Mese: luglio 2024

Monel Prices Trend | Pricing | Database | Index | News | Chart

 

North America

In Q1 2024, Monel pricing dynamics in North America were analyzed beyond the usual top influences. The USA significantly impacted pricing trends, with notable fluctuations occurring in this region. Monel prices exhibited a mixed trend during the quarter, influenced by a balance between decreasing inventories and modest sectoral growth.

Supply remained stable, with no plant shutdowns reported. However, declining steel import permits and reduced steel inventories affected Monel’s overall supply dynamics. Demand saw a moderate increase, particularly from the automotive and infrastructure sectors. US government initiatives to reduce pollution and promote electric vehicles led to higher Monel demand in the steel market.

Despite these trends, uncertainties and limited visibility led to buyer reluctance in making purchases. Year-over-year, Monel prices in Q1 2024 showed a slight increase compared to the same quarter last year and were also higher than in Q4 2023. Monel pricing dynamics in North America are influenced by various factors, including supply and demand dynamics, import effects, global market trends, and macroeconomic uncertainties.

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Asia-Pacific

In Q1 2024, Monel pricing dynamics in the APAC region exhibited nuanced trends influenced by multiple factors beyond the conventional top influences. While the overall market situation remained stable, Japan experienced significant price fluctuations. Supply shortages in Japan resulted from automotive manufacturers’ production suspensions, impacting steel output, a crucial component of Monel alloy. Labor shortages at Nippon Steel further strained the industry.

On the demand side, Japan saw a surge in Monel demand due to a collaboration between Kobe Steel and China Baowu Steel Group to produce lightweight aluminum panels for the growing electric vehicle industry. This joint venture prioritized Monel as a crucial material within the automotive industry, creating significant growth opportunities for manufacturers and suppliers specializing in nickel-copper alloys. Despite supply chain challenges, no plant shutdowns were reported during the quarter.

Europe

In Q1 2024, Monel pricing dynamics in Europe were influenced by factors beyond the usual top three. Germany experienced an overall increase in Monel prices. A spike in nickel prices in February had a substantial impact on the Monel supply chain, with the European Commodity Exchange (LME) seeing a 3.5% increase and the Asian SHFE seeing a 3.1% increase. Fluctuating mill outputs and rising domestic demand reduced Monel availability, attributed to new US sanctions against Russia. The consequent rise in nickel and freight costs hampered Monel production, causing a spike in prices on the German spot market.

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Diethylene Glycol Prices Trend | Pricing | Database | Index | News | Chart

North America:

 

During the first quarter of 2024, the North American Diethylene Glycol (DEG) market experienced significant challenges that drove prices upwards. A bullish market emerged due to a limited supply caused by the closure of several production plants amid severe cold weather. The high demand in the antifreeze sector, driven by freezing temperatures, further fueled price increases. Additionally, fluctuations in raw material costs and strong demand for automobile antifreeze impacted the market.

In the United States, similar factors led to significant price changes. Prices remained stable during the first two months, supported by existing inventory levels meeting downstream demand. However, the final month of the quarter saw a surge in prices due to constrained supply exacerbated by disruptions in freight, particularly from the Red Sea incident. Price adjustments by key players, including Indorama Venture, also influenced market trends.

In summary, the DEG market in North America, particularly in the United States, saw price increases during the first quarter of 2024. Key drivers included heightened demand from downstream industries, fluctuating raw material costs, and increased freight charges. In the US, DEG prices rose by over 14% compared to the same quarter the previous year and by more than 13% compared to the preceding quarter of 2023.

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APAC:

The Diethylene Glycol (DEG) market in the APAC region witnessed steady demand during the first quarter of 2024. The market showed signs of recovery after a decline in the previous quarter, as downstream industries began to increase their demand. Although there were some concerns regarding high stock inventories, the market managed to maintain a moderate level of demand. Volatile crude oil prices impacted the prices of DEG and its derivatives. South Korea, one of the key players in the market, experienced stable supply levels, ensuring uninterrupted production activities. However, logistics freight charges slightly affected the product’s price, resulting in a minor decrease in the latter half of the quarter. Despite this, sellers maintained their profit margins due to the limited availability of materials in the region. The top three factors influencing the market during the quarter were the recovery in demand from downstream industries, fluctuating crude oil prices, and limited material availability. Fortunately, no plant shutdowns were reported during this period. DEG prices in South Korea showed an 8% increase compared to the same quarter last year and a slight increase of 12% compared to the previous quarter of 2023.

