For the Quarter Ending September 2024
North America
In Q3 2024, the North American region experienced a significant decline in Ethyl Acetate prices, with the USA showing the most pronounced changes. This downward trend was influenced by weakened demand from downstream industries, especially in the construction sector, along with ample supply in the market.
The interplay between low demand and oversupply resulted in continuous price reductions throughout the quarter. Additionally, feedstock Acetic Acid prices fluctuated due to a major production halt; however, Celanese's resumption of operations led to lower production costs and a decline in Acetic Acid prices. The USA recorded a -4% change from the previous quarter, indicating a sustained negative trajectory, while a -1% price difference was noted between the first and second halves of the quarter, reflecting consistent price deterioration.
By the end of Q3, Ethyl Acetate was priced at USD 1,580/MT DEL Chicago, highlighting the prevailing bearish sentiment in the market. Overall, the pricing environment for Ethyl Acetate in Q3 2024 was distinctly negative, driven by subdued demand, high supply levels, and ongoing market challenges.
APAC
In Q3 2024, the Ethyl Acetate market in the APAC region faced significant challenges, marked by persistent price declines despite slight increases at the beginning of the quarter. Weak demand from downstream industries, particularly in paints and coatings used in the construction sector, along with stable to falling feedstock prices, contributed to a bearish market outlook. Japan experienced the most notable price shifts this quarter, with a -14% change from the same quarter last year and a -7% decline from the previous quarter. Additionally, lower energy prices and reduced activity in the downstream construction industry further exacerbated the declining market trends throughout Q3. Japan's total manufacturing activity also declined, reflecting weaker demand and lower production levels leading to overall pessimistic market view. Price comparisons between the first and second halves of the quarter indicated a -3% decrease, reinforcing the continuous downward trend. By the end of the quarter, Ethyl Acetate prices in Japan were USD 905/MT CFR Osaka, underscoring the prevailing negative pricing environment.
Europe
In Q3 2024, The European Ethyl Acetate market in Q3 2024 exhibited bearish trends, with prices declining in the first half but stabilized in the second half, though the overall trend remained bearish. This fluctuation was largely driven by lower feedstock acetic acid prices, which reduced production costs. Key factors influencing this trend included lower upstream methanol prices, decreased import costs from China, and weak demand from downstream sectors like plastics and polyester. An oversupply of PTA due to resumed plant operations, coupled with a drop in crude oil prices, further dampened market sentiment. The Germanys saw notable price changes, with Ethyl Acetate prices increasing by 18% compared to the same quarter last year but decreasing by 9.8% from the previous quarter in 2024. Prices between the first and second halves of the quarter dropped by 1%. The quarter-ending price for Ethyl Acetate FD Karlsruhe in the Germany was USD 1,155 per MT, reflecting the overall downward pricing environment in the region.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Ethyl Acetate market saw a notable rise in prices in first month of quarter due to market activity and inadequate supply, leading traders to offer stocks at premium rates.
Despite robust manufacturing activity and growth in new orders from Europe and Asia, the market faced price declines driven by ample inventories, weak downstream demand, and rising production costs from higher natural gas prices. Economic uncertainties and fluctuating interest rates in the construction sector, a major consumer, further impacted prices. While in the second of half of quarter in the prices of Ethyl Acetate has shown declining market trends.
In the USA, the most significant price changes occurred. Steady demand from the construction industry couldn't counteract the declining trend from excess inventories. Seasonal factors and cautious buyer behaviour also contributed to the decrease. Prices dropped compared to the same quarter last year and the previous quarter, with a further decline within Q2. The quarter ended with Ethyl Acetate at USD 1655 per MT DEL Chicago, reflecting the market's struggle to balance inventories with demand and production costs, painting a pessimistic outlook for the region.
APAC
Initially, at the beginning of the quarter, the price of Ethyl Acetate showed increasing market trends due to restocking of inventories in the market. However, Q2 2024 witnessed a downward spiral in Ethyl Acetate pricing across the APAC region, primarily driven by reduced import costs from China, elevated inventory levels, and subdued demand from downstream industries such as construction. This quarter has been characterized by consistent price reductions by traders, who found themselves disadvantaged amid lower inventory turnover and heightened competitive pressures. Furthermore, fluctuating upstream methanol market dynamics and a general sentiment of cautious procurement among buyers have compounded the price decline. The construction sector's tepid recovery, coupled with seasonal factors like intensified rainfall, failed to sufficiently bolster demand, contributing to the persistent downtrend. Focusing on Japan, which experienced the most significant price changes, the Ethyl Acetate market reflected an overall negative pricing environment. Market trends were notably influenced by seasonal fluctuations, labour shortages, and stringent regulatory conditions in the construction industry, leading to a price decrease of 7% compared to the same quarter last year. From the previous quarter in 2024, prices saw a 3% decline, further indicating a sustained bearish trend. The price comparison between the first and second half of the quarter showed a marginal 2% decrease, underscoring the lack of demand impetus throughout the period. Concluding Q2 2024, the price of Ethyl Acetate in Japan settled at USD 970/MT CFR Osaka, reflecting a negative sentiment in the pricing environment driven by ongoing market challenges.
