For the Quarter Ending March 2024
North America
The pricing environment for Ethyl Acrylate in the North American region during Q1 2024 was bullish in the market. The market experienced a bullish trend, with prices showing an overall increase compared to the previous quarter.
In the US market, Ethyl Acrylate prices saw a moderate increase of 1.19% in February 2024. This was primarily driven by higher prices in the feedstock Acrylic Acid market, which led to elevated production costs for Ethyl Acrylate. Additionally, energy costs surged due to an upward trend in Crude Oil and Propylene prices, further contributing to the overall production cost. Demand from the downstream Construction sector, particularly in Paint and Coating applications, exhibited an upward trend, indicating increased market activity within this sector.
Similarly, the Mexican market experienced an incline in Ethyl Acrylate prices during Q1 of 2024. This was attributed to growing demand from downstream Paint and Coating enterprises and inadequate supplies. Overall, the pricing environment for Ethyl Acrylate in the North American region during Q1 2024 was positive in the US as well as the Mexican market. Prices showed some volatility, influenced by factors such as feedstock prices, energy costs, and demand from the downstream sector.
APAC
The Q1 2024 period has been challenging for the Ethyl Acrylate market in the APAC region, with prices experienced weak trend along with surplus inventories. Several factors have influenced market prices during this quarter. Firstly, the demand from the downstream Paint and Coating sector has been relatively low, leading to a surplus of existing inventory levels. This has put downward pressure on prices as traders and manufacturers have reduced their trading activities and production rates to avoid oversupply. Additionally, the prices of the commodity's feedstock, Acrylic Acid, have remained stable on the lower end, which has helped to offset potential cost increases for Ethyl Acrylate. Looking specifically at Japan, the market has seen the maximum price changes compared to other countries in the region. The overall trend for Ethyl Acrylate prices in Japan during Q1 2024 has been bearish, with prices declining slightly. This can be attributed to the subdued demand from the Paint and Coating sector, which has been met by existing inventory levels. The narrowing gap between Acrylic Acid and Ethyl Acrylate prices further indicates a bearish market sentiment. In terms of seasonality, the Lunar New Year in February has had an impact on the market dynamics, with increased trading activities and inventory accumulation in anticipation of higher demand.
Europe
The pricing environment for Ethyl Acrylate in the Europe region during Q1 2024 has been relatively stable with some moderate fluctuations. In Germany, which has seen the most significant price changes, the prices of Ethyl Acrylate experienced a slightly inclined trend in February 2024, due to the rise in the price of its feedstock, Acrylic Acid, and Propylene. This was mainly due to stronger increases in operating expenses, particularly in energy costs, as the upward trend in the prices of the upstream Crude Oil market raised production costs. The demand from the downstream Construction sector, including the Paint and Coating sector, was slightly strong, and existing inventories were insufficient to meet this demand. The overall trend in Q1 2024 has been influenced by factors such as the ongoing farmer's protests in European countries, which disrupted the supply chain and hindered the timely replenishment of inventory levels. Additionally, the sluggish demand from the downstream sector and the decrease in the prices of Acrylic Acid contributed to the decline in Ethyl Acrylate prices. The market has been influenced by factors such as supply chain disruptions, sluggish demand, and changes in the prices of its feedstock.
South America
During Q1 2024, the pricing landscape for Ethyl Acrylate in South America demonstrated a bullish market scenario, particularly in the Brazilian market. The trajectory throughout the quarter was shaped by multiple factors, encompassing supply-demand dynamics, feedstock prices, and the level of activity observed in downstream Paint and Coating sectors. The supply chain faced disruptions during the Lunar New Year holidays in China in February 2024, as markets and trade activities were halted. Many traders exited the market before the holidays, but inventory levels were stocked up in anticipation of downstream sector demand. Additionally, demand from the Construction sector, including Paint and Coating applications, surged, resulting in supply shortages. In March 2024, trade flows from China to Brazil experienced the customary post-Lunar New Year surge in market activity, driving short-term price increases. However, as the Lunar New Year celebrations concluded, prices stabilized after a period of softening. To mitigate the impact of drought, Panamanian authorities enforced stricter transit and draft restrictions at the canal. Daily transits decreased initially in November 2023 but gradually improved by the end of March 2024. The navigation restrictions at the Panama Canal prompted a shift in global shipping routes, with shipowners increasingly opting for longer and riskier alternatives such as Cape Horn for the trade from the US to Brazil.
