Polypropylene Prices Trend, Monitor, News & Forecast | ChemAnalyst

Polypropylene (PP) Prices: During the Quarter Ending December 2023

North America:

In the fourth quarter of 2023, the North American Polypropylene (PP) market encountered an unexpected downturn marked by a significant oversupply of PP within the domestic market and sluggish demand both locally and internationally.

This confluence of factors led to a bearish trend in the USA PP market, where low demand from downstream industries and an excess of supply drove a prevailing negative market sentiment. The global surge in upstream Crude Oil supply further influenced PP pricing in the U.S., aligning with a broader global trend driven by record production in the U.S., Canada, and Brazil.

Concerns about oversupply were exacerbated by worries about a weakening economy in China, indicating potential market imbalances. Additionally, the unexpected shutdown of INEOS Group Limited’s major PP facility in Carson, California, further impacted overall market dynamics.

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APAC:

Throughout the fourth quarter of 2023, the Asian Polypropylene market witnessed an overall bearish trend, despite supply disruptions caused by planned plant shutdowns. Stable domestic demand and the availability of affordable imports supported the market, except in Japan, where low supply and high demand led to an increase in prices.

China’s petrochemical industry players contributed to supply disruptions through planned plant shutdowns, while caution in purchasing activities by terminal enterprises led to subdued trading and a decline in the wire drawing market. The market’s performance reflected a nuanced landscape, with varying production rates across different sectors contributing to steady demand but introducing uncertainty and contraction in specific segments.

Europe:

The European Polypropylene market encountered significant challenges during the last quarter of 2023, characterized by weakened demand and surplus supply, fostering a bearish sentiment. Offloading inventories in anticipation of winter holidays, cheaper imports from overseas, and obstacles in trading activities due to the winter season compounded the market dynamics.

Belgium experienced the most pronounced shift in prices, with a notable decrease of 7.1% over the quarter, reflecting a stable market situation with a moderate balance between supply and demand. Seasonal impediments and elevated production costs further added to the challenges faced by the European PP market during this period.

MEA:

In the fourth quarter of 2023, the Middle Eastern Polypropylene market faced a bearish situation marked by a decrease in feedstock Propylene prices and sluggish buying momentum. The UAE saw consecutive declines in PP prices due to reduced upstream energy prices and subdued demand for end products.

The bearish atmosphere was intensified by a lacklustre buying sentiment and global economic uncertainties, with China’s economic slowdown and increasing crude inventories in the US contributing to downward pressure on prices throughout the quarter.

South America:

During the fourth quarter of 2023, the South American Polypropylene market experienced a bearish scenario driven by reduced product costs in international markets, particularly in the USA, and a global slowdown in demand. Winter approaching led to weakened demand, with market participants adopting a cautious approach and adjusting strategies in response to seasonal patterns and the overall demand landscape.

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Epoxy Resin Prices Trend, Monitor, News & Forecast | ChemAnalyst

Epoxy Resin Prices: During the Quarter Ending December 2023

North America:

In the North American region, the Epoxy Resin market witnessed a bearish trend during the fourth quarter of 2023, influenced by multiple factors affecting market dynamics and prices.

A significant contributor to this trend was a decrease in demand, particularly within the construction industry, leading to reduced buying interest among end-users. Despite manufacturers maintaining consistently high production levels in anticipation of future demand, the market experienced an abundance of Epoxy Resin supply, exerting downward pressure on pricing.

Focusing on the United States, the primary focal point, Epoxy Resin prices notably decreased by 16% compared to the previous quarter, driven by the combination of low demand and ample supply. Additionally, a significant 28% decrease in prices was observed compared to the same quarter of the previous year.

The latest recorded price for Epoxy Resin Liquid (EEW 176-183) DEL Texas in the USA at the end of December 2023 was USD 4217/MT. These pricing trends in the USA were profoundly influenced by low demand, surplus supply, and a discernible downward trajectory.