Europe:

In the first quarter of 2024, the European Diethylene Glycol (DEG) market faced several factors influencing price dynamics. Plant closures led to limited supply, tightening availability, and pushing prices upwards. Multiple shutdowns across the region exacerbated these constraints. Additionally, ongoing geopolitical tensions in the Red Sea area disrupted global trade routes, driving up freight costs and further impacting DEG prices. In Germany, a key player in the European market, DEG trends were bullish. Increased demand from sectors like polyester and polyurethane collided with transportation disruptions caused by strikes and adverse weather conditions. These disruptions, coupled with plant closures, contributed to rising freight charges and logistical complexities, further impacting DEG prices in the country. As a result, the first quarter’s price of DEG CFR Hamburg in Germany stood at USD 1150/MT, marking a significant increase compared to the same period the previous year and signaling positive price momentum. In summary, during the first quarter of 2024, the DEG market in Europe faced supply limitations, transportation disruptions (including strikes and adverse weather conditions), and fluctuations in feedstock prices. Germany specifically felt the effects of these factors, influencing the pricing dynamics of DEG in the region.

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Aluminosilicate Prices Trend | Pricing | Database | Index | News | Chart

North America

In the first quarter of 2024, aluminosilicate prices in North America, particularly in the USA, saw an increase. This was driven by a surge in construction activities and several external market factors. The US business landscape showed significant economic growth as the year began, notably in the service sector. However, downstream manufacturers faced challenges due to reduced production caused by rising supply issues. Despite these manufacturing obstacles, demand in the downstream glass and paint sectors improved.

Companies reported strong growth in new orders for goods and services, fostering optimism and confidence in future business prospects. The increase in construction activities and positive business sentiment contributed to the rising trend of aluminosilicate prices in the US market. By mid-quarter, manufacturing saw a resurgence in production, thanks to improved supply chains following adverse weather in January. Additionally, shippers experienced fewer disruptions from low water levels in the Panama Canal, reducing supply chain pressures. As a result, the price of aluminosilicate FOB Texas rose by 1.3% by the end of the quarter.

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APAC

Throughout Q1 2024, the aluminosilicate market in the APAC region experienced fluctuating prices, mostly declining but stabilizing in March. China, a key market in the region, saw significant price fluctuations due to a bearish trend marked by high supply and low demand. Weak demand from the downstream construction industry, coupled with slow domestic and overseas market activity, exacerbated the surplus supply issues. Disruptions in supply routes through the Red Sea and Panama Canal regions led to stockpiling in regional ports, further intensifying the surplus.

The decline in demand stemmed from subdued investor and consumer confidence, decreasing new home prices, and stricter government regulations on debt growth, slowing the construction sector during the quarter. This slowdown impacted the overall output of the construction industry, reducing demand for aluminosilicate and related products, leading to a price decline. However, there were expectations of a demand rebound post-holidays in March, potentially driving prices up. Overall, the aluminosilicate market in the APAC region faced a bearish trend in Q1 2024, with prices declining compared to the same period last year and the last quarter of 2023.

Europe

In the first quarter of 2024, the aluminosilicate market in Europe experienced pricing fluctuations, with Germany being the most affected. Despite consistently low consumption and an economic slowdown, aluminosilicate supply remained low, contributing to a generally bearish market. Demand was subdued, primarily due to reduced demand from downstream industries such as construction, glass, and paints. The challenging economic conditions in Germany, including a slowdown in construction activity and ongoing weakness in the housing sector, further dampened demand.

Geopolitical tensions in the Middle East, supply chain disruptions from reduced water levels in the Panama Canal, and transportation disruptions in the Red Sea due to attacks by Houthi rebels all impacted market conditions and supply. Despite these challenges, there were no reported plant shutdowns during this period. In Germany, prices significantly declined in January, saw a slight increase in February, and dropped again by 1.3% in March. These fluctuations were due to economic challenges, low demand, and ample stock availability in the market.

