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[Unit = USD/Tonnes]
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[Unit = USD/Tonnes]
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[Unit = USD/Tonnes]
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[Unit = USD/Tonnes]
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[Unit = USD/Tonnes]
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[Unit = INR/Tonnes]
For the Quarter Ending September 2023
North America
In the US market, Acetone prices witnessed a notable increase during the third quarter of 2023. This upswing can be attributed to several factors, including firm procurement activities, stable pricing within the upstream market, and improved performance in the construction industry, which bolstered consumption rates. Domestic production operated optimally, resulting in abundant inventory levels both domestically and at ports. Furthermore, the upstream Benzene market experienced an increase in tandem with the rise in WTI crude oil prices in July 2023. OPEC's decision to extend output cuts until August 2023, rather than ending them in July, had a significant impact on crude oil prices. Acetone prices were further bolstered by enhanced upstream cost support and robust demand pressures stemming from downstream sectors like Bisphenol A and the solvent industry. Recent production cuts announced by Saudi Arabia and Russia, coupled with WTI oil prices exceeding USD 85 per barrel, supported upward momentum in aromatics prices. This, in turn, led to firm pricing for upstream Benzene and subsequently increased the cost of Cumene feedstock production. Domestic inventories were plentiful, and during the third quarter, Acetone prices surged from USD 925 per MT on an FOB basis to USD 1015 per MT on an FOB basis.
Europe
Throughout the third quarter, the European acetone market experienced a notable decline in prices, primarily attributed to factors such as elevated inventory levels and weak demand from downstream sectors. In the Netherlands, acetone prices continued their descent in quarter 3, 2023, due to persistently low demand and limited support from upstream sources, including weak feedstock prices. Import prices remained subdued, compounded by the Euro's decline in value. Meanwhile, olefins, aromatics, and other related segments faced challenges such as shrinking profit margins, tepid demand, and constrained procurement activities in the region. This was exacerbated by fierce competition from Asian imports and declining energy prices as Europe proactively secured LNG supplies for the upcoming winter, diverging from the previous year's trend. Overall, the European market witnessed a drop in demand, declining production rates, and competitive pricing pressures from the Asian market, resulting in lackluster performance in the petrochemical industry. Despite these market dynamics, acetone prices experienced a little bit of increase in the last month of the quarter, driven by sustained pressure from upstream Benzene and the bullish rally in Brent crude oil prices. The prices fluctuate from USD 949 per MT FD Rotterdam to USD 1917 per MT FD Rotterdam during the timeframe of July to September.
APAC
In the third quarter, there has been a significant rise in Acetone prices within the APAC region, primarily driven by a combination of rising cost support and robust demand dynamics from downstream derivatives. In South Korea, the upstream Benzene market has witnessed a sharp uptick in prices, largely influenced by the strong upward movement in crude oil prices, which has introduced significant cost pressure on aromatics. Simultaneously, the demand from downstream sectors, particularly for Bisphenol A, has been substantial, accompanied by active procurement activities. Production levels have remained robust, leading to ample inventory levels both in the domestic market and at ports. While demand from the downstream solvent industry, which represents the largest consumption segment, has remained relatively stable, there has been a significant surge in demand for Bisphenol A. This increase in demand has placed upward pressure on prices. Notably, the upstream Benzene market has steadily risen in response to the strengthening of crude oil prices. Over the course of July to September, Benzene prices increased from USD 736 to USD 866 per MT FOB Busan. This upward price trend reflects the dynamic interplay of supply and demand in the Acetone market during the third quarter of 2023.
