For the Quarter Ending March 2025
North America
The North American MEA Triazine market faced a predominantly bearish situation during Q1 2025, despite an initial price increase in January. In January, prices rose by 3.7% due to low supply, increased demand from the oil and gas refining industry, and logistical disruptions caused by a winter storm.
However, by February, prices began to slide, falling by 3% due to weaker demand from the oil and gas sector, improved freight conditions, and a decrease in feedstock costs from the Middle East. This downward trend continued in March, with prices declining further by 4.8% as oversupply persisted, supported by existing inventories and weak refinery operating rates in the US.
Supplies from the Middle East were low, with much of the inventory redirected to India, and weather-related disruptions at the Port of Houston contributed to inventory delays. Despite a minor increase in feedstock MEA prices, the market remained bearish due to sluggish demand and ample inventory. The Ramadan season further curtailed imports from the Middle East, but domestic stocks ensured sufficient supply, keeping prices under pressure throughout the quarter.
Europe
The European MEA Triazine market faced a predominantly bearish situation during Q1 2025, despite an initial price increase in January. In January, prices rose by 3.7% due to low supply, increased demand from the oil and gas refining industry, and logistical disruptions caused by a winter storm. However, by February, prices began to slide as weaker demand from the oil and gas sector, improved freight conditions, and a decrease in feedstock costs from the Middle East exerted downward pressure. This downward trend continued in March, with prices declining further as oversupply persisted, supported by existing inventories and weak refinery operating rates in Europe.
Supplies from the Middle East were low, with much of the inventory being redirected to other markets, and weather-related disruptions at key ports contributed to inventory delays. Despite a minor increase in feedstock MEA prices, the market remained bearish due to sluggish demand and ample inventory. The Ramadan season further curtailed imports from the Middle East, but domestic stocks ensured sufficient supply, keeping prices under pressure throughout the quarter.
APAC
The APAC MEA Triazine market experienced fluctuating dynamics during Q1 2025. In January, prices rose due to improved demand conditions and a recovery in crude throughput after a slump in 2024. However, by mid-February, prices dropped as supply remained ample, supported by existing inventories and low freight charges. This decline was further influenced by reduced imports from the Middle East, due to Ramadan and port congestion.
As the quarter progressed, prices rebounded in March due to a tighter supply, lower inventory volumes, and increased manufacturing costs from the Middle East. The market saw higher feedstock prices after Indorama Ventures’ price revision in mid-March, adding upward pressure. Demand conditions improved in March, supported by increased refining activity and higher crude throughput. Private refineries, such as Yulong Petrochemical, boosted their output, further supporting demand for MEA Triazine. Despite the tight supply, the overall market sentiment remained bullish, with suppliers passing on higher costs to downstream buyers.
For the Quarter Ending December 2024
North America
The North American MEA Triazine market experienced mixed conditions in late 2024, with prices initially rising by 1.7%, followed by a 6% depreciation and a further 12% decline. The initial price increase was driven by a strike at US East Coast ports that began on October 1 and lasted three days, causing disruptions in shipping capacity. The strike, resolved on October 4 with a tentative agreement between the International Longshoremen’s Association (ILA) and employers, created uncertainty about future disruptions, leading to volatility in the market. The disruption resulted in a 10% loss in shipping capacity from the Mediterranean to the US East Coast, which worsened to 25% with longer delays. These supply chain issues, combined with the ongoing hurricane season, tightened MEA Triazine inventories and drove prices higher, while extending delivery lead times.
By mid-Q4 2024, despite a 2% rise in feedstock Monoethanolamine (MEA) prices in the Middle East, US supplies remained abundant as hurricane disruptions were largely resolved, and port congestion cleared. However, as the year-end approached, suppliers focused on destocking inventories due to tax concerns and the potential depreciation of held goods. This led to an influx of supply in the market, resulting in price depreciation.