For the Quarter Ending December 2023
North America
In the fourth quarter of 2023, the North American market for Ethyl Acrylate experienced a mixed trend. The market was mainly influenced by factors such as supply and demand dynamics, plant shutdowns, and currency fluctuations. Firstly, the demand for Ethyl Acrylate was high, with insufficient inventories in storage facilities. However, from November 2023, the sluggish demand from the downstream Paints and Coating enterprises resulted in a decline in prices. Additionally, the prices of the upstream feedstock Acrylic Acid had an impact on the production cost of Ethyl Acrylate. Moreover, plant shutdowns were not reported during this period.
Moving on to Mexico, which had the most significant changes in prices, the market saw a bullish trend. The demand from the downstream paints and coating sector was high, leading to an increase in prices. Insufficient supplies and increased consumption of existing inventories further contributed to the price rise. The Mexican Peso depreciated against the United States Dollar, affecting the overall market dynamics.
In terms of price analysis, there was an 8.68% increase in prices from the previous quarter. The quarter-ending price for Ethyl Acrylate CFR Manzanillo in Mexico was USD 1710/MT. In comparison to the previous quarter, the prices of Ethyl Acrylate showcased a bullish trend in Q4 2023.
APAC
The APAC region's Ethyl Acrylate market in Q4 2023 faced several significant factors that impacted prices. In Oct 2023, there was a high operating cost and gradual improvement in the Ethyl Acrylate market. This led to an increase in prices, as the cost of production and supply chain logistics increased. Secondly, an increase in freight charges due to rising fuel costs also contributed to the upward price trend. This added expense in transporting the product impacted the overall price of Ethyl Acrylate in the region. However towards the end of the quarter, bulk trading and an increase in consumption from existing inventories further influenced the market, leading to fluctuations in prices. In Japan, the price trend for Ethyl Acrylate experienced a decline in Q4 2023. This can be attributed to a decrease in consumption rates from the downstream Paints and Coating sectors due to low demand. This decline in demand impacted prices in the country. Additionally, when comparing the prices in Q4 2023 to the same quarter of the previous year, there was a significant decrease of -58%. This decline can be attributed to various market factors and fluctuations in supply and demand. Furthermore, there was an 11% decrease in prices from the previous quarter, indicating a downward trend in the market. In conclusion, the APAC region's Ethyl Acrylate market in Q4 2023 experienced a variety of factors that influenced prices, including high operating costs, increased freight charges, and bulk trading. When compared with the previous quarter, APAC market faced a decline in prices due to low demand from the Paints and Coating sectors. The price trend in Q4 2023 also showed a significant decrease compared to the previous year and the previous quarter. The quarter-ending price for Ethyl Acrylate CFR Tokyo in Japan was USD 1465/MT.
Europe
In the fourth quarter of 2023, the European market for Ethyl Acrylate experienced an upward trend in prices. The demand from the downstream paints and coating industry was high, leading to a shortage of supply and an increase in prices. Additionally, the prices of the commodity's feedstock, Acrylic Acid, rose due to increased energy costs and production expenses. This further contributed to the overall price increase of Ethyl Acrylate. Germany, in particular, saw significant changes in prices during this quarter. The country's PMI showed signs of improvement, indicating a gradual recovery in the market. There were no reported plant shutdowns during this period. Comparing the current quarter to the same quarter of the previous year, there was a significant decrease in prices, with a decline of 35%. However, when comparing the current quarter to the previous quarter, there was a modest increase of 1% in prices. The quarter-ending price for Ethyl Acrylate in Germany was USD 1820/MT (FD Wiesbaden). Overall, the high demand, low supply, and increased feedstock prices were the primary factors influencing the market trends and prices of Ethyl Acrylate in Europe during the fourth quarter of 2023.
