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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 Q3 2023, the market trading fundamentals of Formaldehyde in the North American region remained sluggish in July 2023 and August 2023 in the wake of a limited demand outlook and crash in purchasing activities in the region. In the USA, the weakness in downstream disinfectant and adhesive industries appears to shrink, with activity in the domestic market declining with low market fundamentals. Exports of Formaldehyde from the USA to other North and South American markets slumped, and the trades were majorly on a need-to basis. In terms of the upstream market, Methanol prices declined, which declined the production cost of Formaldehyde. In August 2023, the price of Formaldehyde in the USA declined to USD 418/ton FOB Texas. However, the elevated price trajectory was observed in September 2023 in the wake of continuous product consumption from the end-user enterprises. USA premium Methanol over Formaldehyde markets has visibly narrowed as trading markets have seen substantial drops in line with the regional downtrend. Suppliers voiced concerns over sufficient product availability with lower run rates at regional producing units.
Asia Pacific
In Q3 2023, the price trend of Formaldehyde in the Asia Pacific region witnessed a surge, with demand exceeding the demand amid a rise in purchasing activities. Rapid Formaldehyde consumption owing to improving demand across key manufacturing units remained the principal force driving price rises this quarter. An increase in commercial activity and an increase in demand for goods pushed manufacturers to adjust their pricing for the domestic market. Formaldehyde exports from China to other Asian countries increased as well, and the exchanges were mostly in bulk. Despite the sluggish price manner of feedstock Methanol, the Formaldehyde market showcased a surge in price trajectory in the wake of low inventory levels and strong market fundamentals. In September 2023, the price of Formaldehyde in China surged to USD 192/ton FOB Shandong. Amid the reports of tightening availability, rallying regional markets, and soaring costs, new offers came largely in line with expectations. Formaldehyde extended its gains this quarter as supply limitations in India coupled with supportive costs provided an upper hand in the downstream market fundamentals.
Europe
In Q3 2023, the Formaldehyde prices showcased a bearish price trend in July 2023 with slow market offtakes and limited fresh purchases. Costs have been, for the most part, declining due to frail showcase basics and adequate item accessibility, with fundamental shortcomings in requirement and supply length being the key drivers. The weak cost bolster was credited to declining feedstock Methanol in the midst of sluggish exchange essentials. In July 2023, the price trend of Formaldehyde in Belgium declined to USD 495/ton FOB Antwerp. However, in the next successive months, strong trading fundamentals and demand exceeding the supply had elevated the price trend for Formaldehyde in the region. Slower trading activity was caused by market participants dealing with lower spot prices and an overstock. They have effectively reduced their stockpiles and halted the drop in already heavily discounted spot prices, even as contracts continue to decline but stocks remain elevated. Lackluster traders, previously well-supplied suppliers, and limited cost assistance from downstream industries stifled demand inquiries, resulting in low market fundamentals.
MEA
In the Middle Eastern market, the price trend of Formaldehyde witnessed a gain in the market trading activities along with high purchasing activities in the region. In Saudi Arabia, prices for Formaldehyde stayed high this quarter due to tightened supply and improving downstream market dynamics. High regional demand helped producers maintain their profit margins and sales among the businesses along with the bullish market for upstream. With high trading fundamentals in Saudi Arabia, supply in the region was significantly low. Due to restricted product sources and rising production costs, Saudi Arabia's Formaldehyde exports to the rest of the Middle East grew. Saudi Arabia is meeting its domestic needs through end-user industries, allowing manufacturers to sell at higher prices. In Sept 2023, the price of Formaldehyde in Saudi Arabia surged to USD 393/ton FOB Al Jubail. Nevertheless, exports of Formaldehyde from Saudi Arabia to other Middle Eastern region surged with high product demand and increase in bids for the new stocks.
For the Quarter Ending June 2023
North America
In Q2 2023, the Formaldehyde market in North America declined in the wake of feeble demand fundamentals and plunged feedstock Methanol market. The supply of Formaldehyde remains ample to meet the downstream market requirement along with lackluster downstream enterprises. Exports of Formaldehyde from the US to Canada and South America remain feeble this quarter, with a negotiable price trend between the suppliers and buyers. Oversupply fear hangs over the North American market, and significant players showcase discounts on bulk purchases. The feedstock Methanol market was affected with no firmer offers and bids with the fear of a declining upstream Natural Gas market. In the downstream disinfectant and adhesive market, Formaldehyde demand remains weak, along with lower operating costs among enterprises. Market players in the US market remain skeptical regarding price increases for Formaldehyde due to the limited requirement for fresh stocks. In June 2023, the price of Formaldehyde in the USA declined to USD 427/ton FOB Texas. Suppliers had received the cargoes at lower rates from the significant producers amid softer anticipations.
