For the Quarter Ending March 2024
North America
The first quarter of 2024 saw a significant decline in n-Propyl Acetate prices across North America. This downward trend was primarily driven by two factors: weak cost support from feedstock Acetic Acid and a market burdened by excess inventories. The lack of cost pressure from Acetic Acid removed a key floor from n-Propyl Acetate pricing, while the oversupply situation dampened market growth and further pressured prices downward.
The impact was particularly pronounced in the United States, where prices plummeted by 31% compared to the previous quarter. This decline wasn't limited to a single period; a notable 9% decrease was observed even within Q1, highlighting the sustained downward trajectory.
As of the end of the quarter, the prevailing price for n-Propyl Acetate in the US market settled at USD 1608 per metric ton DEL Louisiana. The Q1 2024 pricing environment for n-Propyl Acetate in North America was decidedly negative, characterized by a confluence of weak cost support, high inventories, and a persistent downward market trend.
APAC
The first quarter of 2024 witnessed a decline in prices for n-Propyl Acetate across the APAC region, influenced by various factors. The overall trend was negative, with a significant decrease of -10% compared to the same quarter last year, continuing the downward trajectory from the previous quarter, which recorded a decrease of -19%.
Additionally, prices dropped by -6% between the first and second half of the quarter. China, in particular, experienced the most significant price changes, with a consistently negative pricing environment characterized by continuous declines. This can be attributed to factors such as weak demand from downstream industries like construction and high inventory levels in the market. Furthermore, challenges in the Chinese economy, including a slowdown in the construction sector and ongoing debt crises, contributed to this decline.
The latest quarter-ending price for n-Propyl Acetate in China stood at USD 1040 per metric ton FOB Qingdao, underscoring the decreasing sentiment in the pricing environment. Overall, the market for n-Propyl Acetate in the APAC region has been marked by declining prices driven by weak demand and high inventory levels.
Europe
In Q1 2024, the European N-propyl Acetate market witnessed declining trends influenced by various factors. A primary driver of these fluctuations was the performance of Acetic Acid, its key feedstock, which experienced subdued pricing, consequently affecting N-propyl Acetate pricing. Additionally, import prices from China, a significant exporter to the region, remained stable, failing to bolster N-propyl Acetate pricing. The European Central Bank's decision to uphold a relatively high interest rate at 4.5% further impacted the market by reducing the purchasing power of downstream consumers, thereby dampening demand. The Purchasing Managers' Index (PMI) signalled a contraction in the manufacturing sector, typically associated with reduced chemical demand, including N-propyl Acetate. On the supply side, no significant disruptions were reported, ensuring ample inventory levels to meet industry demand. Despite expectations of price stabilization or potential increases linked to anticipated rises in raw material costs and energy prices, overall market sentiment remained cautious, influenced by broader economic signals and sector-specific dynamics such as ongoing challenges in the construction industry, a major consumer of N-propyl Acetate. While these products experienced steady demand, it was insufficient to notably alter N-propyl Acetate prices positively within the quarter.
For the Quarter Ending December 2023
North America
During the current quarter of 2023 in North America, the n-Propyl Acetate market remained stable with moderate supply and sufficient inventory levels to meet the demand from the downstream industry, such as fragrance. The primary reasons affecting the market or prices include an increase in destocking market activity, high inventory levels, and a decrease in demand from both domestic and overseas industries, attributed to the year-end.
However, demand from the downstream food and other industries remained firm. The cost of n-Propyl Acetate rose due to an uptick in Acetic Acid prices resulting from low inventory levels in the market. In the USA, the pricing trend for n-Propyl Acetate is expected to decrease in the coming months due to ongoing destocking activities and an expected decline in Acetic Acid prices, the primary feedstock.
Additionally, the demand from the international market is likely to increase due to the arrival of the festival season in Asia. The latest price of n-Propyl Acetate FOB Louisiana in the USA for the current quarter is USD 1866/MT. No plant shutdowns were reported during this quarter. Overall, the n-Propyl Acetate market in North America remained stable with moderate supply and sufficient inventory levels meeting the demand from downstream industries.
