In October 2024, paraffin wax prices (FOB South Asia) were recorded at USD 1,159/MT, down slightly from USD 1,173/MT in October 2023, marking a 1% year-on-year decrease. The mild decline was attributed to softening demand from candle manufacturing, packaging, and other industrial applications. Falling crude oil prices further influenced raw material costs, adding downward pressure on the market.

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By November 2024, prices decreased to USD 1,147/MT, compared to USD 1,188/MT in November 2023, maintaining a 1% YoY decline. Industrial buyers adopted a cautious approach, delaying large-scale procurement amid expectations of further price adjustments. Suppliers reported steady production levels, yet market oversupply remained a factor in sustaining lower price levels.

In December 2024, paraffin wax prices edged higher to USD 1,166/MT, from USD 1,204/MT in December 2023, reflecting a 3% year-on-year decline. While the slight month-to-month increase indicated short-term stability, the overall trend for Q4 2024 remained downward. Seasonal slowdown in industrial activity and ongoing volatility in crude oil markets contributed to restrained pricing behavior.

Looking forward, Expert Market Research projects that paraffin wax prices will continue to face moderate pressure in the second half of 2025, driven by global demand uncertainty and potential fluctuations in crude oil supply. Manufacturers, distributors, and procurement professionals are advised to monitor market developments closely to optimize purchasing strategies and inventory management.

As paraffin wax remains a critical component in candles, packaging, coatings, and other industrial products, understanding paraffin wax prices trends is essential for stakeholders seeking to navigate the evolving market and maintain cost efficiency amidst fluctuating raw material costs.