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Zirconium Silicate Prices Trend | Pricing | Database | Index | News | Chart

 North America

In Q1 2024, the pricing dynamics of Zirconium Silicate in North America exhibited a fluctuating pattern influenced by various factors. While the overall trend showed stability, the U.S. market experienced notable fluctuations, including both price increases and periods of stability.

By mid-quarter, the Zirconium Silicate market in the U.S. stabilized after a 3% surge in January. The moderate import cost of the product contributed to a slight rise in domestic market prices. The business environment in the U.S. showed significant economic activity, with companies reporting strong growth in new orders for goods and services. This fostered an optimistic outlook and boosted confidence in future business prospects.

The rise in construction activities and positive business sentiment drove the upward trajectory of the product in the U.S. market. Furthermore, freight charges associated with importing Zirconium Silicate from Asia to the U.S. impacted product pricing in the domestic market. Despite these fluctuations, supply remained sufficient, prompting traders to adjust prices with only a marginal increase. Additionally, the year-over-year price change from the same quarter last year showed a significant decrease of 15%, reflecting market volatility. There was also a notable price decrease from the last quarter of 2023. Plant shutdowns did not significantly contribute to pricing dynamics during this quarter.

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APAC

During Q1 2024, the Zirconium Silicate market in the APAC region experienced stability, particularly in China, where prices saw a 1% surge in February and remained unchanged for the rest of the quarter. China, being a major market in the region, played a significant role in these price fluctuations. This stability was attributed to a balance between supply and demand within the market. However, during the Spring holidays, demand from downstream ceramics and construction sectors remained subdued, only to rebound post-holidays, prompting traders to implement modest price adjustments. According to data from the National Bureau of Statistics (NBS), the business activity index for the construction industry stood at 53.5, marking a slight decrease of 0.4 points from the previous month. This indicates a decrease in consumer demand sentiments, which consequently impacted the demand for Zirconium Silicate. Despite these challenges, the market demonstrated resilience, showcasing its ability to adapt to changing demand dynamics and maintain stability amidst fluctuating conditions. Market participants anticipate a resurgence in demand starting from early March post-holidays as procurement activities are expected to improve.

Europe

In Q1 2024, the Zirconium Silicate market in Europe witnessed a mixed trend, starting with a 3% decrease in prices in January, followed by surges of 4% and 5% in February and March, respectively. Prices were impacted by factors such as market conditions in European nations, supply chain disruptions, and demand dynamics. The market situation in Germany played a pivotal role, with price fluctuations being most noticeable in this region. The construction sector encountered challenges such as a slowdown in demand, rising prices, increasing interest rates, and economic uncertainties. These factors led to a sustained decline in demand for construction projects, particularly in the housing segment. Additionally, disruptions in the supply chain caused by geopolitical tensions in the Middle East, reduced water levels in the Panama Canal, and an attack by Houthi rebels affecting transportation in the Red Sea further impacted market conditions. However, the mid-quarter price surge was primarily attributed to supply shortages in the region amid supply disruptions. There were no reports of plant shutdowns by market participants during this period.

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2-Ethylhexanol Prices Trend | Pricing | Database | Index | News | Chart

 

 

North America

In the first quarter of 2024, the North American 2-Ethylhexanol (2-EH) market exhibited a bullish trend, with prices increasing by approximately 30%. This surge was driven by cost-side support, as major oxo-alcohol producers like Eastman Chemicals and OQ Chemicals implemented multiple price hikes throughout the quarter.

Improved weather conditions from mid-February boosted the downstream construction and automotive sectors, supporting 2-EH prices. Following the Arctic Blast in January, the US construction sector showed significant improvement. Automotive sales in the US also soared, increasing by 31%, which fueled demand from the downstream plasticizer industry. The construction sector’s growth, driven by upturns in residential construction, commercial building, and civil engineering activities, further bolstered the market.

