Since August, Chinese TDI market has stepped into a strong upward channel, mainly driven by the firm supply-side support. With the continuous favorable news from Chinese and overseas supply sides, such as TDI force majeure in Europe, supply cuts/trading halt in Chinese distribution market, and continuous guide price hikes, TDI prices rose rapidly. Due to the tight supply in spot market, upstream, midstream and downstream inventory level all kept low. Besides, China’s export performance was relatively ideal. Although the recovery of consumer demand was limited, the rising momentum was still strong, and TDI prices kept soaring. Most traders were reluctant to sell, thus their offers continued to rise following the suppliers.

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