Asia Pacific region
In the Asia Pacific region, the trading fundamentals of Formaldehyde slumped, and the purchases were mainly on an immediate basis. In China, the Formaldehyde market has witnessed a sharp decline in price, with the market players seeing further demand plunge in Q2 2023 amid high inventory levels in the regional market. Exports of Formaldehyde from China to other Asian markets traded weak with weak market fundamentals. Cost support from the upstream Methanol market was feeble, declining the production cost for manufacturing Formaldehyde. In China, the price of Formaldehyde during June 2023 declined to USD 177/ton FOB Shandong. With few end-user purchases, the downstream disinfectant and adhesive industries continue to have inadequate demand for Formaldehyde. Together with declining demand from the Asian market, trade remains sluggish in terms of value. As the direction of the Chinese economy was uncertain, the industrial units continued to operate when making purchases and prioritized lowering inventories. Regional demand is still fragile. Low consumer interest in making purchases and declining demand continue to suppress the downstream disinfectant industry.
Europe
Sluggish demand, high inventories, and weak demand from downstream enterprises remain the significant factor for the decline in the price trend this quarter. In the European markets, offers for this quarter have been announced with sharp price decreases amidst dampened demand. Regional Formaldehyde producers were pressured for further discounts through June based on a global weakness in the market fundamentals and disappointing demand from the downstream disinfectant and adhesive industries. European sellers are negotiating their offers given the weak market fundamentals; however, the overall purchasing activity remains below average, considering the current declines. Due to disruption in supply/demand fundamentals and low demand, the Formaldehyde market remains deterred. The demand for Formaldehyde from the downstream adhesive and disinfectant industries remains weak, with supply exceeding the demand. In June 2023, the price of Formaldehyde in Germany declined to USD 512/ton CFR Hamburg. In Germany, major producers declined their Formaldehyde offers while restrained imports continued to buoy local prices along with the lackluster demand.
MEA
In Q2 2023, the demand for Formaldehyde in the Middle Eastern market remains feeble, with lower purchases from the downstream market. With weak demand limiting the repeatability of spot activity, participants remained pessimistic regarding any bulk purchases. Regional inventories remain sufficient in the region, and traders remain reluctant to increase the prices. An adequate supply of Formaldehyde kept prices bearish, and producers declined their offers to protect margins. Premium offers of Formaldehyde cargoes were traded at negotiable rates to other Middle Eastern buyers in order to clear the existing stocks. Formaldehyde demand was quite weak, so there was limited capacity to accept the product from overseas suppliers. The downstream disinfectant market was also weak, with shrinking spot trading activities. Towards the end of the quarter, the Formaldehyde price stabilized in the wake of tepid market trading activities and growth from the downstream disinfectant and adhesive market. In June 2023, the price of Formaldehyde in Saudi Arabia declined to USD 373/ton FOB Al Jubail.
For the Quarter Ending March 2023
North America
In Q1 2023, the Formaldehyde market in the US showcased a bullish price trend with improvement in trading dynamics compared with the previous quarter. Firmer price discussions for this quarter lured purchasers back to the market with demand improvement. Moreover, there have been conveyance delays for export cargoes and tight availability from a few regional providers. Demand has undoubtedly enhanced in contrast with the past few weeks. In March 2023, the price of Formaldehyde in the USA was USD 454/ton FOB Texas. Nevertheless, purchasers remain cautious at buys as they attempt to avoid building stocks, given the dubious viewpoint in end-user disinfectant industries.
Asia Pacific region
In the Asia Pacific market, the Formaldehyde market showcased an uptrend in the price trajectory in January and February with strong demand for fresh purchases. Firmer expectations have come to the forefront of China's Formaldehyde market. Regional suppliers intend to issue hikes in February, pointing to higher product spot discussions and supply cutbacks. In Feb 2023, the Formaldehyde price in China surged to USD 210/ton FOB Shandong. In March, the demand for Formaldehyde from the downstream preservative and plastic enterprises was weak, and an adequate supply slowed the exports from China to other Asian regions. Concerning item supply, providers remained hesitant to increase costs for the Asia Pacific region.