South America
In the fourth quarter of 2023, the South American market for Ethyl Acrylate faced various challenges and factors that influenced the pricing trends in the region. Firstly, the market experienced an incline in prices due to high demand from the downstream Paints and Coating enterprises, coupled with inadequate inventories in storage facilities. This led to an increase in inflows from the Chinese market to the Brazilian market to avoid stockpiling of the commodity.
On the other hand, in Brazil, from November 2023, the demand for Ethyl Acrylate remained low from the downstream Paint and Coating sector, creating a bearish market situation. The difference between the end product and its feedstock, Acrylic Acid, was also less, indicating a decreased spread and market sentiment for Ethyl Acrylate.
The price of Ethyl Acrylate in Brazil for the fourth quarter of 2023 was USD 1720/MT (CFR-Santos). Therefore, it can be concluded that, in comparison to the previous quarter of this year, the prices of Ethyl Acrylate showcased a bullish trend in Q4 2023.
For the Quarter Ending September 2023
North America
During the third quarter of 2023, the price trend of Ethyl Acrylate was USD 1547/MT (FOB-USGC) at the lower end in September 2023. However, in the first half, a slight drop was recorded in the price trend as the Ethyl Acrylate market trended lower as growing spot availability added pressure on spot prices, and suppliers offered discounts to the buyers to reduce their current stocks. Exports of Ethyl Acrylate from the USA to the overseas market plunged with limited requirements for fresh stocks. The demand for Ethyl Acrylate from the downstream Paint and coating industry remains low amid feeble purchasing from buyers and limited trade volumes. In the US market, significant market participants declined their quotation prices for the regional market in the expectation of utilization of existing inventories. Whereas in the other half of the quarter, slightly elevated prices were observed as a surge in demand from the downstream paint and coating sector was observed, resulting in the increased purchasing activities of the end users. Enhanced purchasing activities led to the requirement of restocking the inventories.
Asia-Pacific
In the Chinese market, the prices of Ethyl Acrylate plunged to USD 1502/MT (Ex-Shenzhen) in September 2023. Despite a surge in feedstock Acrylic Acid prices, Ethyl Acrylate prices in China elevated due to healthy demand from the end-user industry. The trading market of Ethyl Acrylate in the domestic region also surged with healthy demand from the downstream ventures. Golden week in China in October 2023 effect can be observed as high port traffic and congestion as loading and unloading are delayed because of labor shortages. The supply of Ethyl Acrylate in China remains on the lower end due to high commodity demand from the regional and overseas markets. Due to strong purchasing activities from the downstream enterprises, fresh trading in September further boosted the price trend. The rise in upstream crude oil and expected production cuts from Russia and Saudi Arabia forced the producers to surge the price of the Petrochemical market. The demand for Ethyl Acrylate from the downstream coating and adhesive industry surged with healthy purchasing from the end user. In the value term, the trading also elevated due to rising demand from the overseas market. In the Asian market, the Ethyl Acrylate price rose with healthy demand and strong market sentiments.
Europe
The market price of Ethyl Acrylate was observed to be at the lower end, reaching USD 1813/MT (FD-Wiesbaden) in September 2023. Although, in the first half of the third quarter, the price trend slightly decreased as in the domestic market, the supply of Ethyl Acrylate remains adequate with limited trading activity. Suppressed demand has kept commodity and its derivative markets in the German market bearish, with buyers out only for immediate requirements, taking prices to new lows. The downstream paint and coating industry was largely repressed by falling interest and low purchasing appetite. The end user industry worked their plant cautiously according to the prerequisite from the buyers. Demand for Ethyl Acrylate in the global market was likewise feeble in recent months with breaking down interest and adequate stock. Whereas in the other half of the quarter, the price trend was slightly elevated in the German market due to the increase in the purchasing activities from the end users in the past month, resulting in the decrease in stock levels of the commodity in the inventories leading to the enhanced price trend of the product, since the supply was not sufficient as compared to the demand from the downstream paint and coating market.
