For the Quarter Ending March 2025
North America
In Q1 2025, Dimethyl Sulphate (DMS) prices in North America experienced a mixed trend, driven by both cost factors and steady demand from key sectors. Early in the quarter, DMS prices rose due to a sharp increase in methanol prices, which saw an 11% rise in the US. This price hike was further supported by strong demand from industries such as pharmaceuticals, agrochemicals, and personal care, along with supply-side constraints including rising input costs and logistical challenges. The robust performance of the pharmaceutical sector and continued consumer spending in personal care helped maintain steady demand, driving prices higher.
In February, the upward momentum continued as methanol prices remained elevated, maintaining upward pressure on DMS prices. Despite these increased raw material costs, supply conditions remained stable, and demand from the pharmaceutical and personal care industries remained strong.
However, by March, DMS prices saw a modest decline, aligning with a drop in methanol prices. The price adjustment was primarily driven by reduced input costs, but demand from the pharmaceutical and personal care sectors remained firm, balancing the market.
Overall, while prices rose early in Q1 2025, they experienced a slight correction in March. The market outlook moving forward will largely depend on methanol price fluctuations and ongoing demand from the pharmaceutical and personal care industries.
APAC
In Q1 2025, the Dimethyl Sulphate (DMS) market in the APAC region, with a focus on India, exhibited a mixed pricing trend influenced by shifts in downstream demand, feedstock dynamics, and market competition. The quarter began with a price increase in January, supported by strong consumption from pharmaceutical, agrochemical, and personal care industries. Rising methanol prices and supply-side tightness further contributed to the upward momentum. Pharmaceutical demand remained robust, with consistent growth across major therapeutic areas such as cardiac and anti-diabetic treatments, reinforcing the role of DMS as a critical intermediate in drug production. The beauty and personal care sector also performed steadily, driven by rising consumer spending and inflation easing.
In February, DMS prices experienced a slight increase, even though methanol costs declined and freight rates softened. This indicated that manufacturers prioritized stable pricing strategies in response to steady downstream demand, particularly from pharmaceutical and personal care industries. Production remained uninterrupted, raw material supply was consistent, and logistics faced no major disruptions, contributing to a generally stable market environment.
However, March marked a notable shift in the trend, with DMS prices declining by approximately 8.9%. This downward correction occurred despite higher methanol feedstock costs, underscoring a reduction in procurement momentum across key sectors. Increased competition among domestic manufacturers, elevated inventory levels, and a lack of extraordinary demand from downstream sectors prompted price adjustments. The pharmaceutical sector maintained healthy output, but cost optimization in procurement strategies likely influenced the softer price trend. Meanwhile, the beauty and personal care market continued its growth, fuelled by social media trends and demand for organic products, though not enough to counterbalance the broader price dip.
Europe
In Q1 2025, the Dimethyl Sulphate (DMS) market in Europe demonstrated a relatively stable to slightly positive price trend, marking a more balanced performance compared to the mixed volatility seen in Q4 2024. While the previous quarter was shaped by an initial decline due to weak industrial demand followed by a recovery driven by seasonal upticks and supply constraints, Q1 2025 showed greater consistency, underpinned by steady demand from the pharmaceutical and personal care sectors.
The beauty and personal care industry in Europe continued to display resilience, particularly in the UK, where consumer spending in beauty retail increased, supported by a strong appetite for fragrances, dermatological products, and premium cosmetics. This maintained a stable downstream pull for DMS, often used as a chemical intermediate in product formulations. Despite moderate inflation across the eurozone, spending in non-food categories such as health and beauty remained one of the top-performing segments.
Although the luxury beauty segment showed slower growth, ongoing retail innovation and consumer engagement strategies helped sustain product turnover. Unlike Q4 2024, Q1 2025 was not significantly impacted by supply-side disruptions or seasonal slowdowns, enabling more stable pricing. Looking forward, the European DMS market is likely to remain supported by consistent demand from the personal care and pharmaceutical industries.
For the Quarter Ending December 2024
North America
The North American Dimethyl Sulphate (DMS) market experienced a mixed price trend in Q4 2024, marked by an initial decline followed by a subsequent incline. Early in the quarter, DMS prices fell by 2.7% due to weakened demand from the agricultural sector, as farmers faced financial constraints amid low crop prices and shifted to cheaper generic agrochemicals.
This trend of cost-saving impacted the demand for premium specialty chemicals, including DMS. The increasing market penetration of off-patent chemicals and trait-specific seeds that favor generic alternatives further pressured demand. While supply levels remained stable, producers faced competition from lower-cost alternatives, intensifying price pressures.