Europe
In Q1 2023, the Formaldehyde price in Europe declined with weak market fundamentals and sufficient purchases, affecting the price trend. In March 2023, the price of Formaldehyde in Germany was USD 577/ton CFR Hamburg. Trading activities of Formaldehyde remain feeble, with weak purchasing sentiments for this week. Netherlands export to Germany traded lower due to sufficient stocks and slow market offtakes. Trading among Suppliers across European markets stays lulled on the back of feeble spot discussions, particularly due to a high production rate among the enterprises. Lower contract prices, bearish downstream preservative industries, and uncertainty in the European Petrochemical market remain the major concern for weak price trends.
For the Quarter Ending December 2022
North America
In Q4 2022, the price of Formaldehyde in North America witnessed a bearish market trend in the succeeding months. In Dec 2022, the Formaldehyde price declined to USD 432/ton FOB Texas. Further, weak market demand and lower exports from the US to the South American region decreased the price trend. Factors such as declining domestic demand and weak feedstock Methanol prices influenced the Formaldehyde market in the US market. Moreover, the market witnessed a steep drop in consumption from the downstream preservative industry. Additionally, weak benchmark futures and low purchasing activity prevailed in the bearish market sentiments. The Formaldehyde market continued to transact at a slower pace, and low market fundamentals further supported the downtrend of the market.
Asia Pacific region
In China, the market of Formaldehyde followed a stable price trend in the first two months of Q4 2022 on account of moderately operating downstream industries and comparatively lower demand than the previous quarter. In December, the price declined associated with sufficient feedstock Methanol stocks and lower bidding for the fresh stock. The demand for Formaldehyde was sluggish, and the supply was ample, which supported a decline in Formaldehyde prices in the Chinese market. The downstream enterprises had sufficient inventories to fulfill the market requirement. Affected by bearish market trends, such as high inventories, sluggish domestic demand, and regional Formaldehyde prices declining with weak market fundamentals. In December 2022, the price of Formaldehyde in China declined to USD 208/ton FOB Shandong.
Europe
In Q4 2022, the price of Formaldehyde in Germany declined in succeeding months due to weak demand and feeble trading fundamentals. In Germany, the imports of Formaldehyde declined due to adequate inventories and feeble product demand. Retailers ended up with an inventory surplus after importing goods earlier than usual, affecting the market fundamentals. Formaldehyde demand dwindles due to gloomy economic concerns and low purchasing market activities. Significant producers' profit margins and revenue tumbled due to low netbacks, declining production costs, and a weak demand front. In December, the price of Formaldehyde in Germany declined to USD 566/ton CFR Hamburg. The Formaldehyde market moved lower as oversupply, and low interest from the preservative sector suppressed any positive price movement.
For the Quarter Ending September 2022
North America
In Q3, the Formaldehyde market in the USA ended with mixed sentiment. The prices dropped in July and mid-August and then rose in September. In August, the price of Formaldehyde in the USA slipped to its lowest with the trend of USD 450/tonne FOB Texas. In terms of the upstream market, Methanol prices stabilized on the lower side due to lower demand from the industries, which affected the Formaldehyde prices. Despite high inflation, the general drop in prices was due to several reasons, including weaker demand and adequate supply, a sharp decline in global crude oil prices, and the suspension of gasoline taxes. However, the price rose in September due to the continuous utilization of inventories and strong downstream fundamentals.
Asia Pacific region
In the Asia Pacific, the price of Formaldehyde declined in July with weak Formaldehyde futures and deterred market sentiments. In China, the coastal to inland Formaldehyde price spread further narrowed, weighing on prices of domestic Formaldehyde supplies from inland China. In the remaining two months, the prices accelerated due to the utilization of inventories and healthy demand for Formaldehyde from the downstream preservative industry. In September, the price of Formaldehyde in China surged to USD 206/tonne FOB Shandong. Combined with the consumption of subsisting stock and rising storage tank costs, producers tried to reduce their inventories, and increasing demand further supported it.