For the Quarter Ending June 2023
North America
After rising the top of the price stage in past quarter the Acetone prices continued to decline in the USA in April 2023, backed by bearish market demand for Acetone from downstream buyers of Isopropyl alcohol, and Methyl methacrylate (MMA) industry. Meanwhile, the chemical grade upstream Propylene costs decreased again due to the increase in upstream Propane stocks in the region, which reduced the cost support on product prices of Acetone. Simultaneously, consistent decreases in the feedstock Benzene amid reductions in upstream Crude Oil prices due to an increase in inventory levels because of reduced orders from international importers reduced the production costs of Acetone. After witnessing a reduction of 2.6% in the third week of May, Acetone FOB Texas prices assembled at USD 1130/MT. Because of the current market dynamics and conditions, the prices of Acetone have continued to follow the bearish trend due to the consistent diminished affects of relevant factors to the final product prices. Meanwhile the WTI crude oil prices maintained a steady wave with daily fluctuations over the month. At the third week of June Acetone FOB Texas prices settled at USD 980/MT and again slightly jumped to a value of USD 1002/MT at the end of June 2023. Several factors can Hold the responsibility behind the slight rise, such as surge in demand from the downstream paint and coating industry, an enhanced performance of the construction industry in the US captured the market dynamics of Acetone.
APAC
The acetone prices observed a slight uptrend in start of April and reached a value of USD 890 per MT on CFR basis. This is due to various facts such as supply chain restrictions, increased rate of quotations from importing countries, crude oil production cuts by OPEC+ resulting into increased upstream Naphtha prices, stable demand from for propylene from downstream value chain. However just after the mid-April the Acetone market continued the bearish trend all over the second quarter accounted the largest drop in the month of May. As increased supply chain activities were witnessed during Labor Day holidays raising the domestic inventory levels which was also backed by recommenced plant operations in Northeast China, the product orders were sluggish from downstream industries. Moreover, the contraction of feedstock Propylene and benzene prices and reduction in cost pressure from upstream Naphtha further eased the acetone prices. The overall sentiment in the Asia pacific region has been largely bearish, market participants expect the trend may shift prices in the coming weeks.
Europe
In April prices the growth was observed at +5.3% which put the prices on the uptrend owing to anticipated increase in feedstock benzene prices that raised the production costs. Furthermore, weak availability of supplies and increased production rates also culminated into increased prices. From the second week of April 2023, Acetone prices continued to follow a steeper downward curve amid stable demand from downstream buyers. The surplus availability of supplies and soft transportation charges further eased the acetone prices. Simultaneously, the production costs fell due to consistent reductions in the feedstock Propylene and benzene prices, decrease in upstream Naphtha costs due to increased inventory levels further eased the upstream cost pressure. Acetone prices have continued their bearish rally in the European market in June on the back of weak demand dynamics in the domestic as well as in the international market. At the end of June Acetone prices reached its lowest value at USD 1040/MT for the second quarter of the year 2023.
For the Quarter Ending March 2023
North America
In the North American Region, the Acetone prices remained upward during Q1 of 2023 amid volatile upstream Crude oil and feedstock prices and moderate production rates of Phenol. Initially, prices were firm due to increased energy costs and production costs. Production costs remained stable during the mid-quarter. In the final month of the quarter, prices spiked again due to the limited availability of supplies amid decreased production rates. On the contrary, there was no significant improvement in demand from downstream Bisphenol A and MMA producers throughout the quarter, and offtakes remained stable. At the same time, US Federal Reserve Interest rates were high, and buyers were conscious while making purchases. Consequently, Acetone prices in the USA settled at USD 1210/MT at the end of the quarter.
Asia
The Acetone price trend remained strong in Asia during Quarter 1 of 2023. At the beginning of the 1st quarter, prices rose slightly amid moderate demand and shifting upstream costs amid volatile crude oil prices and upstream Naphtha and Propylene prices. Towards the end of Q1, various Phenol and Acetone plants in the region went under maintenance shutdown due to weak demand for Phenol and stressed the availability of feedstock Benzene. It limited the supplies of Acetone in the domestic market, while the inquiries were soft from IPA and Acrylates producers. At the end of the quarter, acetone prices in South Korea and China witnessed USD 770/MT and USD 840/MT, respectively.
