For the Quarter Ending March 2025
North America
In Q1 2025, Glyoxal prices in the North American region recorded a quarter-on-quarter incline of 3.27% compared to Q4 2024. At the start of the quarter, prices declined due to robust supply conditions and sluggish demand. Stable domestic production, coupled with low-cost imports and reduced freight expenses, created a competitive market. However, downstream demand from construction remained weak, with seasonal slowdowns and elevated borrowing costs limiting activity despite federal infrastructure support.
Mid-quarter, prices rose as feedstock MEG costs climbed, and supply faced temporary constraints from winter storms and labour shortages. While logistics improved, suppliers responded to strong construction activity—particularly in adhesives and coatings—by adjusting prices upward. Ongoing trade uncertainties and tariff speculations added further bullish pressure, tightening the supply-demand balance.
Toward the quarter’s end, prices increased moderately due to logistical disruptions and a rebound in downstream consumption. Import challenges, extended lead times, and cautious procurement amid economic uncertainty constrained supply. Rising non-residential construction activity lifted glyoxal demand in coatings and industrial applications. US saw the most significant change with a noticeable incline compared to Q4 2024, with the quarter-end price settling at USD 550/MT DDP Texas.
APAC
In Q1 2025, Glyoxal prices in the APAC region recorded a quarter-on-quarter decline of 11.8% compared to Q4 2024. At the start of the quarter, prices decreased as stable production and inventory management offset slightly higher MEG feedstock costs. Weak demand from construction and real estate sectors - evidenced by significant declines in property sales - drove the downward trend, with market sentiment further dampened by trade uncertainties. Midway through the quarter, prices posted a slight rebound, underpinned by recovering consumption from government-led infrastructure initiatives. Although the real estate segment remained under strain, steady manufacturing output and stable raw material pricing created favourable conditions. The uptick in glyoxal demand was largely attributed to increased usage in coatings and paper treatment linked to public works, which temporarily stabilized the market. By quarter-end, prices softened again due to oversupply and sluggish offtake. Despite resumed post-holiday industrial activity, domestic demand remained cautious. Export potential was hampered by the EU's preliminary anti-dumping duties on Chinese glyoxylic acid, limiting derivative consumption. The quarter closed at USD 435/MT FOB Shanghai, with the overall decline driven by persistent oversupply and muted downstream recovery.
Europe
In Q1 2025, Glyoxal prices in the European region recorded a quarter-on-quarter incline of 5.5% compared to Q4 2024. At the start of the quarter, prices dropped due to steady production levels and lower monoethylene glycol (MEG) costs, which benefited manufacturers. Efficient post-holiday inventory management and logistical stability kept the market relatively balanced. However, demand from the construction sector remained subdued, hindered by inflation and rising material costs, leading to cautious project initiation. Mid-quarter, prices began to increase as MEG and natural gas prices rose, putting upward pressure on production costs. Though the construction sector continued to underperform, the EU’s imposition of provisional anti-dumping duties on epoxy resins from Asia indirectly supported glyoxal demand. These duties made glyoxal-based alternatives more attractive in coatings and adhesives, contributing to a tightening supply and an uptick in prices. By the end of the quarter, prices rose further, driven by surging MEG costs and restricted access to imported glyoxylic acid, prompting manufacturers to increase local production. A slight recovery in the decorative coatings sector also supported this upward trend, reinforcing the overall quarterly increase. Germany saw the most significant change, with the quarter-end price settling at USD 750/MT FOB Hamburg.
For the Quarter Ending December 2024
North America
During Q4 2024, Glyoxal prices in the U.S. displayed contrasting trends, influenced by stable supply and evolving demand dynamics. Early in the quarter, prices softened due to steady domestic production supported by stable crude oil prices, proactive supply chain management, and increased international shipments. Mitigation measures, such as reduced vessel dwelling times at U.S. ports, addressed potential disruptions from labor negotiations. However, the domestic demand remained subdued, driven by a seasonal slowdown in the construction sector, declining residential real estate activity, and reduced mortgage demand.
Toward the end of the quarter, Glyoxal prices surged, underpinned by robust demand from the construction and paints & coatings sectors, coupled with supply constraints. A 3.5% increase in crude oil prices elevated production costs, while uncertainties surrounding labor negotiations at East and Gulf Coast ports contributed to supply chain disruptions. Despite these challenges, the U.S. paints and coatings industry demonstrated resilience, supporting Glyoxal demand.
Overall, Q4 2024 reflected a dynamic market where supply stability early in the quarter contrasted with tightening conditions and firm demand later, driving price volatility.