APAC
The current quarter of 2023 (Q4) for n-Propyl Acetate in the APAC region witnessed several market fluctuations. Firstly, the market was impacted by heavy destocking activities, leading to a decline in prices. Secondly, there was moderate supply due to stable plant operations and sufficient inventories, further pressurizing prices. Lastly, the demand from downstream industries remained low to moderate, with the Purchasing Managers' Index signalling a contraction in the manufacturing sector. In China, the market situation was bearish, with moderate supply and ample inventory meeting downstream needs. However, demand from the downstream Flavors industry remained firm, and demand from the international market was expected to remain stable. The pricing trend for n-Propyl Acetate in China for Q4 was -6% compared to the same quarter last year, with a -4% decrease from the previous quarter. The price percentage comparison of the first and second half of the quarter in China was -10%. Notably, there were no plant shutdowns during this quarter. As of the quarter ending, the latest price of n-Propyl Acetate FOB Qingdao in China was USD 1122/MT.
Europe
The n-Propyl Acetate market in Europe during the fourth quarter of 2023 experienced several significant factors that impacted prices. Firstly, the market saw a decline in prices due to weak demand from downstream industries, such as fragrance and flavour additives. Additionally, the Purchasing Managers' Index (PMI) for the manufacturing sector indicated contraction, further contributing to subdued market growth. Moreover, high inventory levels and increased destocking activities put downward pressure on prices. In terms of supply, there were no major plant shutdowns reported during this quarter. Among the European countries, Germany witnessed the most significant changes in n-Propyl Acetate prices. The prices in Germany decreased by 30% compared to the same quarter in the previous year. Furthermore, there was a 20% decrease in prices compared to the previous quarter of 2023. However, there was no significant price difference observed between the first and second half of the quarter. Based on the available information, the latest price of n-Propyl Acetate in Germany at the end of the quarter was USD 1610/MT FD Hamburg. These pricing trends were influenced by weak demand, high inventory levels, and overall market sentiment.
For the Quarter Ending September 2023
North America
Throughout this quarter, the prices of n-propyl acetate have consistently shown an upward trend, primarily driven by the escalating prices of feedstock Acetic Acid. The demand from downstream markets, such as the fragrance and flavour industries, has remained robust, exerting a constant pressure on demand downstream. Additionally, the increasing trends in Natural Gas prices from the production front have contributed to higher production costs, influencing the prices of n-propyl acetate. However, despite these factors, the market growth for N-propyl Acetate has been subdued by a high-interest rate, which stood at 5.25%, and a contraction in manufacturing activity throughout Q3. The PMI value for North America declined over the same period, further impacting the market dynamics. Looking ahead, there is an expectation of a decrease in prices in the upcoming months. This projection is based on the anticipated lowering of feedstock Acetic Acid prices. Nevertheless, the demand from the downstream market is expected to remain firm, creating a constant downstream pressure on the market.
Asia Pacific
The prices of N-propyl acetate have consistently followed the trends of feedstock Acetic Acid throughout the third quarter, experiencing an increase. This upward trajectory is complemented by steady demand from downstream industries, particularly in fragrance and flavour, resulting in a continuous influx of inquiries. Suppliers have chosen to retain their inventories in anticipation of further price increases expected in the coming months. Moreover, the Purchasing Managers' Index (PMI) value stood at 50.60 and 51.00, indicating expansion in manufacturing activity for two consecutive months during the quarter. Additionally, demand from the international market has remained robust, leading to a constant flow of inquiries, particularly from the European market. Looking ahead, there is an expectation of further price increases in the upcoming months. This projection is driven by an increase in stocking activity due to the arrival of the festival season in the Asian market. The combination of sustained demand, inventory strategies, and global market dynamics suggests a positive outlook for N-propyl acetate prices soon.