Europe
At the beginning of the quarter, prices rose marginally amid volatile upstream Crude Oil and shifting feedstock Benzene and Propylene costs. During the mid-quarter, the consumption rates improved from the downstream MMA producers amid expansion in the manufacturing activities. In the second half of the quarter, the price trend remained strong at the end of Q1, and prices soared due to stressed production rates amid declined demand for Phenol. Towards the end of Q1, prices remained stable amid a decline in logistics costs and dampened orders amid globally weak demand for downstream IPA and Acrylates. At the end of Q1, 2023, the Acetone price in Germany settled at USD 1430/MT.
For the Quarter Ending December 2022
North America
Acetone prices witnessed a continuous reduction during the fourth quarter of 2022. A decline in demand from the downstream Bisphenol A and MMA producers due to reduced orders from the packaging and automotive sector impacted the product offtakes. At the same time, the supply chain was disrupted due to the low water levels of the Mississippi and Ohio rivers. Domestic inventory levels were firm during mid-quarter, and Acetone prices plunged amid a significant reduction in feedstock Benzene prices due to declined demand from specialty chemical producers, which reduced the cost support on product prices. However, towards the end of the quarter product price trend shifted, and prices started increasing due to increased upstream costs. At the end of the quarter, Acetone prices in the USA settled at USD 780/MT.
Asia
Acetone price movement showcased fluctuating trend during Q4 of 2022. During H1 of the quarter, the product prices rose initially for a couple of weeks and then decreased due to a reduction in demand from the downstream Bisphenol A and MMA producers. At the same time, import orders from China also plunged amid rising covid cases and disrupted the supply chain. In the second half of the quarter, the price trend shifted, and product prices increased till the end of Q4. Truck strikes near the Busan port in South Korea affected petrochemical supplies to Asian importers. While in China, product price quotations rose during the mid-quarter amid affected supplies from exporters due to the covid related lockdowns. An increase in the upstream Crude oil prices at the end of Q4 provided cost support. However, weak demand remained prominent. At the end of Q4 2022, Acetone prices in South Korea settled at USD 670/MT.
Europe
In the first month of Q4, Acetone prices decreased in the European region because of improved product supplies after the increase in water levels of the Rhine River and a fall in the upstream costs. Due to moderate to low demand, producers decreased their production rates because of high inflation and limited upstream supplies. In November 2022, the Acetone price trend shifted and rose till the end of the quarter amid low inventory levels and a rise in the upstream gas costs. At the same time, an increase in the feedstock Benzene prices due to an improvement in demand from downstream value chains raised cost support. At the end of the quarter, Acetone prices in Germany hovered at 1030/MT.
For the Quarter Ending September 2022
North America
Acetone price movement fluctuated in the North American region throughout quarter 3 of 2022. During the H1 of the quarter, product prices continued to plunge, continuing the previous month’s trend on the back of demand from the textile, automotive, and construction sectors. At the same time, production costs of Acetone also decreased due to a reduction in feedstock prices. However, the price trend revived in the final month of Q3, and prices rose till the end of the quarter due to affected supplies due to port congestion amid firm demand from the downstream industries and an increase in the input costs. Consequently, after witnessing a plunge of almost 15% in the previous quarter’s prices, Acetone prices in the USA settled at USD 920/MT at the end of Q3.
Asia
The price trend of Acetone in Asia was the same as in the North American region in Q3. Product prices decreased consistently in Asia for a couple of months on the back of the abundant availability of previous stocks due to stockpiling activities amid weak demand and reduced production costs. Then the price trend revived in the second half, and product prices rose in Asia due to an increase in feedstock cargo export prices by South Korea to the Asian producers. At the same time, the Major producers in China and Japan cut down operational rates on Government’s instructions due to heat waves in summer. The demand rose from downstream industries, and inventory levels were under stress. However, in India, the price trend of Acetone was at its peak during the mid-quarter and declined in the final month of Q3. At the end of the quarter, Acetone prices in China and India settled at USD 720/MT and USD 843/MT, respectively.
