Anisole Market Witness a Mix Sentiment in Asia
- 07-Jun-2022 3:36 PM
- Journalist: Rene Swann
Qingdao, China: In early June 2022, Anisole market has observed wavering trend in Asia. Some of the key drivers for the fluctuating Anisole market include ongoing terrible events in Asia, such as the pandemic breakout in China and Deepak Nitrite's fire tragedy in India.
As per recent insight, the Anisole has remained stable from the preceding week back by the push-and-pull scenario in the Chinese market. Following the relaxation of lockdown restrictions, fluctuating crude oil prices have pushed up raw material prices, particularly phenol prices, triggering downstream Anisole pricing to rise, while reducing demand from the domestic market has pushed down Anisole pricing. As a result, prices in the Chinese domestic market remained constant, hovering at about USD 1636 per tonne.
Furthermore, The Anisole market trend has also been impacted by the market closure due to the dragon boat event. The Anisole prices were affected by the local market shutdown, which led to weak buying mindsets. In addition, the demand for Anisole from the end-user pharmaceutical as well as Agrochemical slumped due to the fragile consumption from the downstream users.
However, one of India's largest chemical production companies, Deepak Nitrite, met with a fire tragedy in Vadodara on June 3rd. This incident has been affecting the production of the raw material phenol that are used in the fabrication of Anisole. Due to the deteriorating production of Phenol, the raw material prices started soaring which have weighed on the high pricing of Anisole in the Domestic market. Therefore, the prices of Anisole were inclined by 2% in the previous weeks.
Moreover, A trader based in Mumbai revealed that the unfortunate occurrence has been impacting the Indian market due to the inadequate availability of certain raw materials, and the prices are set to rise even further.
According to ChemAnalyst forecast, in the upcoming weeks, the price of Anisole is likely to increase in the Asian region due to the further rise in the demand from the downstream industries. Additionally, the tightened supply of the product and the expected soar in the consumer needs may push the Anisole prices. In the meantime, the feedstock costs are anticipated to escalate, which may further wreak the Anisole market.