Despite Upheaval in China and Japan, Nitro Chloro Benzene Market Stand upright in Asia
- 20-Apr-2022 6:52 PM
- Journalist: Nina Jiang
Growing urbanization, industries, and rising demand in the Asian region laid the foundation for the Nitro Chloro Benzene market to increase in April. In addition, the disruption in China's port, freight charges, and geopolitical tension has added fuel to the Nitro Chloro Benzene price trend.
The Asia-Pacific region is one of the major exporters of Nitro Chloro Benzene in the global market. The rising COVID cases brought about lockdown and transport restrictions affecting the exports and imports in China. Besides, the trade interruption has caused a delay in the commodity's supply, prompting market participants to seek goods from other Asian countries, forcing the suppliers to raise Nitro Chloro Benzene pricing.
The catastrophic consequence of the earthquake last week has put a hold on some automotive industries in Japan. Since this industry is still recuperating from the earthquake, demand for Nitro Chloro Benzene has increased fast in the local market due to its widespread use in rubber and wax production. Furthermore, the use of Nitro Chloro Benzene in the production of dyes, pigments, polymers, chemicals, and others resulted in soaring demand for Nitro Chloro Benzene due to expanding urbanization and industries. As a result, on April 15, the price of Nitro Chloro Benzene in Japan settled at USD 2600 per MT FOB Osaka.
Moreover, the skyrocketing freight charges resulting from climbing fuel values and the halt in shipment to Russia due to the geopolitical tension have impacted the Nitro Chloro Benzene price. Also, the conflict has led to soaring upstream crude and feedstock benzene prices which further uplifted the Nitro Chloro Benzene market.
According to ChemAnalyst, "Rapid growth in automotive and construction industries in the developing countries like China, India, and Japan might result in the Nitro Chloro Benzene price hike. Also, the soaring crude prices are not expected to ease, further increasing the Nitro Chloro Benzene price trend."