The uncertain short‑term outlook for Iran is further driving up prices of epoxy resin, titanium dioxide, TDI, and other related products.
2026-03-10 09:47
Recently, the escalation of U.S.–Iran military tensions has heightened tensions in the Middle East, and the Iranian Revolutionary Guard’s announcement to close the Strait of Hormuz has sent international crude oil prices soaring. The sharp surge in energy prices has quickly rippled through the upstream segments of the chemical industry chain, prompting key products such as epoxy resin, MDI, TDI, and titanium dioxide to enter a concerted price‑supporting mode.
This round of price increases is characterized by “leadership from industry giants, coverage across all product categories, and simultaneous implementation both domestically and internationally.” Major domestic and international chemical companies such as Dow, Wanhua, and Longbai have collectively issued price adjustment notices, reflecting the fact that enterprises can no longer bear the cost pressures on their own.
The TDI market has been impacted by global plant maintenance and geopolitical conflicts, resulting in nearly one million tons of production capacity being constrained. In March, the listed prices of leading domestic manufacturers surged by 2,000 RMB/ton month-on-month, while supply‑control measures have further intensified sellers’ reluctance to part with their inventory. The titanium dioxide market has risen in tandem, with mainstream domestic producers uniformly increasing prices by 500 RMB/ton. On the international market, price increases have reached 100–150 USD/ton, and Chemours announced a price hike of 150 USD/ton for titanium dioxide in the Asia-Pacific region effective April 1, 2026.
The MDI market is witnessing a globally coordinated price hike: On February 17, Huntsman raised prices in the U.S. market by $260 per ton, followed eight days later by BASF, which increased prices in the ASEAN region by $200 per ton. On March 1, Covestro further raised prices in North America by $220 per ton. In the epoxy resin sector, companies such as Nantong Xingchen have raised their quoted prices by 200–500 yuan per ton, with the ex-factory price of liquid E-51 reaching 15,100–15,400 yuan per ton and that of solid E-12 hitting 14,000–14,300 yuan per ton, highlighting a tight supply situation.
Cost pressures have been passed down to downstream industries: in February, the paint procurement cost index stood at 73% (up 2% month-on-month), while the finished product price index reached 121% (up 1% month-on-month), squeezing profit margins.
The powder coating procurement cost index stands at 81%, with TMP prices having risen by more than 25%; the waterproofing materials procurement cost index is 92%, as raw material prices for asphalt, SBS, and other components have risen in tandem.
The main drivers behind this round of price increases include: soaring international oil prices, rising environmental and labor costs, and higher core raw material prices that have pushed production costs beyond sustainable levels; global capacity contraction coupled with plant maintenance has created a market dynamic characterized by “tightened supply and rigid demand”; and the escalating Iran–Israel conflict has intensified uncertainty in energy supply. If the situation in the Middle East fails to ease, international oil prices may remain high, and the trend of rising chemical prices could continue to spread.
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