Europe
The price of Formaldehyde in the European region slipped during July and August due to the declining price of feedstock Methanol and Natural Gas. Low purchasing esteem and deterred bidding for the new stock dragged the price dynamics. In September, the prices gained a stance with continuous utilization of inventories and rising upstream Methanol and Natural Gas market. The trading of Formaldehyde in the European region remains limited due to brisk product availability and increased production costs. The price trend of USD 632/tonne CFR Hamburg in Germany was observed for September 2022. In the downstream sector, demand from the Preservative industry remains uplifted with high demand from end users.
For the Quarter Ending June 2022
North America
In Q2 2022, Formaldehyde's price slipped in the second quarter's first half due to a sufficient supply of products and limited exports to Chile and Canada. Despite the surging feedstock Methanol market, low purchasing appetite and limited demand for new stock from the overseas suppliers resulted in such a price trend. Significant producers of Formaldehyde in the US market had revised the product prices by cautiously operating downstream preservative industries. Towards the H2, the costs increased with accelerating purchasing activities and a bullish trading environment. However, the domestic market remained under pressure, cargo vessel prices were discussed to be stable, and the importers are looking for the wait-and-see condition due to a healthy inflow of material.
Asia Pacific region
In the Asia Pacific region, the prices of Formaldehyde dip continuously with succeeding months. In Q2 2022, the prices remained on the lower end compared with the previous quarter. The prices show a dip with a sufficient supply of feedstock Methanol and oversupplies of products from Iran and Saudi Arabia. Bearish demand for the product from the preservative industry affected the price trend with revision in the price trend. However, logistical delays continued to weigh on the Asian petrochemical market, but the ease in container prices temper the traders and suppliers overseas. Exports from China and India to Southeast and far East Asia remain deterred with high inventories and slow offtakes over the purchasing appetite.
Europe
With a constrained supply of feedstock Methanol, the prices of Formaldehyde increased in this quarter compared with the previous one. According to some market players, product supply and balance generally look uplifted, with a soaring cost pattern. Stock levels in a European nation stayed low, flooding the district's import demand. Local producers of Formaldehyde had amended the costs to the healthy demand because of solid interest from the end-user preservative industry. Traders bought the product bulk as the market had limited stocks and lacked product accessibility. Exports from the Netherlands to Germany and other European regions surged as healthy demand forced the producers to keep up with the product's requirement from the consumer's end.
For the Quarter Ending March 2022
North America
In this quarter, the prices of Formaldehyde in the USA surged with strong Natural gas and crude oil prices. Surging tension between Russia and Ukraine kept the prices of Formaldehyde on the upper end in the domestic market. Feedstock Methanol prices surged and exports to European nations increased, creating a supply/demand gap, and resulting in a price hike. The surging demand from Building & Construction enterprises pressured the producers to meet the demand from the consumer’s end, which elevated the price. The need for Methanol-based fuel and energy values also surged this quarter, consequently increasing prices. In this quarter, the cost of Formaldehyde observed to be USD 410/ton CFR Louisiana towards the quarter end.
Asia Pacific
In Q1 2022, the price of Formaldehyde surged with increasing market sentiments and affecting production units in February due to Winter Olympics and the New year Lunar holiday in China. The prices were observed to be maxed out towards the end of the quarter with USD 267/ton FOB Shandong. Raw material Methanol prices also surged with strong cost support and purchasing sentiments from downstream sheet industries. However, in India, the prices slipped in the first half of the quarter and accelerated in the final half. Domestic players detailed limited purchasing appetite and few deals closed during the week because of suppressed purchasing ideas. It is heard that the market is liquidated, and there are very few purchasers. In India, the price of Formaldehyde towards the end of the quarter was USD 320/ton Ex-Depot Kolkata.
Europe
In this quarter, the price of Formaldehyde surged with rising tension between Russia and Ukraine. High Natural Gas costs affected production units of Formaldehyde resulted in such a trend. Increasing sanctions on Russia and creating a demand/supply gap kept Formaldehyde prices on the higher end. In terms of inventories, they were increased with squeezed profit among the downstream enterprises. Exports from the Netherlands to Germany and Belgium increased with a surge in freight and transportation cost. Spot Methanol prices surged, and traders tried to purchase the product in bulk with an increase in consumption from the consumer’s end. In this quarter, the cost of Formaldehyde in Germany towards the quarter end was USD 450/ton FD Hamburg.