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APAC:

In the Asia-Pacific (APAC) region during Q4 2023, the Epoxy Resin market displayed a bearish trend influenced by several significant factors impacting prices. Notably, there was a noteworthy surplus in Epoxy Resin supply attributed to a simultaneous reduction in the price of upstream Crude Oil, contributing to a bearish market scenario in China and Japan.

While demand remained stable in India, fostering a bullish market situation, Japan experienced substantial price variations with a 3% decrease compared to the previous quarter. Overall, the APAC region encountered price fluctuations in Epoxy Resin, driven by factors such as abundant supply, stable demand, and the absence of reported plant shutdowns.

Europe:

Europe’s Epoxy Resin market faced notable challenges in Q4 2023, characterized by a bearish sentiment. Weakened overall demand from downstream industries like paints and coatings, supply chain disruptions in countries like Germany and Belgium, and a bearish pricing strategy adopted by manufacturers contributed to this sentiment.

Despite ample product availability, the market found some support in anticipated economic improvements and increased demand from the construction sector. The quarter ended with the latest price of USD 3367/MT for Epoxy Resin Liquid FD Hamburg in Germany, reflecting a significant 31% decrease compared to the same quarter of the previous year and a 15% decrease compared to the previous quarter. Overall, Europe’s Epoxy Resin market grappled with challenges, balancing low demand and supply chain disruptions with glimpses of optimism in economic activities and increased demand in specific sectors.

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Vinyl Ester Resin Prices Trend, Monitor, News & Forecast | ChemAnalyst

Vinyl Ester Resin (VER) Prices: During the Quarter Ending December 2023

North America:

In the fourth quarter of 2023, the North American Vinyl Ester Resin (VER) market witnessed a bearish price trend, largely influenced by challenges in the construction industry, resulting in diminished buying interest from end-users.

Despite manufacturers producing VER in anticipation of future demand, the market saw a surplus in supply throughout the quarter, dampening pricing dynamics. Specifically in the USA, VER prices experienced a significant downturn. However, consistent supply was maintained with no reported plant shutdowns.

The pricing trend in the USA was shaped by various factors, leading to a bearish market sentiment overall. Low demand and ample supply were the primary drivers of the downward pricing trend for Vinyl Ester Resin in North America during the fourth quarter of 2023.

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APAC:

In Q4 2023, the APAC Vinyl Ester Resin (VER) market exhibited mixed pricing trends, initially declining but rebounding by the quarter’s end. Moderate demand prevailed in most countries, with China experiencing a bullish trend due to robust demand, leading to price increases.

Insufficient product availability coupled with increased demand prompted sellers to raise prices, further influenced by fluctuations in feedstock Epoxy Resin costs. The market dynamics were driven by increased demand, sufficient inventories amid bearish demand, and anticipated growth in downstream industries, particularly in China, resulting in higher prices. Vinyl Ester Resin-Novalac Based CFR Qingdao in China reached USD 3040/MT by December 2023.

Europe:

The European Vinyl Ester Resin market in Q4 2023 saw a mixed trajectory, with initial and mid-quarter price highs followed by a decline by the quarter’s end. Volatility in feedstock Epoxy Resin prices increased manufacturing costs, contributing to the price surge.

Disruptions in the supply chain, linked to elevated spot prices of refined products on the US West Coast, further impacted prices. Production losses due to supply constraints and refinery shutdowns were exacerbated by navigational challenges at the Panama Canal, where a rare drought situation hindered vessel passage. To address this, the Panama Canal Authority implemented premiums on heavy and large ships, reducing transported goods volume. These complex challenges underscored the intricate dynamics faced by the European Vinyl Ester Resin market during this period.

