The IEA sharply lowered its 2026 global oil demand outlook, citing the escalating Mideast conflict and elevated energy prices. The agency now projects a significantly steeper year-on-year decline in consumption than previously forecast, warning that market tightening and demand destruction are accelerating.
U.S. benchmark and international crude benchmarks both fell as investors took profits following prior gains on the announcement of sweeping new U.S. sanctions targeting Iran. The 'Operation Economic Outcast' campaign imposes global sanctions with no exemption for China, creating uncertainty around Iranian oil flows. Prices remain volatile as markets assess whether the sanctions will successfully isolate Iran's energy sector or be circumvented.
| Product | Region | Incoterm Basis | Price | Last Updated Month |
|---|---|---|---|---|
| Paraffin Wax | China | FOB | USD 1,099.88/MT | August 2026 |
| Paraffin Wax | India | FOB | USD 1,190.67/MT | August 2026 |
| Paraffin Wax | USA | FOB | USD 1,255.88/MT | August 2026 |
| Paraffin Wax | Germany | FOB | USD 1,213.47/MT | August 2026 |
| Paraffin Wax | UAE | FOB | USD 1,220.88/MT | August 2026 |
| Paraffin Wax | China | FOB | USD 1,049.38/MT | July 2026 |
| Paraffin Wax | India | FOB | USD 1,156.38/MT | July 2026 |
| Paraffin Wax | USA | FOB | USD 1,236.38/MT | July 2026 |
| Paraffin Wax | Germany | FOB | USD 1,183.38/MT | July 2026 |
| Paraffin Wax | UAE | FOB | USD 1,176.38/MT | July 2026 |
Stay updated with the latest Paraffin Wax prices, historical data, and tailored regional analysis
Asia
Asian paraffin wax markets faced changing feedstock economics during H1 2026 as crude oil volatility filtered through regional refining costs. China’s crude oil production increased approximately 0.9% year-on-year during January-June, while crude processing declined about 4.9%, indicating weaker refinery throughput and a potentially tighter supply environment for petroleum-derived products. The combination of changing refinery utilisation and volatile upstream energy markets kept wax procurement conditions uneven across the region.
Europe
European paraffin wax costs remained exposed to changing petroleum and energy-market conditions during the half. EU energy costs increased year-on-year during the spring before moderating toward June, reflecting the broader volatility in regional petroleum markets. Refinery economics, energy expenses and logistics conditions consequently kept paraffin wax quotations sensitive to upstream cost movements, while candle and packaging applications provided a relatively stable demand base.
North America
North American paraffin wax markets experienced pronounced feedstock volatility as crude oil markets reacted sharply to the disruption of global oil flows during Q1 before easing later in the half. The resulting changes in refinery economics influenced petroleum-derived wax availability and procurement costs. Demand from candle manufacturing, packaging, coatings and other industrial applications remained supportive, although buyers increasingly managed purchases around shorter-term feedstock uncertainty.
Analyst Insight
According to Procurement Resource, paraffin wax values are likely to remain sensitive to crude oil and refinery operating conditions, with renewed disruptions to global oil flows posing upside risk while softer crude markets and improved refinery availability could moderate costs.
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Asia
In Asia, paraffin wax prices showed a fluctuating pattern through the year, largely reflecting movements in feedstock costs and refinery supply conditions. At the beginning of the period, prices moved upward as refiners adjusted production, and procurement activity remained steady from downstream sectors. Demand from candle manufacturers, packaging converters, cosmetics producers, and the downstream rubber processing industries kept supporting baseline consumption, moisture-resistant coatings on paper packaging, and formulation bases in personal care products. During the middle phase, market sentiment shifted as supply availability improved and buyers moderated purchasing volumes. In the latter part of the year, prices gradually softened as inventory levels increased and procurement activity slowed. Overall, the regional trend broadly followed the direction of crude oil, with feedstock cost changes influencing refinery economics and trade activity.
Europe
In Europe, the paraffin wax market moved through phases of initial firmness followed by stabilization and gradual easing. Early in the year, pricing reflected higher production costs and balanced supply conditions from refinery output streams. Consumption remained consistent across major applications, including candles, packaging coatings, cosmetics formulations, and rubber manufacturing, where paraffin wax functions as a protective barrier and processing aid. As the year progressed, additional supply from refinery streams entered the market, which contributed to a gradual correction in prices while downstream demand remained stable rather than expanding. Market participants reported measured procurement behaviour from distributors and converters. Toward the end of the year, prices remained relatively stable as supply and consumption reached a more balanced position. The overall movement remained aligned with trends in crude oil, which continued to influence feedstock costs and refinery margins.
Europe
In North America, paraffin wax prices experienced a similar trajectory characterized by early fluctuations followed by more stable conditions later in the year. Initial market movements reflected changes in refinery operating conditions and procurement activity from candle manufacturers, packaging producers, and personal care product companies. These sectors rely on paraffin wax for candle production, protective coatings on packaging materials, and formulation components in cosmetics and pharmaceutical applications. During the middle portion of the year, supply conditions improved as refinery output remained consistent and inventory availability increased. This contributed to periods of price adjustment and moderated buying activity. In the final phase of the year, the market showed stable to slightly softer conditions as downstream consumption remained steady.
Paraffin wax is a petroleum-derived wax composed of hydrocarbon molecules. It is a white or colorless solid at room temperature but melts easily at low temperatures. It finds applications in candle-making, cosmetics, packaging, pharmaceuticals, rubber and textile manufacturing, food preservation, electrical insulation, art, and more. Its properties of easy melting, moisture resistance, and moldability make it a valuable material for multiple purposes.
Candles, Packaging, Lubricants, Plastics and packaging, Leather production, Foundry and metal works, Electrical insulation
China Petrochemical Corporation, Sasol Limited, Petro Bras, Nippon Seiro Co Ltd, Repsol, Honeywell International Inc, Ergon Inc
CurrencyUS$ (Data can also be provided in local currency)
Supplier Database AvailabilityYes
Customization ScopeThe report can be customized as per the requirements of the customer
Post-Sale Analyst Support360-degree analyst support after report delivery
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Slack wax is cooled during manufacture in order to crystallize the wax content, which is then removed by filtration to produce dewax oil. The dewaxed oil is next bleached to remove any color, and then goes through a hydrogenation reaction to remove impurities in the presence of a catalyst. Slack wax is converted into paraffin wax as a result of this procedure.
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