As the home-buying season approached, existing inventories of 2-EH faced increasing pressure. Stable mortgage rates contributed to a positive outlook among prospective homebuyers, adding further strain on the downstream plasticizer sector. Midway through the quarter, supply conditions became uncertain when OQ Chemicals declared a force majeure at its Oberhausen site in Germany, threatening 2-EH supply dynamics. Additionally, operational disruptions at several plants in Texas, including LyondellBasell in Corpus Christi, Shell Chemical in Deer Park, Dow Chemical in Freeport, and Enterprise Product in Mount Belvieu, led to a shortage in feedstock Propylene (Refinery Grade), subsequently increasing 2-EH prices.

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Asia

The Asian 2-EH market faced a bearish situation throughout the first quarter of 2024, primarily due to reduced demand from the downstream plasticizer industry. This decline was largely attributed to the underperformance of the Chinese construction sector, where investment sentiments remained low. The end of the peak festive season, the Chinese Lunar New Year, led to destocking activities that increased product supply, compelling prices to fall. Challenging weather conditions in Shandong further slowed product circulation.

Price hikes initiated by major oxo-alcohol producers like OQ Chemicals and Eastman Chemicals had no significant effect on Asian prices. Low demand from the crisis-stricken Chinese construction industry, where many projects were postponed or halted, prompted a 20% price drop by the end of the quarter. Midway through the quarter, supply conditions were uncertain as OQ Chemicals declared a force majeure at its Oberhausen site, impacting 2-EH supply dynamics.

Europe

In the first quarter of 2024, European 2-EH prices inflated by over 50%. This increase was largely due to the ongoing crisis in the Red Sea, which led to a shortage of feedstock Propylene. Plant shutdowns in Europe and the USA, from where Europe imports Propylene, exacerbated this shortage. On February 27, 2024, OQ Chemicals declared a force majeure at their Oberhausen site in Germany, further restricting 2-EH supply.

Feedstock Propylene prices increased by approximately 35%, driving up production costs. However, demand from the European 2-EH market remained weak, particularly in the construction sector. All segments of the construction industry—housebuilding, commercial construction, and civil engineering—experienced significant contractions. The housebuilding segment, in particular, dragged down the sector as house prices and permits continued to decline. The only support for 2-EH demand came from the secondary automotive sector, which saw substantial improvements towards the end of the quarter.

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Metakaolin Prices Trend | Pricing | Database | Index | News | Chart

North America

The North American Metakaolin market saw continued high demand and rising prices throughout the first quarter of 2024. Strong demand from the cement sector was driven by stabilizing mortgage rates and the approach of the spring home-buying season.

The robust housing market, characterized by the completion of new housing projects and a persistent shortage of second-hand homes, fueled this demand. House sales, including outlays and commercial activities, expanded steadily, with overall housing inventory diminishing. Realtors became particularly active in February and March 2024, leading to increased cement consumption and price hikes.

Commercial activities also saw growth, evidenced by numerous renovations among major US hotel chains. Despite typically slower construction activity at the start of the year and challenging weather conditions impacting transportation and logistics, the US Metakaolin market experienced increased lead times for deliveries.

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Asia

In the first quarter of 2024, Metakaolin prices in the Asian market increased by approximately 2%, despite underperformance in the construction sector. The market was mainly driven by the limited availability of feedstock Kaolin Clay due to challenging weather conditions in North China. This resulted in reduced mining activities and limited Kaolin Clay supply, leading to moderate Metakaolin production.

Support for the Asian Metakaolin market came from healthy transactions in the downstream ceramic industry during the Chinese Lunar New Year festive season. However, demand from the downstream cement sector remained low as cement production and exports from China declined throughout the quarter. With predominantly challenging weather conditions, construction activities in China struggled to gain momentum. Post-festive demand from the ceramic industry also faded, offering little support from the demand side.

Europe

The European Metakaolin market saw a price appreciation of approximately 1% in the first quarter of 2024. The market was largely influenced by supply chain disruptions caused by strikes from union workers demanding higher wages. This led to limited functionality in railways and trucking, increasing lead times for deliveries.

Demand remained moderate across the Eurozone, primarily in the Dutch, Belgian, and British markets where construction activities improved. However, in Germany, demand conditions were unfavorable as the construction sector remained in retrenchment for the fifteenth consecutive month. All segments of the construction sector, including residential, commercial, and civil engineering, experienced significant contraction towards the end of March 2024. Declining residential permits and a pessimistic outlook in real estate continued to cast a negative sentiment on investment prospects.