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Iron Oxide Prices Trend, Monitor, News & Forecast | ChemAnalyst

Iron Oxide Prices: During the Quarter Ending December 2023

North America:

In the fourth quarter of 2023, the North American Iron Oxide market faced diverse influences shaping prices and market conditions. With a balanced supply and demand scenario, ample product availability catered to regional needs. Despite stable demand, particularly in the construction industry, low domestic market demand kept consumption levels moderate. Expensive imports from Europe and Brazil drove price increases, prompted by a shortage in Europe leading to costly imports from Brazil. The quarter concluded with Iron Oxide CFR Houston in the USA priced at USD 1686/MT, reflecting a market influenced by expensive imports and restrained domestic consumption.

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APAC:

Iron Oxide pricing in the APAC region during Q4 2023 was shaped by several key factors. Abundant supply fostered a competitive pricing environment, exacerbated by weak demand from downstream industries like construction and automotive, impacted by economic slowdowns and adverse weather. Particularly, the Chinese market, a significant consumer, saw diminished demand from paints and coatings, leading to price decreases. The quarter saw a 2% price increase attributed to improved demand in construction and year-end sales. Overall, the APAC Iron Oxide market faced challenges from weak demand and ample supply, especially in China, where the price stood at USD 1235/MT FOB Shanghai.

Europe:

The European Iron Oxide market saw an upward price trend in Q4 2023, driven by persistent shortages and low supply levels due to limited domestic demand and a sluggish international market. Economic slowdowns and construction industry declines further dampened demand, despite slight domestic market improvements prompting replenishment needs. No plant shutdowns were reported, but prices increased to USD 1284/MT FOB Hamburg, reflecting limited supply and marginal demand improvements.

South America:

The South American Iron Oxide market encountered diverse influences in Q4 2023, maintaining moderately high prices. Initially, a supply-demand balance ensured sufficient regional availability. However, a surge in European prices led to pressure on supplies to the USA, driving up demand for Brazilian materials despite higher costs. Delivery delays from Brazil prompted notable price hikes, exacerbated by increased US demand. Demand remained firm in downstream industries despite these challenges.

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Aluminosilicate Prices Trend, Monitor, News & Forecast | ChemAnalyst

Aluminosilicate Prices: During the Quarter Ending December 2023

North America:

In the fourth quarter of 2023, the Aluminosilicate market in North America underwent fluctuations, initially witnessing price decreases, followed by a rebound in November, yet ultimately declining again by the quarter’s end. Several factors influenced these shifts. Firstly, there was a slight price decline due to reduced domestic market demand, driven by economic uncertainty and weak client demand, prompting destocking activities among merchants. Secondly, ample supply met domestic requirements without supply chain disruptions. Lastly, an improvement in the US non-manufacturing PMI indicated construction sector growth, boosting Aluminosilicate demand. However, overall demand moderated by year-end, with no reported plant shutdowns. In the US market, which had the highest price impact, Aluminosilicate prices slightly decreased. Reduced domestic and export orders, coupled with challenging economic conditions in key export markets, contributed to this trend. Despite challenges, manufacturers maintained optimism about future output, with a moderated decline in order books. The quarter ended with Sodium Aluminosilicate priced at USD 1340/MT FOB Texas.

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APAC:

The APAC Aluminosilicate market faced challenges in the fourth quarter of 2023, followed by a rebound toward the period’s end. Initially, prices declined due to weak demand and oversupply, particularly from a slowdown in the construction sector. Marginal improvements in factory activities contrasted with overall low demand, despite positive shifts in China’s market. China’s efforts to revitalize its real estate sector and support post-pandemic recovery drove increased Aluminosilicate demand, especially in construction, paint, and glass. Despite limited availability in China, subdued demand persisted due to housing market slowdowns and reduced infrastructure spending. Quarter-end prices in China stood at USD 860/MT FOB Shandong.

Europe:

Europe’s Aluminosilicate market faced challenges in the fourth quarter of 2023, with weak demand from Germany’s construction sector significantly impacting the downturn. Economic uncertainty and high interest rates further dampened demand, resulting in reduced activity and delayed investments. Moderate supply prevailed, with manufacturers adjusting workforce numbers to align with reduced demand. Germany’s Sodium Aluminosilicate ended the quarter at USD 940/MT FD Hamburg, reflecting market challenges due to weak demand and economic uncertainty.