Asia -Pacific
In Q4 2024, Glyoxal prices in the Asia-Pacific region exhibited a mixed trend, with softening prices observed in key markets like India and firming trends in other areas due to supply chain constraints. In India, Glyoxal prices declined due to balanced supply-demand dynamics. Ample inventories, stable domestic production supported by smooth raw material availability, and restrained post-festive demand contributed to a downward price correction. The construction sector, a significant end-user, experienced mixed performance, with rising costs and seasonal factors dampening purchasing activity. Conversely, other parts of the Asia-Pacific region faced upward price pressure. Supply disruptions from major exporting nations like China, exacerbated by higher freight rates and capacity shortages on intra-Asia-India shipping routes, tightened availability. Chinese exports became costlier due to intensified logistical challenges, impacting Glyoxal prices across dependent markets. The overall pricing trend in the Asia-Pacific region reflects localized variations, with India's price decline counterbalanced by supply-driven pressures in other countries, highlighting the diverse factors shaping Glyoxal market dynamics in Q4 2024.
Europe
In Q4 2024, the European Glyoxal prices experienced fluctuations, shaped by various factors including weak demand from downstream construction sector, supply stability, and logistical challenges. The construction sector, a key end-user, remained under pressure due to high interest rates, reduced investments, and regional contractions, particularly in Germany and France. While Italy showed modest growth and Spain maintained robust private sector activity, the overall construction downturn dampened Glyoxal demand. Meanwhile, downstream markets like personal care and packaging saw seasonal demand boosts during Black Friday and year-end festivities. On the supply side, stable Glyoxal production was supported by consistent feedstock availability, despite operational challenges from inflation and rising production costs. However, logistical disruptions, including port congestion in Hamburg and vessel delays on Asia-Europe routes, delayed shipments and led to inventory stockpiling. These factors created a mixed market environment, with supply-demand dynamics remaining relatively balanced. Looking ahead, price trends will depend on recovery in construction, easing of logistical bottlenecks, and broader economic stabilization.
For the Quarter Ending September 2024
North America
In the third quarter of 2024, the North American Glyoxal market experienced a notable decline in prices, with the United States witnessing the most significant fluctuations. This downward trend was influenced by a combination of factors, primarily stemming from subdued demand in key industries, particularly construction. Seasonal factors and broader economic conditions played a critical role in dampening activity within the construction sector. Notably, since mid-August 2024, the region has been plagued by heavy rainfall and hurricanes, disrupting construction projects and further negatively impacting the demand for Glyoxal.
On the supply side, steady production rates from manufacturing facilities contributed to a consistent influx of Glyoxal into the market. This stable supply environment effectively countered the periodic dips in demand, resulting in a relatively balanced market situation.
The interplay between consistent supply and weakened demand culminated in a final price of USD 450 per metric ton for Glyoxal 40% DDP in Texas. This pricing reflects a persistently negative environment throughout the quarter, as market dynamics struggled to adjust to the challenges posed by weather-related disruptions and declining industrial demand.
APAC
In the third quarter of 2024, the Asia-Pacific (APAC) region faced a challenging landscape for Glyoxal pricing, marked by a notable decline in market prices. Several key factors contributed to this trend. A significant global oversupply of Glyoxal, driven by port congestion and diminished demand from crucial industries, played a central role in driving prices downward. The weakening demand from the construction sector, a primary consumer of Glyoxal, further intensified the downward pressure on pricing. Within China, the market experienced the most pronounced price fluctuations. The construction sector, a major consumer of Glyoxal, remained notably subdued due to adverse weather conditions, particularly typhoons that disrupted building activities and hampered demand. These disruptions led to a buildup of inventories, compounding the existing oversupply situation in the market. As a result, the overall pricing environment for Glyoxal in the region was characterized by negativity. By the end of the quarter, prices settled at USD 610 per metric ton for Glyoxal 40% FOB Shanghai.
Europe
In Q3 2024, European Glyoxal prices experienced a decline, primarily driven by subdued demand and ample inventories. Both domestically produced and imported Glyoxal were readily available, creating an oversupply in the market, which exerted significant downward pressure on prices. Key downstream industries, such as paints, coatings, and construction, exhibited lower-than-expected consumption levels, further compounding the market imbalance. As the quarter drew to a close, broader economic indicators reflected a mixed picture. The European Commission’s Economic Sentiment Indicator (ESI) remained relatively stable at 96.7 points in the EU, while dipping slightly by 0.3 points in the eurozone, reaching 96.2 points. Despite the overall decline in Glyoxal prices, the steadiness of the ESI suggests improved confidence within the construction sector and among consumers, hinting at a potential recovery in demand moving forward. However, this optimism was not yet strong enough to offset the impact of weak industrial demand on Glyoxal prices during Q3. The quarter concluded with Glyoxal 40% FOB Hamburg in Germany priced at USD 600/MT, reflecting a persistently bearish pricing environment marked by a continuous decrease in prices.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Glyoxal market experienced a consistent downward trend in pricing, driven by several significant factors. The ample availability of Glyoxal within the region, coupled with high port inventories and subdued demand from the downstream construction industry, played pivotal roles in exerting downward pressure on market prices. The inflationary environment further added to the complexities, impacting overall market sentiment and consumer purchasing power. Despite a generally robust economic backdrop, with moderate growth in the manufacturing sector, the Glyoxal market faced challenges due to the reduced rate of expansion and declining orders in both manufacturing and services sectors.