South America
The price trend of Ethyl Acrylate in the third quarter of 2023 was recorded to be at the lower end, with USD 1607/MT (CFR-Santos) in September 2023. In the H1 of Q3 2023, the prices of the product declined along with the bearish market fundamentals presented by the Esters of Acrylic Acid commodities market. Ethyl Acrylate prices plunged as trade flows were limited in domestic and international markets. Energy and utility costs also fell due to lower production costs and disrupted supply and demand fundamentals. In Brazil, rising commodity inventories and lower electricity and utility costs have led to a gradual decline in the cost of the product, reflecting a slowdown in downstream industrial production applications. Weak market fundamentals and limited imports of premium cargo from the USA to Brazilian markets made it difficult for manufacturers to keep raising prices. Weak demand and a feeble market have reduced product demand in the downstream Paint and coating sector. Inventories in the region were rising, and the weak demand pushed prices down. However, in the H2 of Q3 2023, the prices of the commodity were slightly increased as the supply was observed to be sufficient in the Brazilian market. Still, the market situation was weak due to the low demand for the product from the domestic market. Demand for the commodity was low from the downstream paint and coating market, due to which the suppliers limited the trading of the product among the manufacturing units.
For the Quarter Ending June 2023
North America
For the past twelve months, the overall index of Ethyl Acrylate saw a 4.0% decrease without taking into account seasonal adjustments. Among the contributors to the monthly decline in the index are the falling indices for shelter and vehicles. In May, the energy index dropped by 3.6%, as most components related to energy decreased. This came about as the economy faced rising inflation and increasing interest rates, resulting in subdued demand and weakening order books. Manufacturing firms continued hiring workers despite low backlog levels, leading to growing employment figures. Attempting to limit inventory growth, suppliers limited input acquisitions and concentrated on reducing stock levels instead. Cost pressures eased quickly too. Meanwhile, profit margins barely improved due to a lack of novelty in product pricing. Business optimism remained comparatively poor. Finally, during the same period, the core PPI and the goods PPI climbed 0.7 percent each, whereas the services PPI edged up 0.9 percent compared to April as per market trade data in Q2, 2023 at USD 1707/ton FOB USGC.
Asia
The prices of Ethyl Acrylate plunged in the Japanese market to USD 2020/ton CFR Tokyo during the second quarter of 2023. The inventory level of the product elevated with the traders in the regional market due to increasing consumption from the traders, as per data. Ethyl acrylate prices in the Japanese market have been on a steady decline since early March. The main factor driving this price hike is the tight supply situation caused by production issues at major Japanese suppliers. In addition, there are concerns about potential supply disruptions due to planned maintenance shutdowns scheduled for later this month. These developments have contributed to the bullish mood among market participants and sustained the upward momentum in Ethyl Acrylate prices. This fall in the prices was attributed to the declining demand and excess availability of the product in the market. The falling demand did not affect the manufacturing rates, leading to a rise in inventories. The end merchants were thus forced to sell their products at compromised rates which further aided the decline in the prices of Ethyl Acrylate as per market data. Recent surveys reveal moderately paced rises in new orders and dips in hiring employees for four consecutive months now. Despite remaining flat, exports witnessed another uptick in purchasing activities. Present production levels did not face major pressures, with slight increments noted in backlogged tasks. Raw material expenses took a plunge, registering the steepest decline since January 2016, attributable to variable raw material costs. Due to the strain created by market competition and sales promotion campaigns, sellers adjusted selling rates accordingly. Lastly, the level of market confidence recently reached an eight-month low as buyers expressed apprehension about unfavorable market circumstances.
Europe
Recent observations show that Ethyl Acrylate in Germany remains susceptible to changing oil prices due to certain essential features based on hydrocarbon commodities. Consequently, fluctuations in overall spending will exert some influence on market dynamics and provide relief measures. Perceiving current tendencies through this lens, financial gurus adjusted their evaluations of the procurement manager's index (PMI), slightly lowering its rating to 40.6 owing to waning customer orders originating from paint producers and finishing agents. Amid stable domestic transport activities in Germany, multiple influential aspects impinged upon the state of the country's fiscal domains, including converging conditions affecting the nation's economic policies and global trends impacting foreign interest from China. These factors contributed to easing inflation pressures stemming from prior policy actions undertaken on a macro scale, compelling fixed-income traders to adopt sunnier outlooks regarding their investments in bonds. During this era of adjustment, the Consumer Price Index rose to 116.8 points, causing oscillations in the overall market mood in the regional market during the second quarter of 2023 at USD 2009/ton FD Wiesbaden in Germany.