In the final weeks of 2024, concerns over a potential strike on January 15, 2025, prompted suppliers to place bulk orders in November and December, further increasing inventories. The rush to liquidate these inventories before the holidays caused prices to fall sharply, despite a 3.3% rise in MEA feedstock costs in the Middle East.
Europe
The European MEA Triazine market experienced an initially bullish trend at the start of Q4 2024, driven by improved demand conditions as the petrochemical industry showed activity following the summer break, leading to price increases. This was further supported by rising feedstock MEA prices across the European market. However, as the quarter progressed, demand conditions turned predominantly negative. Demand from the diesel industry and refining activity remained low, and consumption slowed as many downstream players reduced operations as the year came to a close. Extended holidays worsened the demand situation, with liquidation activities typical at the end of the year as European suppliers sought to offload inventories, resulting in ample supply across the market. With the market largely being a buyer’s market, price volatility was limited, and the market ended the quarter in a predominantly bearish state.
APAC
The Asian MEA Triazine market experienced mixed conditions in late 2024, with prices initially rising by approximately 1% in October, followed by a 7% decline, and further falling by another 12% as the year came to a close. Early in the quarter, the market was supported by reduced supplies and high demand, driven by lower inventory levels reported by suppliers, which created tight supply conditions. Supply disruptions were exacerbated by escalating conflicts across the Red Sea, causing major shipping carriers to implement surcharges ranging from USD 400 to USD 1,100 per 40-foot equivalent unit (FEU), averaging USD 639, representing a 12% increase from the previous month. These surcharges added to the cost of importing MEA Triazine into China, contributing to higher prices in the domestic market. Additionally, typhoon-related disruptions in early October further impacted inventory flow in China, compounding the supply challenges.
However, toward the middle of the quarter, supplies of MEA Triazine in China improved as Saudi suppliers worked to liquidate existing inventories, despite a 2% price increase in the Saudi Arabian market. Disruptions caused by seasonal typhoons were mostly resolved, and operations at the Port of Shanghai returned to normal, allowing accumulated inventories to be unloaded and boosting supply conditions. Price reductions of Yuan 150–300/MT were observed in the domestic market, reflecting the overall price decline during the period. Despite a 3.5% increase in feedstock Monoethanolamine prices, the market remained bearish, primarily driven by inventory liquidation across both the Middle Eastern and domestic markets. Demand conditions remained positive in October but became unfavorable in November and December, leading to a sharp decline in prices as the market ended the year in bearish conditions.
For the Quarter Ending September 2024
North America
The North American MEA Triazine market exhibited a predominantly bearish trend throughout the third quarter of 2024, largely due to low demand conditions from the oil and gas industry. Average refinery run rates declined from 92.7% in July to 92.2% in August and further to 90.8% in September, indicating decreased demand for MEA Triazine as a hydrogen sulfide remover. This downturn was primarily driven by the ongoing hurricane season, which prompted cautious refining activities across the US Gulf Coast and rendered major natural gas infrastructure offline, negatively impacting demand and consumption.
Additionally, a 12% depreciation in the prices of Monoethanolamine in the exporting Middle East market contributed to reduced production costs for MEA Triazine. This occurred despite initial port congestion at the start of the quarter, followed by a strike at the end of the quarter that caused delayed cargo arrivals.
Overall, these factors combined to create a challenging environment for the MEA Triazine market in North America.
APAC
The Asian MEA Triazine market saw significant fluctuations in the quarter, with prices rising by 3% in July, falling by 2.6% in August, and rebounding by 2.5% in September. These changes were driven by fluctuating demand conditions. In July, higher utilization rates at state-owned and private refineries boosted demand as several resumed operations after maintenance. Crude throughput in China rebounded from a six-month low but remained below last year's levels, reaching 10.23 million b/d with an 83% utilization rate, still short of the 10.41 million b/d needed for optimal capacity. Logistical challenges in August and September led to low inventories, while Typhoons Yagi and Bebinca hampered operations at Shanghai ports, further restricting supply flow. Overall demand remained low, with CDU capacity utilization projected at 76.64%, a slight increase of 0.8 percentage points. Additionally, three refineries—Jilin Petrochem, Cangzhou Petrochem, and Ningxia Petrochem—planned overhauls in August, resulting in a combined throughput loss of 0.77 million tonnes, highlighting ongoing supply challenges.
