In March 2024, China imported 3,140 tonnes of TDI worth USD 5.76 million, at an average price of USD 1,834/tonne. The import volume increased by 57.61% month-on-month and by 109.98% year-on-year.
In March 2024, China exported 28,062 tonnes of TDI worth USD 51.06 million, at an average price of USD 1,819/tonne. The export volume rose by 43.46% month-on-month but decreased by 19.86% year-on-year.
Table 1 China’s TDI Imports & Exports, 2023-2024 (tonne)
|
Month (HS code: 29291010) |
Import Volume |
Export Volume |
||
|
2023 |
2024 |
2023 |
2024 |
|
| Jan. | 180 | 1,160 | 32,020 | 21,749 |
| Feb. | 932 | 1,992 | 37,828 | 19,562 |
| Mar. | 1,495 | 3,140 | 35,017 | 28,062 |
| Apr. | 1,184 | 26,589 | ||
| May | 1,234 | 24,061 | ||
| Jun. | 221 | 30,529 | ||
| Jul. | 1,358 | 27,007 | ||
| Aug. | 1,512 | 24,434 | ||
| Sep. | 2,149 | 22,810 | ||
| Oct. | 3,436 | 22,620 | ||
| Nov. | 1,899 | 27,177 | ||
| Dec. | 1,752 | 22,487 | ||
| Jan. ~ Dec. Total | 17,352 | 6,292 | 332,582 | 69,373 |
| Mar. Year on Year | -- | 57.61% | -- | -19.86% |
| Mar. Month on Month | -- | 109.98% | -- | 43.46% |
Figure 1: China TDI Exports By Month, 2023-2024 (tonne)
Table 2: China TDI Export Destinations & Export Volumes, Jan.-Mar. 2024 (tonne)
|
Destination |
Export Volume |
Share |
|
Russia |
8,149 |
11.7% |
|
Brazil |
8,037 |
11.6% |
|
Vietnam |
7,249 |
10.4% |
|
Indonesia |
4,159 |
6.0% |
|
Japan |
3,779 |
5.4% |
|
Philippines |
3,286 |
4.7% |
|
Taiwan, China |
3,167 |
4.6% |
|
Belgium |
3,021 |
4.4% |
|
India |
2,641 |
3.8% |
|
Nigeria |
2,540 |
3.7% |
|
Others |
23,346 |
33.7% |
|
Total |
69,373 |
100.0% |
From January to March 2024, China’s imports of TDI totaled 6,292 tonnes, a year-on-year increase of 141.4%. TDI exports totaled 69,373 tonnes, a year-on-year decrease of 33.85%. It can be seen that in the first quarter, China significantly increased its TDI imports while experiencing a notable decrease in exports. The main factors include the relatively tight supply in the Chinese market and a stronger renminbi. These led to a significant reduction in exportable surplus. Some traders and downstream manufacturers also opted to increase imports to fill the gap.
However, TDI prices in China have been fluctuating downward since mid-March due to the easing of supply constraints and the onset of an off-season for the foam sector. The renminbi has been no longer performing strongly relative to the US dollar. It is predicted that TDI suppliers will increase their exports in the second quarter. At that time, China will see both year-on-year and month-on-month substantial growths in export volume of TDI.