In the latter half of the quarter, the market saw a recovery with a 4% price increase. Rising feedstock costs, particularly in sulfur-based production, coupled with global supply chain challenges, drove production costs higher. The pharmaceutical sector's expansion, bolstered by robust domestic and international demand, significantly contributed to the price rebound. Additionally, strong export volumes from India, a key supplier, strained global availability, further supporting the upward trend in North America. Overall, Q4 2024 reflected a demand-driven decline in the first half and a supply-constrained incline in the second, resulting in a net mixed trend for the region.
APAC
The Dimethyl Sulphate (DMS) market in the APAC region exhibited a mixed trend during Q4 2024, with a notable decline in the first half, followed by a recovery and incline in the latter half. The early part of the quarter faced downward pressure as prices declined by 4.8%, driven by challenges in the agrochemical sector, weak global demand, and the impact of Chinese oversupply. Factors such as destocking, delayed customer purchases, and subdued export activity further exacerbated the market slowdown. Weak rainfall patterns and strained agrochemical demand in India, a key regional player, also contributed to the price dip.
However, the second half of the quarter witnessed a reversal in this trend. The robust growth in India's pharmaceutical sector, coupled with increased export volumes and rising demand from downstream industries, spurred a 2.1% price increase. Stable sulphuric acid prices and rising production costs supported this upward trajectory. Additionally, the delayed sowing season bolstered procurement activity from the agrochemical sector, providing further support to DMS prices.
Overall, the APAC DMS market in Q4 2024 was characterized by initial weakness followed by a steady recovery, driven by demand resurgence in key end-use sectors.
Europe
The European Dimethyl Sulphate (DMS) market exhibited a mixed price trend in Q4 2024, characterized by an initial decline followed by a recovery in the latter half. Early in the quarter, DMS prices faced downward pressure due to subdued demand from key industrial sectors, including agrochemicals and dyes, amidst seasonal fluctuations and inventory destocking. Additionally, increased competition among suppliers led to temporary price stabilization and reductions, while stable production levels and sufficient supply eased market pressures. Transportation and logistical challenges were minimal during this phase, further contributing to the decline in prices.
In the latter half of the quarter, the market experienced a rebound driven by renewed demand from the pharmaceutical and agrochemical industries. Seasonal production upticks in downstream sectors spurred consumption of DMS, while production constraints at select manufacturing facilities due to maintenance and raw material shortages limited supply, creating upward price momentum. Rising feedstock costs, coupled with transportation delays, compounded the recovery trend.
Overall, Q4 2024 showcased a demand-driven decline in the first half, followed by supply-side challenges and robust industrial activity leading to an incline, resulting in a mixed price trajectory for DMS in Europe.
For the Quarter Ending September 2024
North America
Dimethyl Sulphate (DMS) prices in North America during Q3 2024 experienced consistent increases, with the USA witnessing the most significant price changes. Market prices were primarily influenced by tight supplies stemming from production constraints and reduced imports. The high demand from downstream industries, such as agrochemicals and surfactants, further supported the price surge.
Key feedstocks, Methanol and Sulphuric acid, faced supply challenges, further tightening DMS availability. Additionally, supply chain disruptions, including port congestion and raw material shortages, added pressure to prices. The quarter also saw elevated freight charges and increased production costs due to high feedstock prices, contributing to the overall price uptrend. Delays at key ports increased shipping times and costs, exacerbating the supply constraints. Prices of Dimethyl Sulphate (DMS) rose sharply due to tight supply, driven by domestic production disruptions and limited imports from Asia amid port congestion. Despite challenges, the market remained bullish, with prices steadily climbing throughout the quarter.
In the USA specifically, Dimethyl Sulphate prices saw a notable increase of 10% from the previous quarter. The market exhibited a positive trend, with prices consistently rising. The quarter ended with Dimethyl Sulphate DOP priced at USD 1760/MT DEL Los Angeles, reflecting the ongoing upward trajectory in pricing.
APAC
In Q3 2024, the Dimethyl Sulphate market in the APAC region witnessed a significant uptrend in prices, driven by a confluence of factors. Tight supply conditions, robust demand from downstream industries, and high feedstock prices, particularly sulphuric acid and methanol, played a pivotal role in pushing prices upwards. The agrochemical, surfactant, and water treatment sectors reported rising demand, boosting market sentiment. Additionally, while upstream crude oil prices remained volatile, decreased ocean freight rates from China to India offered some relief, yet overall supply constraints continued to influence price stability. As market participants anticipate potential stabilization in demand due to the monsoon season, the outlook remains cautiously optimistic. The overall trend in the region indicated a positive pricing environment, with prices showing a 1% increase from the previous quarter. India, experiencing the most substantial price changes, recorded a notable uptick in Dimethyl Sulphate prices, with the quarter-ending price standing at USD 519/MT CFR Hazira. This surge reflects a continuous upward trajectory in pricing, showcasing a favorable market outlook characterized by increasing demand and limited availability, setting the stage for a promising period ahead.