Europe
A shifting price trend of Acetone was observed in the European region during Q3 of 2022. During the 1st two months of the Q3, product prices plunged consistently due to plummeting feedstock propylene and benzene prices on the back of reduced offtakes from downstream industries, negatively affecting the product’s production costs. However, the price trend revived in the later H2 of Q3, and prices rose till the end of the quarter. A fall in river levels like the Rhine in Germany in summer affected supplies and caused supply chain disruption in the region. After witnessing a decrease of 21% in the Q2 values, Acetone discussions in Germany settled at USD 880/MT.
For the Quarter Ending June 2022
North America
Acetone demonstrated mixed market sentiments in the US market during Q2 2022. The soaring upstream Crude prices were influencing the feedstock Benzene and Cumene values, further inflating the Acetone pricing. The healthy purchasing activities from the regional and international markets boosted Acetone prices initially. Hence, the price of Acetone settled at USD 1100/ tonne FOB Texas by the end of May. Later, in June, the prices dropped due to high inventories in the market, resulting in the stockpiling of the product. Also, the low demand from the downstream sectors and copious availability of the product led the stockholders to negotiate with their existing products.
APAC
During the second quarter of 2022, Acetone prices witnessed an oscillating trend in the Chinese market with the up and down movement of the values. Initially, the price dropped due to the weak market sentiments, resulting in the inventories' stockpiling; hence, the manufacturers hampered the price trend. Moreover, the downstream paint and coating industries were operating in a stable state. Later, the Acetone prices strengthened in May and June as the market resumed after the May Day holidays resulting in healthy buying sentiments. Also, the easing of lockdown restrictions encouraged trading activities. Besides, the skyrocketing freight charges have also inflated the Acetone pricing. Therefore, the Acetone prices were observed at USD 930/ tonne CFR Qingdao during June.
Europe
The Acetone market showcased an uptrend in the European region for the second quarter of 2022. The Crude upstream prices surged in the German market due to the supply shortage after the sanction on the Russian imports. Moreover, the turnaround of Shell's oil refinery for maintenance also tightened crude supply in the domestic market. The increased demand from the downstream derivative Bisphenol A and Methyl Methacrylate manufacturers and the healthy buying sentiments pushed the Acetone market. Furthermore, the increasing demand from the regional market and the escalating road freight charges due to the rise in fuel prices have boosted the Acetone values. As a result, the Acetone values were recorded at USD 1140/ tonne FD Karlsruhe by the end of the second quarter of 2022.
For the Quarter Ending March 2022
North America
During the first quarter of 2022, Acetone prices displayed a marginal rise as the demand outlook rose from the downstream, BPA, and MMA players amidst tight supplies. Excessive costs of upstream Crude and feedstock Benzene and Propylene also increased Acetone values. Moreover, US sanctions on Russia’s import of oil and gas led to an energy crisis that impacted the cost of Acetone. In addition, soaring freight charges and container shortage stimulated an upward trend in the Acetone market. Henceforth, prices of Acetone in the USA settled at USD 1360 per tonne by the quarter ending March.
Asia Pacific
Acetone prices witnessed an upward trajectory in the first quarter of 2022. The Russia-Ukraine war led to the upsurge in crude oil values, which influenced the prices of Acetone. As Acetone is used on a large scale in the production of Isopropyl Alcohol which is utilized in hand sanitizers and hygiene products resurgence of Covid in several Asian countries resulted in an uptrend in Acetone values. In addition, the increased COVID restrictions in China affected the import, which led to tight supply. The price of Acetone in India was assessed at USD 999 per MT for Ex-Chennai in March.
Europe
In the first quarter of 2022, Acetone prices showcased mixed sentiments. Initially, in January, prices of Acetone dropped due to a continuous outstrip in its demand. Ample supply of product across Europe adhered a downward pressure upon its prices. Acetone prices settled at USD 761 per MT in January 2022. Later, in March, Acetone values rose as a result of soaring feedstock prices. The rise in demand from the regional and international markets caused price hikes. Thus, by the quarter ending March, Acetone price was observed at USD 785 per MT in Germany in the first quarter.