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n-Butanol Prices Trend | Pricing | Database | Index | News | Chart

 North America

The North American n-Butanol market faced a bearish trend in the first quarter of 2024, with prices slumping by approximately 18%. This decline was driven by low demand from the downstream construction and automotive sectors in the Asian market.

The construction sector’s low demand was primarily attributed to the real estate crisis in China and the post-festive slowdown following the Chinese Lunar New Year, which also affected the automotive industry. Additionally, drought conditions in the Panama Canal hindered US suppliers from shipping cargo to the Asian market.

Despite Eastman Chemicals, a leading US oxo-alcohol producer, announcing a price hike, this did not translate into increased export prices for n-Butanol. The downturn in China’s construction sector, where real estate developers faced liquidity issues and halted construction activities, led to delays and postponements in inventory procurement, further driving the bearish market sentiment.

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Asia

In the first quarter of 2024, the Asian n-Butanol market experienced mixed conditions. Prices saw an inflation of over 7% in the first two months due to increased production costs in the European market and price hikes by major oxo-alcohol producers like OQ Chemicals and Eastman Chemicals. This was exacerbated by OQ Chemicals declaring force majeure at its Oberhausen site in Germany and a shortage of feedstock propylene due to plant shutdowns in Europe and the US caused by challenging weather conditions. The crisis in the Red Sea further increased freight and insurance costs, leading to expensive imports in East Asia.

However, in the last month of Q1 2024, prices declined by approximately 4.5% due to low demand from the construction and automotive industries. This decline eased the demand from downstream plasticizer and paints and coating industries. Demand conditions in East Asia remained unfavorable, evidenced by declines in housing starts and public construction orders. The automotive sector also failed to support the n-Butanol market, with sales continuing to decline in Q1 2024.

Europe

The European n-Butanol market saw a significant price inflation of nearly 70% in Q1 2024, driven by heightened production costs, a scarcity of feedstock propylene, and price hikes by major oxo-alcohol producers. The scarcity of propylene was due to shutdowns of feedstock plants in the US, leading to increased production costs. OQ Chemicals’ force majeure declaration at its Oberhausen site in Germany further exacerbated the supply shortage.

Demand in the Eurozone was moderate, mainly from the Dutch, Belgian, and British markets, where construction activities improved. However, in Germany, the construction sector remained in retrenchment for the fifteenth consecutive month, with significant contractions in residential, commercial, and civil engineering segments by the end of March 2024.

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Ammonia Prices Trend | Pricing | Database | Index | News | Chart

 

North America

In the first quarter of 2024, the North American Ammonia market experienced significant negative sentiment, resulting in a notable 20.6% drop in prices.

Fluctuating natural gas prices and declining domestic demand contributed to this downward trend. Although international demand remained steady, domestic consumption was weak due to unfavorable weather conditions impacting crop planting. Major producers, including the Yara/BASF JV plant in Texas and U.S. Nitrogen LLC in Tennessee, faced shutdowns due to freezing weather, though these did not substantially affect prices. Additional shutdowns occurred at OCI Beaumont LLC in Texas and LSB Industries Inc in Cherokee, Alabama.

The market also faced logistical disruptions on the Mississippi River, which hindered barge resupply until mid-March, causing delayed shipments and increased port inventories. Persistent adverse weather conditions across the country further dampened producer enthusiasm due to concerns about crop threats.

Fluctuating demand from major importing countries like Brazil, influenced by the approaching planting season and exacerbated by El Niño-induced weather conditions, added to the market’s volatility. These factors collectively contributed to the subdued performance and pricing dynamics in the North American Ammonia market throughout Q1 2024.

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APAC

In Q1 2024, the Ammonia market in the APAC region experienced significant volatility, driven by various market dynamics. Prices declined in the initial two months due to ample material availability and subdued seasonal demand. Favorable weather conditions and increased domestic production enhanced supplies, while sluggish demand from the fertilizer industry post-peak planting season further impacted prices.