Europe
In Q3 2024, the Dimethyl Sulphate (DMS) market experienced a mixed pricing pattern influenced by various demand and supply factors across the European region. Demand from downstream industries, particularly agrochemicals, pharmaceuticals, and dyes, fluctuated during the quarter, impacting overall consumption levels. Economic indicators from Europe and specific countries also played a significant role in shaping demand for DMS-based products. On the supply side, production challenges emerged as unexpected plant shutdowns and maintenance issues at DMS production facilities temporarily limited availability, contributing to upward price pressures. Additionally, fluctuations in the costs of key raw materials methanol and sulfuric acid affected production expenses, further influencing product pricing. Port congestion in Europe created logistical hurdles, impacting the timely import and export of DMS, which altered the balance between supply and demand. Specific factors within the downstream industries also shaped market dynamics. In the agrochemical sector, demand was influenced by crop yields, weather conditions, and government agricultural policies. The pharmaceutical industry's consumption of DMS varied with drug development timelines and regulatory changes, while demand from the dyes industry was affected by textile production levels and prevailing fashion trends. Overall, while some sectors experienced rising demand that supported prices, others faced challenges that contributed to a more complex and mixed pricing landscape throughout Q3 2024.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Dimethyl Sulphate (DMS) market experienced a bullish pricing environment, driven by several significant factors. Heightened raw material costs, sustained domestic demand, and a surge in export activities were pivotal in elevating prices. The downstream demand, particularly from the paint and coating sectors, surged due to robust vehicle sales and overall industrial expansion. This quarter saw a steady increase in input costs, driven by elevated feedstock sulphuric acid prices and heightened energy prices, further exacerbating production costs. Additionally, geopolitical tensions, notably the Hamas-Israel conflict, contributed to increased crude oil prices, which along with disrupted global oil supplies, led to a surge in container shipping rates.
Focusing exclusively on the USA, the market witnessed the most significant price changes. The overall trend for DMS in the USA was characterized by a persistent upward trajectory, influenced by heightened seasonal demand and optimistic market sentiments. The correlation between increased manufacturing activities and the uptick in DMS prices was evident. Compared to the previous quarter, Q2 2024 recorded a 2% increase, reflecting steady growth. Moreover, there was an 8% price rise from the first to the second half of the quarter, underscoring the intensifying demand as the summer procurement period approached.
Conclusively, the quarter-ending price for DMS stood at USD 1650/MT DOP DEL-Los Angeles in the USA, marking a robust period of price increments driven by both external and internal market dynamics.
APAC
In Q2 2024, the pricing environment for Dimethyl Sulphate in the APAC region has experienced a notable upward trajectory. This quarter was marked by a confluence of critical factors that have exerted upward pressure on market prices. Elevated raw material costs, especially for feedstock sulphuric acid, have amplified production expenses. Additionally, geopolitical tensions and disruptions, including plant shutdowns in significant petrochemical hubs, have curtailed supply chains. Seasonal spikes in demand, particularly in the downstream paint, coating, and adhesive industries, have further strained availability, pushing prices higher.
India has observed the most pronounced price shifts within the APAC region during this period. The overall trends indicate a robust correlation between heightened demand and limited supply. The burgeoning construction sector and a surge in real estate activities have escalated the need for construction materials, including Dimethyl Sulphate. This period has also seen intensified procurement efforts amid tight market conditions, reflecting a consistent bullish sentiment.
Seasonality has played a pivotal role, with increased demand during peak construction and agricultural periods exacerbating supply constraints. Compared to Q1 2024, prices have surged by 8%, underlining the persistent upward momentum. The first half of Q2 witnessed a comparative 3% increase in prices against the latter half, underscoring continuous demand pressures.
Europe
In the second quarter of 2024, the European Dimethyl Sulphate (DMS) market saw a notable increase in prices due to several impactful factors. Key among these was a rigorous maintenance schedule at European smelters, limiting DMS availability and causing supply constraints. This scarcity was compounded by tightened supplies of sulphuric acid, a crucial raw material. Concurrently, strong demand from the agrochemical sector during seasonal planting activities exacerbated the supply-demand gap. The economic landscape, marked by inflation and higher production costs linked to rising crude oil prices, also contributed significantly to the uptick in DMS prices. In Germany, which witnessed the most pronounced price shifts, the quarter displayed a clear upward trajectory. This rise was primarily driven by heightened demand from the agrochemical industry amid the planting season, alongside inadequate inventory levels. As Q2 2024 concluded, DMS prices in Germany settled at elevated levels, reflecting a predominantly positive pricing environment shaped by constrained supply and robust demand. This period underscored the market's sensitivity to logistical and economic factors, highlighting significant price inflation and tight market conditions.