Europe
The prices of N-propyl Acetate witnessed an increase in the first half of the third quarter, followed by a negative shift in the second half. This positive market development in the initial period can be attributed to the rising prices of imports, particularly from the Chinese market. Low inventory levels in China led to an increase in the prices of N-propyl acetate imports from China, and given Europe's significant reliance on Chinese imports, prices in Europe followed a similar trend. However, the negative market development in the second half was primarily escalated by lower production costs, as natural gas prices remained stable. Additionally, there were adequate inventory levels in the market, despite demand from downstream industries such as aerosol spray, nail, and flavour additives. In August 2023, the Eurozone's manufacturing Purchasing Managers' Index (PMI) showed a slight increase to 43.5 from the previous month's 42.7, indicating consecutive months of contractions in the third quarter. Looking ahead, there is an expectation of a slight improvement in the prices of N-propyl acetate in the European market in the upcoming months. This projection is based on the anticipated rise in prices of feedstock Acetic Acid, indicating a potential positive shift in the market dynamics.
For the Quarter Ending June 2023
North America
The N-propyl acetate has shown variable market trends in the US market as the prices as of first half prices increment, then the second half of Q2 prices have shown a bearish trend. The increment was due to low inventory levels in the market, and an increment in the demand from the international especially from the European market led to an increment in prices. In the second half, prices decrement this was due to low prices of Natural Gas and Acetic Acid, which led to a decrement in N-propyl Acetate prices. Furthermore, the plants were operating at a stable rate which led to adequate inventory levels in the market to meet stable demand from the downstream fragrance industry. In Addition, the high-interest rate created negative market sentiments in the market, which led to procurement activities, and there was hesitance for procurement of large orders. There, the price of N-propyl acetate as of June ending Q2 was stated at USD 2294/MT FOB Louisiana.
Europe
The prices of n-propyl acetate as of Q2 in the European market have shown mixed trends. As of the first of Q2, the prices incremented, which can be explained by the low inventory level in the market, which led sellers to offer inventory at premium prices on the backdrop of stable demand from the downstream industry. Furthermore, in May, there was no significant change in prices. This was due to weak cost support feedstock acetic acid, and demand from the downstream industry remained stable, causing subdued market growth. Additionally, in June, there was a decrement in prices. This was due to a decline in the natural gas price, and the prices of feedstock acetic acid declined, which led decrement in input production cost. Additionally, the domestic plants were operating at lower rates due to stable but weak demand from the downstream industry, like fragrance. Thus, as of June ending of Q2, the prices of N-propyl Acetate were stated at USD 981/MT Hamburg, Germany.
Asia Pacific
The prices of N-propyl acetate continued to show a bearish market trend. This was due to the lowering of feedstock Acetic Acid prices. Additionally, the coal was offered at a discount price from the Australian market, which decrements in the input production. Furthermore, there was an adequate inventory level in the market which bound sellers to offer discounts to increase market transactions. The demand from the international market has declined, which further created negative market sentiments. In Addition, plants were operating at a lower rate due to weak demand from the downstream industry amid market transactions. Furthermore, due to the labor day holiday, there was a light market transaction which led to less procurement of large orders. There was a deflation problem in China as the inflation rate was stated at 0.1 in April, 0.2 in May, and nil in June, which indicated decrement in demand from the domestic and international markets. Additionally, procurement of new orders was on a need-on-demand basis. Thus, the price of N-propyl Acetate as of June ending Q2 was stated at USD 2294/MT.
For the Quarter Ending March 2023
North America
Improved demand dynamics and stable firm cost pressure resulted in a rise in n-Propyl Acetate prices in the first two months of Q1 2023. However, in the second half of Q1, n-Propyl Acetate prices declined sharply as the weak demand fundamentals loomed large over the US market. The latest banking crisis in the USA has further deteriorated the demand fundamentals of several chemicals, including the Acetate chain. Meanwhile, the production rates have been firm in the US as ExxonMobil and LyondellBasell reported optimum production rates resulting in ample material available on the spot as well as a contract market. Hence, n-Propyl Acetate prices were assessed at USD 2220 per MT on a FOB basis.
APAC
n-Propyl Acetate prices showed mixed sentiment in the first quarter of 2023. In the first half of the quarter, n-Propyl Acetate prices rose owing to firm cost pressure and ample offtakes from the downstream coatings & adhesive industry as the construction industry turned a corner in the Chinese market after several quarters of below-par performance. However, in the second half of Q1, n-Propyl Acetate prices declined as feedstock Propanol and Acetic acid prices dropped sharply, resulting in weak cost pressure while offtakes from the downstream industry also stabilized. Thus, as of March 2023, n-Propyl Acetate prices were assessed at USD 1174 per MT on a FOB basis.