For the Quarter Ending December 2021
North America
North America witnessed consistent decline in demand for Acetone amidst the appreciable improvement in its supply in the quarter ending December. After the Ida hurricane in Q3, supply of various petrochemicals improved gradually with resumption in plant operations. Plant operating rates almost reached normalcy by Q4 which eventually led to mounting of inventories. Seasonal slowdown in demand especially from the paints and coatings sector has rolled down the prices for solvents like Acetone and MEK in North America. On the other hand, export inquiries have also remained feeble due inventory build-up in various countries. Owing to the lackluster demand, Acetone FOB prices in USA were assessed at USD 1320 per MT in December.
Asia
Market sentiments of Acetone continued to drift in India post the festive season in October. Improved availability of Acetone and Phenol in China after a long run of energy crisis eased its supply in the Indian market. Tracing the diminishing margins due to seasonal slowdown, Hindustan Organics imposed a turnaround at its Phenol/Acetone plant in India in mid-November. Prices of Acetone after witnessing a marginal surge due to the delayed restart of Hindustan Organics plant, witnessed another astonishing drift in line with the weakness in regional demand for the product. A renowned trader based in Mumbai revealed that as enquiries in India have remained stagnant, players have been implementing a negative revision in their prices in order to clear the inventories before the year ends. Amidst the narrowed demand, Acetone Ex-Chennai prices in India drifted to USD 653 per MT in December.
Europe
Acetone prices have continued to decline since H2 2021 due to improvement in the supply of feedstock Cumene in Europe. Supply chain disruption and freight rates gradually eased entering Q4, however the energy crises in the region led to higher plant operating cost. Even though manufacturing cost of Phenol/Acetone remained high, fall in inquiries due to year end slowdown led to a prolonged dullness in the demand pattern. Owing to the lackluster demand amidst ample availability, Acetone FD prices tumbled to USD 789 per MT in December.
For the Quarter Ending September 2021
North America
During the third quarter, prices of Acetone remained balanced in North America due to improved demand and supply dynamics as production levels reached near pre-storm levels in August. However, pricing for Acetone in the US measured a significant dip in Q3, witnessing a downward trajectory by falling from USD 1980 to USD 1580 FOB Texas. The decline in prices of the key feedstock Benzene and Propylene favoured the downtrend of Acetone pricing while demand seemed to have reached a level of stagnancy from the downstream BPA and MMA market towards the end of Q3.
Asia Pacific
In the third Quarter of 2021, the Acetone market in the Asia Pacific region experienced mixed sentiments while the demand for Acetone varied across different countries. The prices of Acetone hovered around USD 872/MT and USD 1010/MT in India and China early in Q3. Acetone supplies tightened towards the middle of Q3 as Chinese authorities imposed new restrictions as the delta variant of COVID-19 emerged in several provinces of China. Logistics at various Chinese ports were delayed, including Yangzhou where the virus spread had been most severe. A number of Acetone shipments were stuck at the ports due to the lack of manpower with some traders unable to load the material at ports. As a repercussion, urgent buyers had to pay higher prices for the Chinese stocks. FOB Qingdao daily bulk prices of Acetone as on 11th August was evaluated at USD 844 per tonne. In Japan, the pricing of Acetone increased from USD 1240 to USD 1350/MT FOB Tokyo during Q3. Whereas, in India, ex-Chennai prices of Acetone declined from USD 998 to USD 872 from July to September, respectively.
Europe
The demand for Acetone witnessed an exponential rise in the European region from various downstream manufacturers during the third quarter. FD Karlsruhe offers were assessed at USD 1030/MT in September. Due to surging raw material pricing, the European paint and coatings and printing inks industry was seen under high pressure. A complex combination of demand, capacity issues, and a shortage of transportation resources for raw materials increased uncertainty in the supply chain of Acetone across the European region during Q3.
