Hamburg, (Germany): Since the beginning of January xxxx, Phenol prices have been steadily increasing in European nations. This rise can be attributed to a variety of factors, including a significant decrease in crude oil shipments from the Middle East to Europe due to ongoing attacks by Yemen&#xx;s Houthi rebels. These disruptions, the most significant since the COVID-xx pandemic, have coincided with increased Chinese demand, creating fierce competition for crude supply routes that bypass the Suez Canal. This heightened competition has led to bullish price trends in the crude oil market, consequently affecting the manufacturing costs of downstream derivatives, including Phenol.
The ChemAnalyst database has shown that Phenol prices have witnessed an increment of approximately USD xx per ton on the week ending January xx compared to prices observed at the start of this month. The reduced operating rates of Phenol manufacturing firms have led to limited supplies...
