For the Quarter Ending September 2022
North America
The Hydroquinone market showcased a downward trajectory throughout Q3 2022. The Hydroquinone API followed the truncated market sentiments owing to low to no demand in the US market from the downstream industries. The domestic merchants stated to have enough existing inventories to cater to end-user consumer demand. Also, the currency fluctuation in the US market affected the Hydroquinone API values. Furthermore, the stabilizing feedstock benzene and phenol prices kept the market feeble. At the termination of Q2, the values accessed were USD 10690/MT with a quarterly declination of 1.54%
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Asia
In the third quarter of 2022, Hydroquinone API prices significantly increased in the APAC region. At the commencement of the first half of Q3 2022, the ongoing production halt and extreme weather conditions inflated the Hydroquinone API market. The Hydroquinone API market also experienced price increments owing to a significant decrease in feedstock benzene and phenol following the tight supply of upstream Crude due to the sanctions on Russian imports influencing the Benzene market. Hence, following the skyrocketed upstream crude price, the Benzene price trend also increased across the region. At the termination of Q3, the prices of Hydroquinone were recorded to be USD 13050/ton CFR Shanghai with an average quarterly inclination of 5.79%.
Europe
Hydroquinone API values witnessed stable market dynamics in the European market. From the beginning of Q3, the costs of Hydroquinone API were recorded to rise with a gradual hike till the second month of Q3 due to increased feedstock product benzene values followed by sanctions imposed on Russian imports. Also, the persistent soaring of fuel prices and the disruption in shipments led to delays in trade, impacting the feedstock and hydroquinone values in the European market. Also, domestic merchants were restocking their inventories. Later with the start of the third month of Q3, the price fell drastically, owning to decreased downstream demand and stabilizing feedstock prices, keeping the market feeble. Towards the end of Q3, the values were recorded at USD 10500/ton FOB Le Havre (France), with an average quarterly declination of 0.36%.
For the Quarter Ending June 2022
North America
The Hydroquinone market showcased a peak rise in the first half of Q2 2022, followed by a price stabilization by the end of quarter-June 2022. Owing to the geopolitical tension (Russia Ukraine war), the upstream Crude price hike affected the feedstock benzene market globally. Also, increased freight charges and rising demand from downstream industries influenced the price of Hydroquinone to surge. Towards the second half of Q2 2022, ease in freight charges and shipments resurgence of the hydroquinone market showcased signs of stabilization. With the ease in energy prices towards the end of Q2 2022, raw material prices went stable, prompted to the stabilization of prices in June. At the termination of Q2, the values accessed were USD 11200/MT with a quarterly inclination of 19.2%.
Asia
During the second quarter of 2022, Hydroquinone prices notably increased in the Asia Pacific region. At the onset of the first half of Q2 2022, the ongoing lockdown in some ports of Asian countries affected the hydroquinone market. The hydroquinone market witnessed a price increment owing to a spike in upstream raw material benzene following increased crude oil prices due to ongoing geopolitical conflict (Russia Ukraine war). At the termination of the first half of Q2, the prices of Hydroquinone were recorded to be USD 11160/ton CFR Shanghai with a quarterly inclination of 11.63%. Later with the commencement of June, the prices went stable owing to stable raw material prices, ease in energy prices, and stable demand in regional and overseas markets.
Europe
Hydroquinone prices showed strong market sentiment in the European market. At the beginning of Q2, the costs of Hydroquinone skyrocketed due to increased feedstock product benzene. Also, the persistent soaring of fuel prices and the disruption in shipments owing to suspended transportation due to geopolitical tension and resurfacing covid 19 led to a delay in trade, impacting the feedstock and hydroquinone values in the Europen market. Moreover, the upsurge in upstream crude oil owing to the Russia Ukraine conflict also impacted the Benzene market. Towards the end of Q2, the values were recorded at USD 10650/ton FOB Le Havre (France), with a quarterly inclination of 19.48%.