Moreover, international demand, especially from Asia, was constrained by Chinese government restrictions on fertilizer exports until 2024. By late February 2024, ammonia shortages emerged in the Chinese market, driven by equipment malfunctions and sales stoppages at production facilities, particularly in northern China. Operational challenges disrupted manufacturing processes and delayed ammonia deliveries, exacerbating supply shortages. Additionally, environmental regulations in Shandong province imposed further constraints on production, reducing ammonia output.

Despite these supply challenges, domestic demand saw a modest uptick as preparations for the upcoming wheat and barley planting season commenced, leading to a marginal 0.8% increase in prices in March 2024.

Europe

The European Ammonia market faced a challenging first quarter in 2024, characterized by a substantial 17.3% decline in prices in Russia. This decline was primarily due to reduced demand from the downstream fertilizer sector, compounded by an oversupply of ammonia and muted overall demand. Market sentiments were further dampened by trade uncertainties and unfavorable weather conditions, particularly in Russia.

Weather patterns across Europe varied significantly during the quarter, with cold spells in the northern regions, excessive rainfall in central areas, and dryness in the Mediterranean. These weather conditions influenced agricultural activities and fertilizer demand, further contributing to the subdued market conditions. Despite these challenges, the temporary maintenance shutdown of the Novomoskovskiy Azot (Eurochem Group) plant had minimal impact on prices.

Ongoing farmers’ protests, fueled by rising energy prices, significantly reduced buying enthusiasm in the fertilizer sector. These protests added further pressure on the already subdued demand. In response to inventory pressures, traders employed various strategies, including adjusting fertilizer prices, including ammonia. Despite these efforts, prices continued to decline throughout the quarter.

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Acrylonitrile Butadiene Styrene (ABS) Prices Trend | Pricing | Database | Index | News | Chart

 

 North America

In the first quarter of 2024, the North American ABS market continued its upward trajectory. The demand in downstream industries remained steady, and there were no reported plant shutdowns.

The market experienced some fluctuations, particularly in the USA, due to adverse weather conditions such as fog and wind, which disrupted terminal operations and led to shortages and global production delays. Consequently, ABS prices consistently increased throughout Q1 2024. This trend was further fueled by a continuous rise in feedstock Styrene prices. In response to margin challenges, many US ABS suppliers proposed price increases to align with the surge in monomer costs.

The USA market also saw an upward trend in ABS prices due to increased demand in the home appliance sector and a seasonal rise in procurement sentiments. Additionally, rising costs, producers’ margin recovery goals, and inadequate supplies are expected to sustain the bullish trend. By the end of Q1 2024, the price of ABS Natural Grade DEL Texas in the USA was reported at USD 1796/MT.

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APAC

In the first quarter of 2024, the APAC region’s Acrylonitrile Butadiene Styrene (ABS) market experienced a notable surge, marked by a tight supply-demand balance and rising prices. Several key factors contributed to this situation, including limited stock availability, high input costs, and plant turnarounds. Japan, in particular, saw significant changes in ABS prices, reflecting a bullish market with moderate demand. By the end of the quarter, ABS injection moulding FOB Tokyo in Japan had reached USD 1370/MT, marking a 6% increase from the first half of the quarter.

Plant shutdowns played a crucial role in this market dynamic, leading to reduced inventories and production rates. Various disruptions, including force majeure situations and lower run rates, exacerbated the tight supply-demand balance and subsequent price hikes. For instance, in March 2024, PetroChina Jilin Petrochemical Company underwent a 21-day maintenance turnaround in Guangdong Province, affecting the market. Additionally, the price movement was supported by increased upstream material costs. Consequently, the APAC ABS market remained bullish throughout Q1 2024, with the potential for further short-term price increases due to heightened demand and stabilized upstream material performance.

Europe

During the first quarter of 2024, the ABS market in Europe faced various challenges that impacted supply and availability, including supply chain shortages, logistical issues, and market uncertainties. Rising input costs and a shortage of pre-procured stocks also contributed to the disruption in ABS prices throughout the quarter.