Focusing on the USA, where the most substantial price changes occurred, the overall trends reflected a bearish market sentiment. The seasonality factor, particularly the arrival of the monsoon season, contributed to the muted demand from the construction sector, further influencing the negative price trajectory. The correlation between these seasonal trends and the broader economic pressures was evident in the price movements throughout the quarter.
The quarter-ending price of USD 530/MT for Glyoxal 40% DDP Texas underscores the declining pricing environment. Comparing the first and second halves of the quarter, a notable price decrease of 2% was observed, with a -7% change from the previous quarter in 2024. This downward trend was exacerbated by disruptions, including the collapse of the Baltimore bridge, which affected supply dynamics. Overall, the pricing environment for Glyoxal in Q2 2024 was negative, with persistent downward pressure reflecting the challenging market conditions.
APAC
In Q2 2024, the Glyoxal market in the APAC region experienced a pronounced bearish trend, influenced by several key factors. Firstly, a significant decline in upstream crude oil prices, driven by inventory builds and a well-supplied Atlantic Basin market, dramatically reduced production costs for Glyoxal manufacturers. This was further compounded by a drop in the price of feedstock Ethylene Glycol, which created an excess supply within the market. Additionally, disruptions in the global freight industry, including increased rates and logistical challenges, led to higher shipping costs and added pressure on Glyoxal prices. The weak demand from downstream sectors, particularly the construction industry, exacerbated the situation, as ongoing geopolitical uncertainties and economic instability caused subdued consumption rates. In China, the Glyoxal market was particularly impacted, with the pricing environment reflecting a markedly negative sentiment. Seasonal factors, such as the onset of the monsoon season, led to lower construction activity, further dampening demand. Despite attempts to stabilize the market through financial credit support for key infrastructure projects, the Purchasing Managers' Index (PMI) for manufacturing showed a decline, indicating slower manufacturing growth. The overall trend was characterized by a sharp decrease in prices, with the average price in the second half of the quarter falling by 9% compared to the first half. This significant reduction highlights the persistent oversupply and weak demand dynamics. The quarter concluded with the Glyoxal 40% FOB Shanghai price at USD 620/MT, reflecting a consistent downward trajectory and underscoring the negative pricing environment in the APAC Glyoxal market for Q2 2024.
Europe
In Q2 2024, the European Glyoxal market experienced a pronounced upward trend, significantly influenced by heightened demand from the downstream construction sector and elevated global freight rates. The continuity of supply was maintained despite logistical challenges, with freight rates witnessing a notable surge, especially for shipments from Asia to Europe and North America. The chemical industry, reliant on timely shipments, faced increased costs due to these delays and higher freight charges. This quarter has been characterized by a bullish market sentiment, driven by the robust recovery of the construction industry and broader economic improvements across the region. Focusing on Germany, where the most significant price changes were observed, the market dynamics were particularly noteworthy. The country experienced a notable increase in Glyoxal prices, driven by the resilient demand from the construction sector. The seasonality factor played a crucial role, with the onset of favourable summer conditions bolstering construction activities and thereby increasing Glyoxal demand. The price escalation was further compounded by rising crude oil prices, influenced by supply cuts from OPEC countries, which affected the derivative markets and overall production costs. Comparing the first and second halves of the quarter, the latter displayed a marked price increase of 3%, reflecting the sustained demand and logistical constraints. Despite no plant shutdowns reported, the market's positive trajectory remained unimpeded by supply disruptions. Year-over-year analysis indicates a substantial percentage increase, underscoring the market's bullish sentiment. Quarter-over-quarter, the price change recorded a slight decline of 2% from Q1 2024, primarily due to the high base effect from the previous quarter's price surge. The quarter concluded with a Glyoxal price of USD 680/MT FOB Hamburg, demonstrating a consistent increasing sentiment and a positive pricing environment. This upward trend underscores the market's resilience and the strategic adjustments made by industry players to navigate logistical challenges and rising input costs.