MEA:

In the fourth quarter of 2023, Middle Eastern Aluminosilicate markets experienced notable fluctuations, marked by initial price declines, a November rebound, and subsequent declines. Supply constraints from port delays and disruptions, compounded by inflationary pressures and rising fuel prices, contributed to increased costs and delivery delays. Diminished demand domestically and from overseas markets further drove price decreases. South Africa’s market witnessed significant price changes, with Sodium Aluminosilicate ending the quarter at USD 820/MT FOB Durban, reflecting the complex interplay of supply chain challenges, economic factors, and shifting market demands.

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Potassium Silicate Prices, Trend, Monitor, News & Forecast | ChemAnalyst

Potassium Silicate Prices: During the Quarter Ending December 2023

North America:

In the final quarter of 2023, North America’s Potassium Silicate market witnessed notable shifts, influenced by a variety of factors shaping prices and market dynamics.

To start, there was a modest decline in demand, notably within the construction sector, which experienced limited growth. This dip stemmed from reduced purchasing activity and fewer orders for Potassium Silicate. Concurrently, the market saw a moderate supply of Potassium Silicate, thanks to a consistent flow from traders. However, the combination of subdued demand and ample supply exerted downward pressure on prices.

Among the countries in the region, the United States saw the most significant price fluctuations. This decline was primarily driven by subdued demand and surplus supply. Towards the quarter’s end, there was a slight uptick in demand in the US market, resulting in a minor price increase. Overall, the Potassium Silicate market in North America during the fourth quarter of 2023 was characterized by subdued demand, a moderate supply, and a slight overall decline in prices.

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APAC:

The fourth quarter of 2023 in the APAC region posed challenges for the Potassium Silicate market. It witnessed a bearish trend due to sluggish demand and an oversupply of the product. One major factor influencing this trend was the downturn in the construction industry, leading to reduced demand for Potassium Silicate. Moreover, the availability of cost-effective imported goods intensified the downward pressure on prices.

South Korea experienced significant price changes, with a notable decrease of -21% from the previous quarter. This decline was driven by a decrease in new orders and cautious buyer behavior due to high-interest rates. Despite these challenges, there was no notable plant shutdown during this period. The quarter concluded with Potassium Silicate Glass Grade CFR Busan in South Korea priced at USD 1000/MT.

Europe:

In the fourth quarter of 2023, Europe’s Potassium Silicate market faced challenges but showed signs of recovery toward the end of the quarter. Demand for Potassium Silicate remained consistently low, mainly due to the slowdown in the construction sector, a major consumer of the product. Reduced activity in construction led to weakened demand and subsequently impacted prices.

Additionally, a surge in Potassium Silicate prices occurred in December due to a supply shortage. Producers responded to low consumption and economic slowdown by cutting production, resulting in a shortage of the product in the European market. Despite this, increased global demand exacerbated the supply shortage. Availability of the product remained moderate, with no reported plant shutdowns affecting the supply chain.

Overall, the Potassium Silicate market in Europe experienced a bearish trend during the fourth quarter of 2023, with Potassium Silicate Glass Grade FD Darlowo in Poland quoted at USD 1215/MT at the quarter’s end.

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n-Butanol Prices, Trend, Monitor, News & Forecast | ChemAnalyst

n-Butanol Prices: During the Quarter Ending December 2023

North America:

In the final quarter of 2023, the North American n-Butanol market saw prices dip, largely due to soft demand and consistent supply. The market trended bearishly, with n-Butanol prices in the USA dropping by 1% compared to the previous quarter. Reduced demand from downstream sectors, notably paints and coatings, played a pivotal role in shaping market conditions. Additionally, ample supply further pushed prices downward.