For the Quarter Ending December 2021
North America
In Q4, the prices of Formaldehyde remined on the lower side when compared with Q2 and Q3. Feedstock Methanol prices also fell in US with the succeeding month of Q4 due to slow down in Industrial applications and fuel demand with increase in Omicron cases in December 2021. Formaldehyde production was reduced because of decline in automotive and housing sector. Imports to South America were declined amid sufficient supply and weak trading environment. The decline was accelerated by approaching New Year slowing the demand seasonally. US contract price of Methanol set by two largest producers Methanex and Southern Chemical for December had widened the gap between spot prices and contract prices.
Asia Pacific
In Asia Pacific, the prices of Formaldehyde were observed to be surging in October and followed by drop in remaining two months of Q4. The Formaldehyde prices in India in December were $315/ton Ex-Depot Kolkata. In the first half of Q4, rising natural gas prices contributed to the cost of feedstock Methanol, which led to a steep rise in downstream products prices including Methanol. In the second half of Q4, the fall in price trajectory was largely tied to eases in Methanol prices and ample imports arriving from China. Chinese domestic Formaldehyde inventories were reported to be higher on account of lower downstream consumption and muted offtake volumes. China’s Formaldehyde prices also hit its lowest in the last week of December with $203/ton spot Ex-Shangdao with eventually decline in the exports to Malaysia and South Korea.
Europe
In Q4, the prices of Formaldehyde slipped compared with Q2 and Q3 as the sufficient supply and deteriorating demand affected the prices in Germany, Belgium, and another European region. Deterred Methanol prices also accelerated the price of Formaldehyde to drop down. Demand of Formaldehyde in preservatives for food, paint and cosmetics declined due to weak trading activities and feeble demand among the consumers. The export of Formaldehyde to Asian market also declined toward the end of the Q4 due to oversupplies. Another factor that cools down the prices was the upcoming new year with conservative and soft demand.
For the Quarter Ending September 2021
North America
In the North American Region, the market price of Formaldehyde witnessed a significant rise in the third quarter of 2021. Tightness in the supply of upstream methanol in the region due to devastation caused by Hurricane Ida on the US Gulf Coast caused several Methanol producers to shut production which resulted in increased prices of Formaldehyde. Furthermore, volatility in energy feedstocks dented the production dynamics of Formaldehyde across the region. Recovering demand from downstream sectors increased the consumption of Formaldehyde during the 3rd quarter.
Asia
During the third quarter of 2021, the regional market of Formaldehyde showcased mixed sentiments across the Asia Pacific region. In India, prices have been rebounding since the first week of July, in the effect of a significant pickup in demand from the domestic market. However, increasing raw material prices also made a significant impact on the manufacturer's profit in the first half of Q3. Thus, the price climbed up and was assessed as USD 273/MT Ex- Vishakhapatnam as on 24th September. After continuous escalation in the price of Formaldehyde, a significant decline was observed during August, bolstered by declined raw material Methanol prices in the country. China and Korea reported better demand but high pricing environment due to high feedstock cost being translated into end-consumers.
Europe
The European market showcased a positive impact on the pricing trend of Formaldehyde in Q3 2021. The prices of upstream Methanol continued to impart volatility to the pricing of Formaldehyde during the third quarter. Extended tightness in the domestic market due to turnarounds at some production units kept the offers high in the region. In addition, demand from the downstream plywood and adhesives sector remained strong due to pick up in construction activities in Q3.
For the Quarter Ending June 2021
North America
North American market witnessed an overall decline in prices of Formaldehyde during this quarter, due to reduced demand from the end user segment. Initially, during April, prices rose due to shortage of feedstock Methanol in USA, which later improved effectively in May and June. Meanwhile, the demand remained low from downstream disinfectant segment in the country during this quarter, while the availability remained abundant that led to a decline in its prices. In the meantime, the demand from resin manufacturers remained modest to low in USA, and very less numbers of purchase orders were obtained by the manufacturers from the global market. Therefore, after reaching peak till the end of May, prices fell effectively and reached USD 540/MT in the last week of June in USA.
