For the Quarter Ending March 2022
North American Acrylate market has been on uptrend since the first week of this year, owing to steep price escalation in price of upstream crude oil under the influence of in Ukraine Russia war. The conflict between Ukraine and Russia, started showing its effect on crude oil value from January, as it was affecting global market sentiments. Consequently, several upstream commodities were getting expensive week over week in the US market, due to the inflationary pressure on convertors. However, US government tried to calm prices by releasing strategic reserves and urged key economies like India, China, Japan, etc. to do the same. Despite all these initiatives, Ethyl Acrylate price showcased an overall uptrend and assessed around USD 2680/MT on spot purchases during February.
Asian Acrylate market showcased mixed sentiments during this quarter, which varied with country over country. Cost pressure of rising crude oil value has been observed on several acrylates in the Asian market, prompted by escalated tension between Russia and Ukraine. Russia-Ukraine tension has been injecting uncertainties across global market since the mid of January, which was pushing up prices of global crude and natural gas. However, due to sluggish offtakes from the domestic market, traders were restrained to make significant price revisions on their imported commodities in India, despite imported prices were getting expensive month over month. Ethyl Acrylate price assessed around USD 3100/MT for spot purchases during February in India.
Soaring crude oil value coupled with rising energy prices in the European market pushed key players to raise their offers to sustain margin. Being highly dependent upon Russia for Natural gas imports, Acrylate manufacturers battered with looming threat of scarcity for the natural gas, which made then anxious about margins. However, later on, due to heavy sanctions on Russia by major European economies like Germany and UK, Natural gas futures spiralled out and injected great turmoil across regional market. Conclusively, taking pressure from abovementioned reasons Ethyl Acrylate price soared in Europe throughout the quarter amid stable demand from the regional market.
For the quarter Ending December 2021
Ethyl Acrylate price remained range bounded throughout the quarter in effect of lacklustre demand and deteriorating raw material cost. After witnessing devastation due to freezing weather during February, US market was on recovery phase, where supplies eventually started to normalise prices of several commodities including raw material Acrylic Acid. Raw material Acrylic Acid kept its downtrend continue throughout the quarter and a decline of more than USD 100/MT was observed within three months. On the other hand, crude oil price decayed during November under the threat of rising Omicron variant across global market, which also supported this downtrend for raw material as well as product. Ethyl Acrylate price assessed around USD 2380/MT during December in USA.
Asian market battered with frequent change in pricing dynamics due to supply related issues from major exporting nations. In China, coal shortage during monsoon season and later production cuts imposed under the provision of energy policy, escalated the prices of several raw materials across regional market. The ripple effect of devastation in China was also observed in Indian market, where the demand fundamentals remained high on the back of festive season arrived during November. However, high raw material Acrylic Acid prices shoot up the cost of manufacturing of downstream derivatives and narrowed down the profit margin. Manufacturers heard battling with high input cost while resisting themselves from increasing their product prices to sustain offtakes. Ethyl Acrylate price heard hovering around USD 3330/MT during November.
Due to effectively high raw material prices and enormous rise in energy cost i.e., natural gas, several commodities prices touched a sky-high value during this timeframe. Frequency of changing market dynamics of USA also influenced European market and similar trend was observed for Ethylene Acrylate as USA. Despite, firm offtakes and high energy cost was pushing up prices of several commodities across Europe, Ethyl Acrylate fluctuated in a narrow range throughout the quarter. Ethyl Acrylate prices were already hovering at very high value, which remained a major reason behind overall stability during November and December. Ethyl Acrylate prices assessed around USD 2242/MT during December.