Several factors contributed to these dynamics, including decreased demand from the downstream PVC market, leading to production cutbacks. The steady n-Butanol supply also influenced the price decline. Furthermore, the depreciation of propylene feedstock prices added to the pressure on n-Butanol prices.

Specifically, in the USA, n-Butanol prices decreased by 1% compared to the previous quarter. In November 2023, OQ Chemicals announced an $88/MT price increase for n-Butanol, effective from November 1, 2023. These factors, including low demand, stable supply, and falling feedstock prices, collectively shaped market conditions, with prices ending the quarter at USD 1910/MT FOB New York.

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APAC:

During the fourth quarter of 2023, the n-Butanol market in the APAC region faced significant influences on prices. The market boasted a steady and reliable supply of n-Butanol, distinguishing it from regions experiencing supply constraints. However, plant shutdowns, such as those in China, impacted propylene feedstock availability, contributing to a moderately supplied market. Japan experienced notable price dynamics, with a 2.2% monthly increase in November 2023, followed by a substantial 10% decrease in December. This decrease was attributed to cost-effective imports from Europe and the depreciation of feedstock propylene, resulting in reduced production costs. Consequently, the East Asian market experienced ample supply, influenced by stable supply, plant shutdowns, and price fluctuations in Japan. The latest price for n-Butanol CFR Osaka in Japan for this quarter was USD 1250/MT.

Europe:

The German n-Butanol market exhibited a primarily bearish trend in the fourth quarter of 2023. Prices remained stable in October, rose marginally by 2% in November, and then dropped by 10% in December. Subdued demand from the construction industry, which had contracted for thirteen consecutive months, was the main driver behind this trend. The construction industry faced historically low investment confidence, with real estate firms reporting ongoing challenges and no signs of improvement in demand. All segments of the construction sector, including housebuilding, civil engineering, and commercial building activities, experienced contractions, with housebuilding being the weakest. This downturn in construction activities further reduced demand for the paints and coatings industry. Raw material availability eased for thirteen consecutive months, contributing to an oversupplied market. Despite this, OQ Chemicals increased n-Butanol prices by 2% in November, but this was ineffective due to persistently low demand from the paint and coating industry.

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Chlorinated Polyvinyl Chloride (CPVC) Prices, Trend, Monitor, News & Forecast | ChemAnalyst

Chlorinated Polyvinyl Chloride (CPVC) Prices: During the Quarter Ending December 2023

North America

The Chlorinated PVC market in North America witnessed generally favorable conditions, despite an initial price decline of 2.5% in October, attributed to decreased demand from the plumbing sector due to a slowdown in house sales driven by higher mortgage rates. However, prices rebounded in November and December, driven by a robust construction sector in the United States, marked by increased hotel construction and heightened demand from Mexico. Mexico’s construction sector, buoyed by government investments and growing nearshoring activities, further supported the Chlorinated PVC market, particularly in plumbing. Challenges in the supply chain system towards the end of 2023, exacerbated by adverse weather conditions, led to extended lead times and logistical constraints.

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APAC

The Chlorinated Polyvinyl Chloride (CPVC) market in the APAC region during the fourth quarter of 2023 was influenced by diverse factors. Strong demand in the Indian market, fueled by construction and manufacturing activities, led to a 1.1% price increase, while in China, subdued demand resulted in a 2.5% decrease. Fluctuations in essential feedstock prices, particularly PVC, contributed to price variations. China saw a 3.8% decrease in CPVC prices due to oversupply and weak demand in the construction industry. Anticipated increases in feedstock prices added further complexity to the market outlook.

Europe

The CPVC market in Europe faced challenges in the fourth quarter of 2023, with subdued demand in the construction industry, particularly in residential sectors. Supply levels were moderate, with restricted inflows into the Dutch market. Inflation rates in the Netherlands contributed to an increase in CPVC prices. Despite moderate price increments, the market remained unfavorable due to supply shortages and declining industrial chemical production. Elevated quotations by traders also influenced pricing dynamics amidst a retrenching construction industry.