Europe
In Europe, the n-Propyl Acetate market showed a see-saw trend in the first quarter of 2023. After rising in January 2023, n-Propyl Acetate prices have shown a bearish trend, and prices have decreased due to a drop in queries from the downstream market and ample material availability owing to steady imports and domestic production. Meanwhile, feedstock Acetic acid prices have dropped sharply in the domestic market resulting in weak cost support for the domestically produced material. However, in the second half of Q1, n-Propyl Acetate prices sharply increased as the price of imports reaching ARA ports remained robust while demand fundamentals outpaced the available supply, and there were supply chain disruptions which were observed throughout Europe. Thus, as of March 2023, n-Propyl Acetate prices in Germany were assessed at USD 2275 per MT on an FD basis.
For the Quarter Ending December 2022
North America
The US market has seen a decline in consumer sentiment in recent months, as reflected by a drop in the US Manufacturing Purchasing Index (PMI) below 50 (49.7) in November, indicating a contraction in manufacturing and industrial activity. The holiday season also contributed to weak demand for various commodities, including n-Propyl Acetate. Additionally, the sluggishness of the Acetic feedstock acid throughout the last quarter relieved cost pressure on n-Propyl Acetate. The demand from the paints and coatings industry, among others, has plummeted due to the off-season, while material availability has been abundant, further reducing prices. Furthermore, unforeseen weather conditions in late December tested supply chains.
Asia Pacific
n-Propyl Acetate prices remained sluggish in the first half of the quarter owing to weak demand dynamics and soft cost support from Acetic acid and other feedstocks. N-Propyl Acetate prices measured a slight increase towards the end of the last quarter of 2022 despite weak demand dynamics. The operating rates of various capacities, including those in Shandong, were reported to be 55-60%, resulting in ample material availability in the market throughout the quarter. Domestic players reported stable inventory levels. Despite this rebound, prices dropped continually throughout the fourth quarter, from October to mid-December, due to weak demand dynamics stemming from a sluggish construction industry and COVID-19 lockdowns.
Europe
Throughout the last quarter of 2022, n-Propyl Acetate prices in Europe consistently decreased due to weak demand dynamics, resulting in low sales from downstream industries such as the construction sector due to a lack of activity during the off-season. However, n-Propyl Acetate prices saw a slight increase as prices trended upward in the Asia Pacific region, prompting market participants in Germany to improve their margins in the latter stages of Q4. Additionally, the IFO (Institute for Economic Research) reported that Germany might avoid a recession, which had been a looming threat in previous months.
For the Quarter Ending September 2022
North America
After an initial bullish rally in the initial weeks of July 2022, n-Propyl Acetate prices declined consistently throughout the third quarter of 2022 owing to sluggish feedstock prices and stable demand. Feedstock Acetic acid and propanol prices have witnessed a substantial drop in the third quarter, which eased the overall cost pressure resulting in ease in the production cost of n-Propyl Acetate. Meanwhile, demand dynamics remained largely stable during the quarter from the downstream printing industry. Supply chain dynamics remained under pressure as port congestions on the West Coast, and Gulf coast impacted smooth supply activities. Therefore, as of September 2022, n-Propyl Acetate prices were assessed at USD 2245 per MT on a FOB basis.
Asia Pacific
n-Propyl Acetate prices declined sharply throughout the third quarter in the Asia Pacific region owing to a decline in feedstock costs and lukewarm demand dynamics in the region. Feedstock n-Propanol and Acetic acid prices plummeted in the Chinese market as the demand from the downstream declined while cost pressure eased from the upstream. Furthermore, stable demand from the downstream printing industry resulted in consistent offtakes; however, a resurgence in covid cases disrupted the demand dynamics as lockdowns were announced in several key cities during Q3. Therefore, after the completion of Q3, n-Propyl Acetate prices were assessed at USD 1223 per MT on a FOB basis.