Asia
Asian marked witnessed frequent fluctuation in Formaldehyde values during this quarter, on back of fluctuation in demand from respective downstream sectors. In India, prices of Formaldehyde increased till May end due to expensive cargoes from Germany and USA, which later declined in June following the fall in feedstock prices in respective origin country. Most of the cargoes in India were received from Germany in this quarter followed by USA and UK. Therefore, prices of Formaldehyde revolved around USD 274/MT during last week of June in India. While in China, similar scenario was observed, where prices fluctuated frequently with fluctuations in demand from downstream sectors. Most of the demand came from industrial disinfectant segment.
Europe
Europe experienced modest demand for Formaldehyde during this quarter, where values of feedstock Methanol played an important role in price fluctuations across the region. Methanol prices remained high initially in the month of April, due to short supplies from major producers. In addition, the demand from derivative segment of Formaldehyde remained modest to low in the meantime, like Paraformaldehyde, Urea-formaldehyde resin and Phenol-formaldehyde resin, due to slow pace economic recovery.
For the Quarter Ending March 2020
North America
US Formaldehyde market experienced shortage of supply during Q1 2021 due to significant shortage of feedstock Methanol across the region. Winter storm in gulf region sparked fire on the ongoing crisis of feedstock Methanol, which was previously started during Q4 2020 due to multiple hurricanes across the region. Major Methanol and Formaldehyde plants faced power outages across Texas, due to freezing weather conditions. In line with the substantial demand for feedstock Methanol for fuel, and insufficient supply, prices of Formaldehyde rose rapidly, but this price acceleration is anticipated to stabilize with the arrival of summers in the region.
Asia
In the Asian market, the demand for Formaldehyde remained firm from its derivatives sectors like plastics and resins initially, due to improvement in industrial activities across the region. During Q1 2021, supply for feedstock Methanol remained low due to several planned and unplanned turnaround in several companies in Middle East which ultimately supported its prices in the Asian market. In addition, Carbon Recycling International (CRI) announced the allocation of new CO2 to Methanol production unit in Anyang China, which will recycle 160,000 Tonnes of CO2 per year. This upcoming unit is expected to improve the feedstock Methanol availability in the country.
Europe
European Formaldehyde market improved in Q1 2021, the improved demand from downstream sector like resins, food and plastics enhanced the market sentiments across the region. In addition, Equinor’s major Methanol plant in Norway resumed its production after months of prolonged shutdown due to a fire hazard in December 2020. As this plant accounts more than 25% of total Methanol production in Europe and incurs a massive plant capacity of 900,000 MT/year, the shutdown impacted the production of Formaldehyde across the region in the first quarter of 2021. Following the resumption, supply crisis for Formaldehyde in Europe will considerably improve which will further slow down its price increment all over the Europe.
For the Quarter Ending December 2020
North America
In the US Methanol market, the Methanol production remained low in effect of unplanned plant shutdowns in gulf, due to Hurricane Zeta in November. The fair global demand of methanol in winter season and shortage of supply led to an increase in its prices as well as the prices of its downstream product Formaldehyde. The downstream market was recovering and surging during final quarter 2020, especially in the Asian countries. So, the imports from USA also increased, though the production of Formaldehyde remained low to satisfy the demand.
Asia
During Q4 2020, China faced sharp recovery in feedstock Methanol market post the healthy revival from COVID-19 crisis. In expectations of tight Methanol supply from Iran during Q4 2020 in China, the prices of Methanol fluctuated in a range of 260-280 USD/MT in the end of November 2020. These shortages triggered sharp rise in the Formaldehyde pricing during the quarter. In India, Formaldehyde supplies remained disturbed due to the shutdown of some manufacturing plants in North India. These shutdowns occurred due to the issue of environmental clearances, allegedly many plants were running their operations without/expired environmental clearances. That resulted in shortage of supply of Formaldehyde in India and eventually led to increase in prices from USD 147.5 per tonne in September 2020 to USD 205.16 per tonne in December 2020.
Europe
Equinor, a major Methanol production company of Europe had fire broke out in a high-capacity Methanol production plant in Norway during December. This plant accounts more than 25% of the total Methanol production in Europe having a capacity of 900,000 tonnes/year. This shut down affected Formaldehyde production in Europe. Shortage of upstream products induced substantial hike in the prices of Formaldehyde and other derivative products.