South America

The Chlorinated PVC market in South America showed a mixed trend in the final quarter of 2023. Adverse conditions initially impacted prices, driven by an underperforming construction industry and oversupply from the United States. However, gradual improvements in construction sector demand, particularly with investments in Brazil’s electric automotive factories, boosted prices in the first two months. By December, increased competition from Asian and European imports led to lower prices, exacerbated by fluctuations in the Brazilian Real against the USD.

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Neopentyl Glycol Prices, Trend, Monitor, News and Forecast | ChemAnalyst

Neopentyl Glycol (NPG) Prices: During the Quarter Ending December 2023

North America

During the initial month of the fourth quarter of 2023, the Neopentyl Glycol (NPG) market in North America saw a modest 0.9% increase, followed by a significant price decline. In October 2023, various factors influenced the market, including the expected rise in Crude Oil prices upstream, leading to increased production costs for NPG. However, November 2023 witnessed a downturn marked by surplus material availability, trade uncertainties, and weakened performance in the construction sector. Despite elevated borrowing costs, stability was maintained in the USA’s construction spending sector, while manufacturing encountered persistent challenges. Insights from market participants indicated a 0.7% decline in spending on public construction projects following a 1.3% increase in October. State and local government spending decreased by 0.5%, and federal government project expenditures plummeted by 3.1%. Persistent bottlenecks in the Panama Canal, worsened by prolonged drought conditions, resulted in delayed shipments and lengthy queues. Additionally, attacks in the Red Sea intensified the situation, driving ocean freight rates higher. Maersk announced the rerouting of vessels away from Red Sea routes, opting for navigation around Africa’s Cape of Good Hope, significantly increasing tonne-miles. These developments posed a multifaceted challenge for global trade, causing a surge in inventories at ports. The interplay of these factors contributed to a narrowed gap between demand and supply, supporting the downturn in prices.

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APAC

The Neopentyl Glycol (NPG) market in the Asia-Pacific region displayed a varied trend throughout the quarter concluding in December 2023. While prices initially rose in the first month of the quarter, they subsequently declined. In October 2023, the NPG market showed a bullish stance with stable supply and moderate demand. However, manufacturing units in the northern part of the region faced challenges, primarily due to the impact of the Beijing conference, leading to transportation restrictions and decreased load for most manufacturers. As the quarter progressed, the market shifted to a bearish stance, with average downstream demand and notably undervalued prices. To expedite shipments, NPG holders engaged in negotiations for actual orders and extended discounts. The focus on trading diminished, with prices falling below the lower threshold. In the new trading cycle, the NPG market reflected a pronounced bearish sentiment influenced by cautious traders and heightened pressure from downstream entry. Some suppliers maintained a firm stance, participating in negotiations at lower market levels, contributing to the overall downward trajectory.

Europe

Throughout the fourth quarter concluding in December 2023, the European Neopentyl Glycol (NPG) market experienced mixed sentiments. Substantial price declines of 5% and 5.7% were witnessed in the initial and final months of the quarter, respectively, indicating a narrowed equilibrium between demand and supply. The absence of fresh orders from the downstream construction sector during a week underscored the impact of reduced economic activities, influenced by inflationary pressures across the region. Further, the persistent lack of indications for a revival in downstream construction demand for NPG remained significant for several weeks into the quarter, attributed to a substantial decrease in new construction projects. In the broader economic context, the eurozone Construction PMI Total Activity Index, reported by Hamburg Commercial Bank (HCOB), registered at 43.4 in November, reflecting a slight improvement from October’s ten-month low of 42.7. This marginal uptick in the index suggests a challenging environment for the construction sector, aligning with the observed decreased demand for NPG. As economic conditions continue to shape market dynamics, stakeholders in the NPG industry may need to adapt strategies to navigate the ongoing challenges in the construction sector. However, a marginal surge in NPG prices was observed during November 2023 due to a contraction in the manufacturing sector, resulting in supply shortages during this period.