Europe
Several European countries witnessed high inflation rates as the energy market went strong fluctuations during quarter III. As per several estimates, Natural gas prices reached record levels in terms of pricing. Limited availability and surging LNG prices culminated in high electricity prices, which increased the production cost manifolds. Feedstock Acetic acid prices remained high, and consequently, domestically produced Acetic acid prices reached record highs. However, demand from downstream industries remained underwhelming. Cheap imports of Acetic acid from the Asian and North American regions eased the feedstock prices in the European market. Furthermore, LyondellBasell announced operating rate cuts as the demand dynamics plummeted in the European region. Hence, after the conclusion of Q3 2022, n-Propyl Acetate prices were assessed at USD 2415 per MT FD Hamburg.
For the Quarter Ending June 2022
North America
In North America, n-Propyl Acetate prices rose steadily during the second quarter of 2022 due to constrained supply and strong downstream demand. Prices of n-Propyl Acetate climbed at the start of April because of rising feedstock Acetic Acid prices, higher demand for paints and coatings, and elevated upstream expenses. The prices of feedstock Acetic Acid kept growing thanks to increased exports to Mexico and other European nations until the final week of April. The same supply issues with feedstock persisted in May and increased the prices of n-Propyl Acetate. Additionally, big producers like Celanese and INEOS issued force majeures, which worsened the June situation and raised the price of acetic acid in North America, eventually leading to the hike in Prices of n-Propyl Acetate.
APAC
The Indian domestic market experienced fluctuations in n-Propyl Acetate prices throughout the entire quarter. The cost of n-Propyl Acetate dropped until May before starting to rise again in June. Fundamentals of supply and demand frequently changed were the leading cause of this inconsistency. Besides, the market value of feedstock Acetic Acid was flickering as well. Additionally, throughout the entire quarter, fluctuations in trading frequencies from China also affected the market value of acetic acid, which eventually affected the price of n-Propyl Acetate. Due to a lack of demand, excessive stockpiles, and plunged trading activities, n-Propyl Acetate prices increased in April before beginning to decline in the Chinese market.
Europe
Due to supply limitations and the energy crisis, the market value of n-Propyl Acetate in Europe increased steadily during the second quarter of 2022. The supply of feedstock acetic acid in the market was limited as big producers like Lyondell announced force majeures, which caused Acetic Acid prices to surge. Consequently, leading to a price hike of n-Propyl Acetate in the European countries. Additionally, the market value of n-Propyl Acetate was further aggravated by rising energy costs and freight fees and the tensions surrounding the Russia-Ukraine war. Besides, the downstream demand for paints, coatings, and perfumes was strong during the considered period, which added to the already augmented price value of n-Propyl Acetate.
For the Quarter Ending March 2022
North America
N-propyl acetate cost in the domestic market has been succumbing for quite a long time in the United States market because of lacking buying action and frail costs for feedstock Methanol in the local market. N-propyl acetate costs in the homegrown market of the United States have been stifled by rising stock strain and weak demand from downstream. Upstream Natural gas costs, then again, took off because of the contention among Russia and Ukraine. Conversely, frail downstream interest and market saturation cut down Acetic acid costs. Feedstock Acetic acid and butanol costs have plunged in light of the excess. As far as stock, they increased emphatically, and net revenues were packed, affecting the n-propyl acetate market. In this quarter, the cost of n-propyl acetate in March 2022 were observed to be USD 1165/ton FOB Louisiana.
Asia Pacific
In the first quarter of 2022, falling interest brought down the cost of n-propyl acetate market in Asia. Because of debilitating interest from downstream sectors and adequate supplies, Chinese n-propyl acetate costs fell aggregately this quarter. Significant N-propyl acetate makers was seen importing large quantities of product from Celanese PTE Ltd. to fulfil their acetyl subordinates need. In the close to term, a drop in Chinese n-propyl acetate costs is projected to keep descending strain on both imported and domestic offers. The negative product supply in the global locale, because of frail product action in India, South Korea, and Belgium, affected costs. Feedstock acidic acid derivation costs, basically ethyl acetate and butyl acetate, have additionally been stabilized. In this quarter, the price of n-propyl acetate in China were USD 1493/ton FOB Qingdao.