Europe
The European MEA Triazine market faced significant challenges during the third quarter of 2024, primarily characterized by a bearish trend. This situation was largely influenced by widespread maintenance turnarounds at refineries across Europe, which coincided with the summer holiday season. As many facilities temporarily ceased operations, the demand for MEA Triazine as a hydrogen sulfide remover from the oil and gas sector diminished significantly. The simultaneous downtime of refineries led to reduced processing of crude oil and gas, further exacerbating the supply-demand imbalance for MEA Triazine. Compounding the market difficulties was a notable 12% depreciation in the prices of feedstock Monoethanolamine. This decline in input costs, while beneficial in some contexts, resulted in lower production costs for MEA Triazine, which in turn exerted downward pressure on its market prices. Despite the challenging conditions, suppliers in Europe continued to work with existing inventories, as the overall demand for refined products, including petrol and diesel, remained predominantly weak. This lack of robust demand meant that suppliers were hesitant to purchase new stock, opting instead to deplete their current reserves. As the quarter progressed, a slight shift occurred toward the end of the period when several refineries returned to production. This resumption of operations began to strengthen domestic consumption of MEA Triazine, resulting in a modest appreciation of prices. However, the recovery was not robust, with overall market conditions remaining fragile. The post-summer vacation rebound in demand was underwhelming, leading to minimal price movements for MEA Triazine in the European market.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Monoethanolamine Triazine market experienced a consistent downward trend in pricing, driven by several significant factors. The ample availability of Monoethanolamine Triazine within the region, coupled with high port inventories and subdued demand from the downstream gas treatment 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 Monoethanolamine Triazine 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, 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. Overall, the pricing environment for Monoethanolamine Triazine in Q2 2024 was negative, with persistent downward pressure reflecting the challenging market conditions.
Europe
In Q2 2024, the European Monoethanolamine Triazine (MEA Triazine) market saw a notable upward trend, primarily driven by decreased demand from the downstream natural gas treatment sector and elevated global freight rates. The increase in freight costs, combined with hesitancy from local consumers to purchase across the region, contributed to a bearish market sentiment. Despite this, recent declines in feedstock prices, including an 8.2% drop in Ethylene Oxide and a 5.5% reduction in aqueous Ammonia, significantly impacted MEA Triazine pricing. These decreases in feedstock costs reduced production expenses for MEA Triazine, allowing manufacturers to adjust their pricing strategies. Typically, lower production costs lead to reduced final product prices, as the savings from cheaper raw materials are often passed on to consumers. Thus, despite the overall market challenges, the decrease in feedstock prices has provided some downward pressure on MEA Triazine prices. However, the demand of Natural Gas increased significantly in the European region but did not affect the price trend of MEA Triazine,
APAC
In Q2 2024, the MEA Triazine market in the Asia-Pacific (APAC) region saw a decline in prices due to weak demand and supply chain disruptions. Key factors behind this downturn included reduced consumption from downstream sectors, such as petrochemicals, and logistical issues caused by congestion in major maritime routes like the Strait of Malacca and the Port of Singapore. These shipping delays contributed to an oversupply and a significant increase in freight charges, which surged by around 53%. The slowdown in the manufacturing sector, marked by decreased activity and lower operating rates, further pressured the market. In China, where price changes were most noticeable, the market faced a steady downward trend. Seasonal maintenance at refining facilities led to reduced crude throughput and a drop in demand for hydrogen sulfide scavengers. The negative sentiment was exacerbated by a declining Purchasing Managers' Index (PMI) in China's manufacturing sector. Overall, prices fell by 2% from the first to the second half of the quarter, ending at USD 1340/MT for Monoethanolamine Triazine CFR-Shanghai. This persistent decline highlights the market's struggles with oversupply and external economic pressures.
