The global Vinyl Ester Resin (VER) market exhibited varied trends during the last week of December 2024, with Asian markets showing stability and Europe, particularly Spain, experiencing a decline. This divergence was influenced by feedstock price fluctuations, seasonal demand shifts, and downstream market dynamics. Key industries such as construction, and automotive played a significant role in shaping these trends. 

In Asia, VER prices remained stable in China, India, and Taiwan due to subdued market activity by the year end. In China, Epoxy Resin prices, a major feedstock for VER, saw a decline driven by oversupplied inventories and reduced demand from downstream sectors, including marine coatings and automotive components. Further, pre-holiday stockpiling by manufacturers ensured consistent supply, limiting price fluctuations. Taiwan followed a similar trajectory, with stable VER prices reflecting balanced market conditions. 

In India, while Epoxy Resin prices increased due to logistical challenges and constrained freight operations during the year-end period, VER prices remained steady. The Indian market benefited from sufficient pre-holiday stockpiles and sustained demand from the construction and chemical processing sectors. Freight rates in Asia were generally stable but showed some seasonal spikes, particularly for shipments routed through congested ports. 

The European market presented a contrasting picture, with Spain experiencing a notable decline of 0.3% in VER prices. Weak demand from construction and automotive sectors, exacerbated by the holiday slowdown, significantly impacted market dynamics. Furthermore, Epoxy Resin prices in Spain softened due to lower input costs and reduced buying interest from manufacturers. The lack of major infrastructure projects and a sluggish automotive market in the region further dampened demand for VER. 

Global port congestion worsened over Christmas due to high traffic, bad weather, labor issues, and capacity constraints, causing delays at key ports in Europe, North America, and Asia. Elevated freight rates and blank sailings on Asia-Europe routes added to supply chain challenges, with pressures expected to peak in January and extend into 2025. However, the VER market remained stable as manufacturers had stockpiled raw materials, avoiding significant price fluctuations during the festive season despite logistical disruptions.

Heading into January 2025, the global VER market is poised for a price increase, particularly in Asia, as manufacturers ramp up production ahead of the Lunar New Year-induced slowdown in February. This surge in activity is expected to drive feedstock costs higher, directly influencing VER pricing. China is likely to lead this trend, with India and Taiwan following suit, supported by robust demand from the construction, and automotive sectors. In contrast, the European VER market may stabilize post-holidays, although weaker downstream demand and ongoing logistical challenges could temper recovery. Overall, the interplay of seasonal demand patterns and feedstock dynamics will shape the short-term trajectory of the global VER market. 

In Europe, while post-holiday industrial resumption is expected to stabilize prices, weak downstream demand and limited new projects may keep the recovery modest. Overall, the VER market outlook for January points toward short-term price growth, driven by seasonal demand and feedstock dynamics, though market participants remain cautious about potential February slowdowns.