In the German ABS market, moderate demand and limited supplier availability prompted price increases. This trend was consistent, driven by rising feedstock Styrene and Butadiene prices. Upstream oil markets faced geopolitical tensions, including infrastructure attacks in Russia and a Houthi strike in the Red Sea, leading to concerns about global tanker traffic disruptions and subsequent crude oil price increases. In February, ABS prices stabilized due to constrained stock availability and rising input costs, despite insufficient downstream procurement and elevated crude oil values. The regional ABS market began the year steadily, with prices unchanged amidst supply concerns. Market participants anticipated significant price hikes as they monitored the situation. Global supply chains faced uncertainty due to the conflict in the Red Sea, potentially affecting imports into the European ABS market, which relied on this route. Thus, the ABS trend in the first quarter remained consistently upward in the Eurozone.

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Caustic Soda Prices Trend | Pricing | Database | Index | News | Chart

 

 

North America

In the first quarter of 2024, the North American Caustic Soda market experienced a continued upward trend in pricing. The market remained bullish, characterized by limited inventories and moderate demand. However, several challenges arose, including logistical disruptions and rising freight rates due to ongoing turmoil in the Red Sea region.

Potential disruptions to shipping routes through Baltimore were partially offset by additional storage capacity in nearby areas like Philadelphia. Nonetheless, even minor logistical challenges could impact regional pricing. The closure of the Port of Baltimore coincided with increased Chlor-Alkali rates in Europe, potentially leading to surplus Caustic Soda being sold to the US East Coast. Concerns about low inventory levels in northeastern US tanks persisted, though there had been slight improvement recently, allowing for more consistent price increases compared to regions with better supply and logistics. This stability was primarily driven by constrained production volumes and increased demand from the downstream alumina sector.

The US Caustic Soda market saw an 11% price increase compared to the previous quarter, with a notable 6.8% rise observed in the latter half of Q1. The latest recorded price for Caustic Soda 50% Liquid FOB Texas during March 2024 was USD 362/MT.

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APAC

The first quarter of 2024 presented significant challenges for the Caustic Soda market in the APAC region, particularly in Japan. The market continued to grapple with weak demand, supply constraints, and increased production costs, factors that had already impacted the fourth quarter of 2023. There was a decrease in demand from downstream industries such as alumina and cleaning due to an economic slowdown and reduced manufacturing activities, resulting in a surplus supply of Caustic Soda.

Additionally, increased production costs, particularly energy costs, pressured manufacturers and led to tighter profit margins. The limited availability of stocks further contributed to weak market conditions. In Japan, the Caustic Soda market experienced significant price fluctuations during Q1 2024, mainly due to supply constraints and limited downstream demand. Reduced production activities and inventory digestion led to a tightening of market supply. Furthermore, weak demand from the aluminum industry, coupled with increased input costs, impacted prices in Japan. Despite these challenges, prices remained relatively positive due to midstream shipments and average spot circulation. At the end of Q1, the price of Caustic Soda Flakes FOB Tokyo stood at USD 366/MT.

These challenges were compounded by plant shutdowns, such as the Sinopec Qilu Company in Zibo City, Shandong, due to a major fire incident. Despite these difficulties, the market managed to stabilize, and prices saw a slight increase during this period.

Europe

The European Caustic Soda market faced significant challenges in Q1 2024, with various factors impacting the industry. Plant shutdowns occurred in the region, contributing to an uncertain market due to weak downstream demand and limited supplies. For instance, Nobian GmbH Werk Bitterfeld in Germany experienced a shutdown due to technical issues, with operations expected to resume by early April. Inovyn in France also faced temporary shutdowns due to technical issues, but production resumed by mid-March.

Caustic Soda prices surged in the German market due to increased downstream alumina demand and constrained supplies. The downstream aluminum industry, a gauge for economic vitality, was on the brink of recovery, driven by the expected rise in global demand. A rebound in European consumption played a crucial role in this industrial resurgence. However, challenges emerged as Russian aluminum exports to the European Union were projected to decline due to ongoing trade sanctions. Despite this, the US aluminum industry remained a symbol of growth, undeterred by a GDP slowdown, illustrating the intricate dynamics of global economic interactions.

Thus, Caustic Soda prices in Germany reflected the positive signs of revival in downstream orders, while the supply chain grappled with challenges, including logistical disruptions and the need to reroute paths due to turmoil in the Red Sea.

Get Real Time Prices for Caustic Soda: https://www.chemanalyst.com/Pricing-data/caustic-soda-3

 

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