyol prices
Alchempro chemicals newsfree research site · AlchemproIndian chemical prices and DGTR trade remedies