Acrylic Acid Price Gained Stability in the Global Market, Shows ChemAnalyst Data
- 25-May-2022 8:29 AM
- Journalist: Patrick Knight
New Delhi, India: Global inflation and rising raw materials costs have been a major concern for global key players, as the demand dynamics for several commodities are on a high note. Recently, ChemAnalyst reviewed the Acrylic Acid pricing dynamics for the global market and found that Acrylic Acid prices have gained stability in the global market and are poised to gain marginal but consistent hikes in the coming months.
As per the latest ChemAnalyst data, major Asian economies had showcased marginal hikes by the mid of May, except India, where prices kept on tracing a downtrend. As per the latest insights, traders in India are still offering discounts on bulk purchases while carrying stockpiled inventories. In addition, ongoing disturbances in the Chinese market were another reason behind price volatility in India.
However, the Chinese market has started witnessing a rebound in pricing dynamics on the back of easing pandemic-related uncertainties in the country, where a rise of around 3.5% has already been observed during the first two weeks of May 2022, owing to improving offtakes from the domestic market coupled with disturbed domestic trade activities.
Meanwhile, in the USA, market players have been battling with the insertion of downstream acrylates into the domestic market, allegedly at a cheaper price from Russia via different trade routes. Consequently, it is hampering domestic Acrylic Acid consumption, leading to a demand dullness for the product in the US market.
Talking about the Middle Eastern market, after showcasing a marginal fall during April 2022, the price has risen again across the Saudi Arabian market during May 2022. A hike of around 1% has been detected during this month, bolstered by rising input costs coupled with consistent inflationary pressure convertors. However, the demand dynamics are still feeble due to low economic activities in the Asian market, especially in China.
ChemAnalyst estimates that the price of Acrylic Acid in the global market is likely to rise in the coming weeks under the influence of improving demand fundamentals for the product.