Europe
The rising energy costs and surging tension among Russia and Ukraine in the European market soared the prices, which was the essential reason behind the rising item costs. The chemical's cost in Europe likewise followed a comparative direction as the Acetic acid market. The costs were sneaked through the first half and increased in the second half of the quarter because of a bounce back of demand from the domestic market in the midst of limited availability high costs upstream. As the costs rose, the production rates of downstream printing ventures followed similar pricing dynamics while margins were contracting consistently in the homegrown market. As the input cost saw an excessive climb in costs, the regional market trade exercises didn't assist with the stockpile imperatives. Towards the end of the quarter, the cost of n-propyl acetate were observed to be USD 1600/ton FOB Hamburg.
For the Quarter Ending December 2021
North America
In Q4, the value pattern of n- propyl acetate pursued practically a similar direction as of Q3 where costs move with same direction. Feedstock Propylene and Acetic corrosive market was seen strong with expansion in costs. The costs of Acetic Acid in US market saw to be $1450/ton FOB Texas and $1476/ton FOB Louisiana. With the interest appear to be recuperating in the domestic market of US, this value pattern is noticed. However, the downstream cosmetics and solvent enterprises were worked modestly and towards the end of the quarters the traders were having keep a watch out situation and anticipating that the costs should drop further because of New Year celebration which impacted the homegrown market of US.
Asia Pacific
In Asia, the costs of n-propyl Acetate flooded as the interest was high and the lacking raw material brought about such direction. N-propyl Acetate prices in India were assessed at USD 2100 per MT in December. Interest for n-propyl acetate was prepared to grow reliably with extended adoption of individual consideration things and printings inks that depend upon n-propyl acetate as a prominent part. Feedstock Propylene and acidic acid expenses were also fluctuated and slipped towards the quarter end in light of New Year cheerful eve. Costs were likewise impacted by the negative Acetic acid stock in the worldwide locale because of feeble commodity exercises in India, South Korea, and Belgium.
Europe
In Q4, the costs of n-propyl acetate flooded in October and November and began to descend in December. Feedstock Acetic Acid costs for Germany in October and November saw to be $1805/ton DDP Hamburg and $1845/ton DDP Hamburg. Long transportation times and restricted cargo limit make what is happening considerably more troublesome. European countries, for example, Germany, France and Italy had shown the outstanding interest for the individual consideration businesses which expands the utilization of n-propyl acetate.
For the Quarter Ending September 2021
North America
In the North American region, n-Propyl Acetate prices traversed an upward trajectory during Q3, driven by a rise in prices of feedstock Acetic acid. Demand from the downstream industries including foods & beverages, cosmetics, and pharmaceuticals remained firm during the quarter. Supply remained tight due to rising feedstock prices as well as supply chain disruptions caused by hurricane Ida during the latter half of Q3. Prices are expected to dip in Q4 as supply-side issues ironed out to the end of Q3 and as feedstock Acetic acid prices had been showing a downward trend in the initial weeks of Q4.
Asia Pacific
The prices of n-Propyl Acetate rose effectively in the Asia Pacific region during the third quarter of 2021. In the Indian market, stagnant to firm demand for n-Propyl Acetate on negligible fluctuations in its market fundamentals kept its prices in an upward trajectory in the first week of August. Sellers offered the product next to the manufacturing cost with minimum profit margins to avoid any volatility in the buying interest during the quarter. n-Propyl Acetate prices shot up from USD 1279/MT to USD 1715/MT from July to September owing to high feedstock prices. A similar price behaviour was seen throughout Asia where surged raw material pricing continued to drive the price trajectory.
Europe
In the European region, the overall market outlook showcased mixed sentiments in Q3 2021. Tight supply of feedstock Acetic acid due to the closure of LyondellBasell’s La Porte plant, which is one of the leading producers of Acetic Acid globally, affected the availability of n-Propyl Acetate across the region. Demand remained firm due to continued strong recovery in demand across key end markets especially in building & construction, transportation, and consumer durables markets.
For the Quarter Ending June 2021
North America
The supplies in the North American region improved compared to the previous quarter as the several major manufacturers in the Gulf coast recovered from the impact of polar winter storm Uri. The restoration of the industrial infrastructure supported the n-Propyl Acetate manufacturers who ramped up production proportionally with better availability of the feedstock n-Propanol and Acetic Acid. Sasol Chemical North America surged the prices of n-Propyl Acetate in May by USD 567 per tonne which were came into effect from 1st June. Demand was consistent from the downstream paint and coating industries as a ripple effect of seasonal hype in offtakes from the building and construction sector. The pricing trend in the North American region was in a gradual uptrend throughout the second quarter.