South America
Global businesses of Ethyl Acrylate are facing a difficult period in Q2 of 2023 as new orders have declined for nine straight months due to weakening demand both domestically and internationally. Manufacturers are struggling to fulfill orders for intermediate goods due to reduced production volumes, resulting in further job losses. Despite this, firms have managed to reduce costs by taking advantage of lower raw material prices due to slowing commodity rates. To counteract deflationary pressure on their income statements, firms have also lowered their output quotes. Although market participants remain optimistic about the future, they faced another setback in April with a low PMI score of 46.6. Meanwhile, consumer inflation remains high at 6665.28 points, exceeding previous records for the year. Other regions like Latin America are not faring well either, but major auto parts suppliers like the US, China, Germany, and Russia are still active players in the market. However, concerns persist over inventory buildup and subpar demand from downstream customers, potentially hindering overall industry activity at USD 1735/ton CFR Santos.
For the Quarter Ending March 2023
North America
The market prices of Ethyl Acrylate depleted in the Asian market during Q1 of 2023, with prices at USD 1945/ton FOB USGC. With rising market inventories and the participation of traders and suppliers, the fertilizer market in the USA de-escalated. Due to increased Sulphuric Acid stockpiles in the local market, the product's marginal demand fell in the area. Due to lower sales in the USA market region, the revenues from sulfuric acid were depleted. With the conflict between supply and demand, the situation in the downstream fertilizer market was dire, consumer interest in buying Sulphuric Acid was average, and the production trend was downward.
Asia
The prices of Ethyl Acrylate were de-escalated in the Asian market during the first quarter of 2023, with costs at USD 1516/ton FOB Shenzhen in January. There were enough inventories with the traders as a result of the Chinese market's declining demand for Acrylic Acid and an increase in the shipping of acrylates at the beginning of the month. In order to maintain market share, producers are continuing to produce at the same levels despite declining demand, which has increased finished goods inventories. The merchants attempted to lower the price of the goods in the area to keep a lower quotation due to rising market rivalry for Ethyl Acrylate. The rebalancing of supply and demand was what Ethyl Acrylate was looking for, and the decreasing trend was being handled with prudence.
Europe
Ethyl Acrylate prices depleted in the German market with costs at USD 2150/ton FD Wiesbaden during Q1 of 2023. Due to diminishing demand and unfavorable market sentiment, prices fell when feedstock (Ethyl Acrylate) changed on the local market. This fall in downstream product procurement elevated the stock of raw Acrylic Acid in the German market, as quoted by the traders in the region. Although it was still evident that Ethyl Acrylate was being purchased on the German market, the collapse of German industrial orders signaled a protracted period of industrial decline. European markets closed lower even as flash Purchasing Manager Index data showed a return to growth for the eurozone.
For the Quarter Ending December 2022
North America
During the fourth quarter of 2022, the prices of Ethyl Acrylate plummeted in the North American market, with costs ranging at USD 2989/ton FOB USGC in December in the USA. The US straightened out supply chains amid months of inflationary snarls, and the traders reported an abundance of products in the regional market, although the consumption was less. Industries in the USA ran less efficiently, and inventories were sufficient with the traders and the suppliers. Recently, there has been a general fall in demand for Ethyl Acrylate in downstream industries like adhesives and sealants. However, falling feedstock costs also remained a major reason behind the significant price drop.
Asia
The demand for Ethyl Acrylate from the downstream paints and coatings industry was weak in the Asian market during Q4 of 2022 because of their sluggish performance, which caused the supply side to outstrip the available demand. The prices of Ethyl Acrylate were hovering at USD 1505/tonne Spot Ex-Shenzhen during November in China. Due to an improvement in the supply chain, enterprises in the local market made sales at reduced profit margins despite subdued consumer demand. Demand-related factors such as a decrease in the operating rate, a reduction in purchases, and a decrease in the profitability of downstream products all impacted the Ethyl Acrylate market.