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Nitric Acid Prices, Trend, Monitor, News & Forecast | ChemAnalyst

Nitric Acid Prices: During the Quarter Ending December 2023

North America:

In the fourth quarter of 2023, the North American Nitric Acid market encountered a blend of challenges and opportunities. Notably, prices experienced an uptick in both the initial and final months of the quarter, with margins of 5% and 2.6%, respectively.

However, November saw a downturn due to constrained demand from the domestic fertilizer market. A significant contributor to the rise in Nitric Acid prices was the shortage of crucial feedstock materials, particularly Ammonia and Natural Gas, stemming from supply chain issues in a major Ammonia-exporting country. This scarcity of feedstock materials led to an increase in Nitric Acid production costs, thereby pushing prices upward. Additionally, robust demand from both domestic and international fertilizer markets, notably from Brazil, contributed to the observed price hike.

The North American market, especially the USA, encountered trade challenges during this period. Persistent bottlenecks in the Panama Canal led to long queues and delayed shipments of commodities, including Nitric Acid from the USA market. Simultaneously, incidents such as attacks on ships in the Red Sea led to higher ocean freight rates, raising concerns about inflation and delayed goods. Carriers, aiming to avoid potential disruptions by Iran-backed Houthi Rebels in Yemen, redirected trade away from the crucial Middle East route, intensifying global trade challenges and elevating transportation costs. In response to these challenges and to safeguard profit margins, traders increased prices for various commodities, including Nitric Acid.

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APAC:

During the concluding quarter of December 2023, the Nitric Acid market in the Asia Pacific region displayed mixed sentiments, particularly impacting the Chinese market. The initial two months witnessed a decline in prices within China after the country ceased additional CIQ export licenses, adopting a stringent export stance. Containers, previously cleared for export, were removed from vessels carrying fertilizers, including Nitric Acid, resulting in surplus material availability in the Chinese market. Demand for Nitric Acid during this period from key end-user sectors such as fertilizers, cosmetics, and textiles remained subdued. However, as December approached, prices began to rise in the Asian region due to firm demand from western regions in anticipation of the festive season. Concurrently, trade uncertainties in major shipping routes, coupled with attacks on ships in the Red Sea, led to higher ocean freight rates, prompting concerns of inflation and delayed goods. Carriers, seeking to avoid potential strikes by Iran-backed Houthi Rebels in Yemen, redirected trade from the crucial Middle East route, exacerbating global trade challenges and increasing transportation costs. To protect their profit margins, traders responded by increasing prices of various commodities, including Nitric Acid.

Europe:

In the fourth quarter of 2023, the European Nitric Acid market exhibited a bullish trend characterized by several influential factors impacting prices. Notably, a shortage of Nitric Acid was observed in multiple countries, including Germany, Italy, and the UK. This shortage stemmed from a temporary cessation of Ammonia production by Yara, resulting in a scarcity of Ammonia and its derivatives, including Nitric Acid. The shortage was particularly pronounced in Germany, leading to a surge in Nitric Acid prices, exacerbated by the persistently low supply due to the Ammonia production halt. Further, the rise in the price of essential feedstock Ammonia contributed to the overall increase in Nitric Acid prices. Global trade uncertainties also played a significant role in driving up Nitric Acid prices. Incidents such as attacks on ships in the Red Sea resulted in higher ocean freight rates, raising concerns about inflation and delayed goods. Carriers, aiming to avoid potential disruptions by Iran-backed Houthi militants in Yemen, redirected trade away from the crucial Middle East route, intensifying global trade challenges and elevating transportation costs. In response to these challenges and to safeguard profit margins, traders responded by raising prices for various commodities, including Nitric Acid.

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GmbH – S-01, 2.floor, Subbelrather Straße,

15a Cologne, 50823, Germany

Call: +49-221-6505-8833

Email: sales@chemanalyst.com

Website: https://www.chemanalyst.com