For the Quarter Ending June 2021
North America
Acetone demand in North America remained high throughout the quarter, whereas the supply activities remained restricted initially under the influence of plant turnarounds. However, in the second half of the quarter prices fell effectively, due to the smooth supply of raw materials in USA but remained on a sky-high value compared to last year. In line with astonishing high prices of Acetone across the region, prices of downstream products like BPA and MMA increased effectively throughout the quarter. Therefore, Acetone prices rose initially and later declined during May and June, finally settling at USD 2030/MT for FOB Texas.
Asia
Asian market experienced mixed sentiments where the demand for Acetone across the region varied country over country. The demand for Acetone in China remained low throughout the quarter, where in India it fluctuated in a narrow range and demonstrated an overall improvement by around 1.2%. Chinese market experienced feeble demand from downstream IPA manufacturers amid firm availability, as traders and manufacturers already stockpiled enough cargoes of Acetone. Therefore, prices of Acetone hovered around USD 926/MT and USD 1204/MT for China and India respectively during June.
Europe
Under the influence of firm demand from downstream paint and coating manufacturers, prices of Acetone increased aggressively during the month of April. European market experienced an extreme shortage of solvents including Acetone across the region, due to low supply activities from USA and domestic manufacturers. Therefore, a sufficient rise in prices of Acetone was observed throughout the quarter in Europe.
For the Quarter Ending March 2021
North America
Disrupted production activities and major plants shutdowns due to freezing weather in Texas narrowed down the output of petrochemicals and several other segments in North America during Q1 2021. Due to lower production activities amid high demand from other regions like Asia and Europe, prices of feedstock Propylene skyrocketed during this period, hence the prices of Acetone also rose by 20.64%. During Q1 2021 price of Acetone settled at USD 2425 per MT in March. Although improved weather condition by March ending enhanced the market sentiments across the region.
Asia
Global supply shortage impacted the Asian Acetone market, amidst lower domestic output of the region. Chinese Lunar New Year halted the production activities of the country and affected the availability of Acetone across the region. Meanwhile, congestion across prime trade routes between Asia and Europe and high container & freight cost also contributed to push up Acetone prices across Asia. During this period, average Acetone prices in India rose from USD 945 per MT (January 2021) to USD 1329 per MT (March 2021). On other hand, in South Korea Lotte GS Chemical Corporation availed licence for Honeywell UOP Q-max, Phenol 3G and Evonik MSHP technologies to produce Acetone and Phenol at its Yeosu facility with capacity 565,000 MT per annum.
Europe
In Europe, due to global Acetone shortage amid lower production from the US and high import demand from major Asian countries, prices of Acetone rose significantly during this period. In some areas of Europe, chilling weather disrupted the railway transportation that reduced the availability of Acetone across the region. Halted supply primarily led to the hike in prices effectively which made traders eager ready to pay premium on truck loads to get the consignment on time.
For the Quarter Ending September 2020
North America
Acetone supply in North America was tightened with producers like SABIC and Shell imposing a production turnaround while INEOS submitting the production due to force majeure. Demand remained firm with prominent improvement in economy. Although the demand for its major derivative IPA decreased in comparison to the highs observed in the previous quarter but remained at considerate levels on its consistent consumption in sanitizers and disinfectants.
Asia
Market fundamentals of Asia Acetone Market remained stalled, pressurized by supply overhang due to massive capacity additions from China’s Zhejiang Petrochemicals. However, the equipment failure in the new plant in early September provided huge relief as traders who earlier held back procurement under hopes for further plunge in the prices, rushed to fulfill their inventory requirements as per the consumption pattern. Manufacturers across the Northern Asia operated their plants at nearly full capacities, but the inventories of Acetone remained manageable with appreciable offtakes from certain end-use industries.
Europe
The European Acetone market was struck by supply shortage on maintenance turnarounds from Domo Caproleuna and Seqen followed by limited imports from US and Asia. As several countries in the region resumed their work life, increment in demand for clear plastic shield as a prevention for Coronavirus led to increased consumption of BPA and MMA adding to the strong downstream demand. Moreover, rise in the number of home improvement projects kept the demand for Acetone from paints and coatings industry in a healthy position.