Europe
The prices of Ethyl Acrylate decreased in the European market during the fourth quarter of 2022, with costs ranging at USD 2992/ton FD Wiesbaden in Germany during October, as recorded by ChemAnalyst Research team data. The procurement of Ethyl Acrylate in the German market was still evident, but the collapse of German orders showed a long slide in industrial activities. The supply chain to the German region was moderate to high, in addition to the rising stockpiling of products in the domestic market. The supply from the Asian region to the importing European countries increased with a lower consumption rate in Europe.
For the Quarter Ending September 2022
North America
During Q3 2022, the prices of Ethyl Acrylate fell in the North American market, with prices ranging at USD 3120/tonne FOB USGC during July. To reduce the burden of inflationary pressure from domestic consumers, the country's central bank planned to raise the interest rate, which affected the region's economic activities at the beginning of the quarter. The demand dynamics were leaning towards a significant fall and eventually declined by the mid of the quarter. The operating cost of the product remained on the back of the brim on the back of feedstock Acrylic Acid and Ethanol prices in the US market. There has been a recent fall in demand for the product from the downstream adhesives and sealants industry.
Asia-Pacific
The prices of Ethyl Acrylate decreased in the Asian market during the third quarter of 2022, with prices ranging at USD 2243/tonne FOB Shenzhen in August, as recorded by ChemAnalyst pricing team data. Fortunately, although the supply side was still flexible, downstream demand weakened and loosened upstream Propylene's price. Demand-related factors such as fluctuation in operating rate, a decrease in purchases, and a decrease in downstream product profitability affected the market sentiments. There was an ease in the market for the supply chain from China to the importing countries during the period, and offtakes from the international market were improved.
Europe
The European market saw a decrease in the prices of Ethyl Acrylate during Q3 2022, with prices ranging from USD 3040/tonne FD Wiesbaden in September. The consolidated inventory and rapid growth of E-commerce caused a sudden disruption in the supply chain market. In addition, traders revealed that the price of Ethyl Acrylate would fall in the coming period due to the looming threat of recession which is tending the price curve towards the base. During this period, the regional market saw a decline in demand from dyes and pharmaceutical industries. Prices fell as feedstock fluctuated in the regional market, with declining consumption levels and market sentiments.
For the Quarter Ending June 2022
North America
The cost of natural gas has risen severely in the USA, which has put enormous strain on manufacturers' ability to control input costs and maintain total profitability. However, some information from a reliable market source claims that Russian material was entering the US and European markets through various trade routes, i.e., traders were attempting to purchase cheaper cargoes from Russia and sell in the foreign market. According to ChemAnalyst data, there was a price increment of about 1% in the USA during April, which persisted for a longer duration under certain market assumptions.
Asia
Since the covid situation in China has become more serious, the Asian market has been exhibiting different market characteristics. The country experienced the worst pandemic since 2020, which decreased the fundamentals of general demand for several commodities, including Ethyl Acrylate. However, the country's domestic trade activities were disrupted by the sharp increase in upstream value, resulting in a marginal increase of 1 to 2 percent in April. On the other hand, Indian players continued to worry about offtakes as queries from downstream specialty buyers vanished, and stockpiles remained sufficient to meet the nation's overall demand. According to a Mumbai-based trader, exporters negatively updated their product's prices for the Indian market due to stable to dull demand from the local market, even though domestic material supply was abundant. As a result, April saw a slight drop in CFR prices in India of 0.2 percent.
Europe
High Natural gas costs and supply disruption due to the Russia-Ukraine war has been a major concern for Europe since February, leading to a consistent price hike in several commodities, including Ethyl Acrylate. However, some information from a reliable market source claims that Russian material was entering the US and European markets through various trade routes, i.e., traders were attempting to purchase cheaper cargoes from Russia and sell in the foreign market. Furthermore, consistent hikes in input costs affected the pricing dynamics for several commodities, including Ethyl Acrylate in the European market.
For the Quarter Ending March 2022
North America
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.
Asia Pacific
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.
Europe
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
North America
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.
Asia
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.
Europe
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.