Asia Pacific
During the second quarter of 2021, n-Propyl Acetate supplies in the Asia pacific region showed variation in different parts as the second COVID wave subdued the market activities in several economies in India and Southeast Asia. Some Indian buyers were reluctant to procure large volumes amidst the hovering uncertainties in the domestic market. As a repercussion, the prices in May showed some ease, however the trend improved along with the relaxation in the restrictions and Ex-Works Mumbai prices were assessed at USD 1110 per tonne in June. The market supplies were ample as the cargoes to the US and western region dropped amidst the restoration of the industrial activities and higher shipping charges of the Asian cargoes.
Europe
The supplies of n-propyl Acetate in the European region improved compared to the previous quarter, as the OXEA chemicals ended its prolonged turnaround in second quarter, along with the improved imported volumes from the USA. Demand surged exceptionally from the downstream paints and coating industries as the region witnessed seasonal enquiries from the construction sector throughout the quarter, although offtakes were consistent from the pharmaceutical and automotive sector. As a ripple effect, the prices remained firm for a larger part of the second quarter.
For the Quarter Ending March 2021
North America
Offers for n-Propyl Acetate in the North American region were significantly raised taking cues from the feedstock n-Propanol which remained significantly tight due to production outages at several producing facilities during the US gulf coast storm. A leading manufacturer remained temporarily shut till mid-March due to low feedstock inventories. The continued increase in raw materials and the follow-up of demand had a positive impact on the market outlook for n-propyl Acetate. Exports to the other regions plunged. OQ chemicals hiked the prices of n-Propyl Acetate by +USD 154/MT for the March deliveries amid the global supply shortage situation.
Asia-Pacific (APAC)
n-Propyl Acetate supplies in the Asia Pacific region were tight, during Q1 of 2021. Supplies from the USA were hampered as imports were declined in mid-quarter, followed by the several plant turnarounds during the Chinese lunar new year holidays. Further constraints were extended as. However, demand surged amid the shortages in supply and better offtake from the cosmetics sector during the Q1. In India, n-Propyl Acetate prices were settled at USD 1058/MT in March.
Europe
The European n-Propyl Acetate market was sluggish as the supplies were tight during the first quarter of 2021, owing to the cold weather conditions in the northwestern region which caused hinderance in transportation of key raw materials which pressured the plants to operate at reduced efficiencies. Further, the situation worsened as imports declined from the USA. Demand surged due to constant consumption from the cosmetics industries and paints and coatings industry.
For the Quarter Ending December 2020
North America
Supplies seemed tighter in Q4. Manufacturing rates of n-Propyl Acetate were high while stable demand persisted keeping the market activity high with upward movement observed in the prices throughout the western hemisphere. The hurricane season in the gulf coast, affected the feedstock availability, which severely impacted the exports to the other regions. CFR prices were increased due to unavailability of the transportation and human resources followed by the congestion at the Panama Canal.
Asia-Pacific (APAC)
The demand of n-Propyl Acetate surged in the fourth quarter as the rebound of its end-use markets after the pandemic-related restrictions eased considerably. Several Asian manufacturers were heard running their production plants at full capacities. However, insufficient production from the western region put supply-side pressure on the n-Propyl Acetate market fundamentals. Buoyed by strong demand fundamentals, the price of n-Propyl Acetate in the Indian markets remained firm and was averaged around USD 932 per tonne in the fourth quarter.
Europe
The supply of n-Propyl Acetate in the European region showed an uptrend moving into the fourth quarter. During the first half of Q4, the European n-Propyl Acetate production facilities were heard operating at improved efficiency, as the domestic market paced up amid the leverage on COVID restrictions. However, imposition of fresh lockdowns in some of the states capped the market movement. The imports were majorly impacted in the region due to shortages of container and high freight rates. The demand remained upbeat throughout the region as the fragrance and flavor industry gained momentum latter in the second half of Q4.