Europe
Throughout Q2 2024, the European Ethyl Acetate market experienced mixed pricing trends due to various economic and supply chain factors. Upward price trends were primarily driven by heightened production costs for feedstock Acetic Acid and sustained high Methanol prices. Geopolitical tensions in the Red Sea extended shipment routes and increased freight costs, while elevated energy prices, especially for Natural Gas, further added to production expenses. Despite these challenges, robust demand from the construction sector, buoyed by increased foreign direct investment and positive economic sentiment, sustained high market activity. Germany saw the most notable price changes. Ethyl Acetate prices in Germany increased compared to the same quarter last year and from the previous quarter in 2024, reflecting broader regional trends. Warmer weather led to consistent construction activity, maintaining strong demand. Prices also increased from the first to the second half of the quarter, underscoring persistent demand and constrained supply dynamics. However, ending Q2 2024, prices began to decline due to destocking market activity somewhat stabilizing supply dynamics. Ethyl Acetate prices in Germany stood at USD 1281 per MT FD Karlsruhe, highlighting a positive pricing environment characterized by sustained demand pressures and ongoing supply chain challenges. Despite the strained supply, the overall sentiment in the pricing environment remained robustly positive, driven by enduring market demand and escalating production costs.
For the Quarter Ending March 2024
North America
In Q1 2024, the North American region experienced an overall decline in Ethyl Acetate prices, influenced by various factors including supply and demand dynamics, feedstock costs, and downstream industry performance. The USA, in particular, witnessed notable price fluctuations.
Throughout the quarter, Ethyl Acetate prices exhibited a slight decline despite robust demand from sectors like construction and increasing feedstock expenses. Although there was a 1% increase in the first half of the quarter compared to the previous one, indicating an initial upward trend, prices eventually trended downwards. Year-on-year comparisons suggest substantial growth in Ethyl Acetate prices, though the specific percentage is unspecified, pointing to significant price escalation over the past year.
The latest quarter-ending price for Ethyl Acetate in the USA was recorded at USD 1722 per metric ton DEL Chicago, underscoring the positive pricing environment in the region. In Q1 2024 portrayed a positive pricing environment for Ethyl Acetate in North America, particularly in the USA, fuelled by factors such as robust demand, escalating feedstock costs, and seasonal patterns, indicating a continued upward trajectory for prices in the region.
APAC
The Q1 2024 has been marked by decreasing prices for Ethyl Acetate in the APAC region. Several factors have influenced the market prices, including weak demand from the construction industry, high inventories, and low import costs from China. These factors have resulted in a bearish market sentiment, with prices declining throughout the quarter. In Japan, the price of Ethyl Acetate has seen significant changes. The overall trend has been negative, with a 12% decrease compared to the same quarter last year. The price decline from the previous quarter in 2024 was recorded at 9%. Within the quarter, there was a further decline of 9% in prices, indicating a consistent downward trend. Seasonality and correlation in price changes have played a role in shaping the market. The first half of the quarter saw higher prices compared to the second half, reflecting weaker demand and increased inventories. The latest quarter-ending price in Japan was recorded at USD 960/MT of Ethyl Acetate CFR Osaka. Overall, the pricing environment for Ethyl Acetate in Japan has been negative, with a consistent decrease in prices throughout the quarter. The market has been influenced by factors such as weak demand, high inventories, and low import costs. These trends are expected to continue in the near term, with further price declines anticipated.
Europe
In the Europe region, the first quarter of 2024 witnessed a notable trend of increasing prices for Ethyl Acetate, driven by several contributing factors. Heightened demand from the construction sector, coupled with dwindling inventories and elevated import prices from China, played significant roles in this upward price movement. Despite facing challenges such as reduced demand and bankruptcies across various sectors, the construction industry in Belgium demonstrated resilience, achieving a growth rate of 1.9% in 2023. However, a decline in manufacturing activity, as indicated by the Euro Area PMI in March, mirrored domestic supply trends for Ethyl Acetate. Looking ahead to 2024, the construction sector may encounter obstacles due to the high prices of energy-intensive building materials. Nevertheless, initiatives aimed at improving home energy efficiency and pent-up demand are expected to drive growth. While LNG prices in Europe increased during the heating season, projections suggest a subsequent decrease. Moreover, bankruptcy rates in the Netherlands are anticipated to rise, particularly within sectors such as hospitality, transport, retail, and construction. As of March 22nd, Ethyl Acetate prices in Belgium were reported at USD 1150 per metric ton FD Antwerp. Overall, the pricing environment for Ethyl Acetate in the Europe region has been favourable, characterized by steadily increasing prices driven by strong demand, limited supply, and rising import costs.
For the Quarter Ending December 2023
North America
The Q4 2023 for Ethyl Acetate was marked by a moderate supply and high level of inventories in the North American market, leading to heavy destocking activities. The prices were influenced by the rising prices of feedstock Acetic Acid and low demand from downstream industries such as construction.
The high-interest rate of 5.5% continued to constrain the purchasing power of these industries, leading to a decline in demand. The shutdown of any plant was not reported during this period. In the USA, the prices of Ethyl Acetate remained stable at USD 1739/MT FOB USGC during the first week of December. The demand from the international market was lower, and the natural gas prices were rangebound.
However, the market was bullish due to robust demand from downstream industries, particularly the construction sector. It is anticipated that the prices will continue to decline in the upcoming weeks, influenced by low demand from downstream industries, such as construction, and a high level of inventories in the market. The quarter-ending price of Ethyl Acetate DEL Chicago in the USA was USD 1739/MT.
APAC
The Ethyl Acetate market in the APAC region during Q4 2023 witnessed a decline in prices by 8% compared to the previous quarter. The top three factors that affected the market were heavy destocking activities, declining demand from the construction industry, and high inventory levels. In Japan, the prices of Ethyl Acetate were stable and recorded a trend of -3% for the first half of the quarter. The seasonal trend remained steady as there was no major supply chain disruption, and the inventories were flowing without any hindrances. The correlation price percentage in Japan was stable and remained unaffected by the international market. The percentage change in prices from the same quarter of the previous year was -2%. There were no plant shutdowns that affected the market during this quarter. The latest price of Ethyl Acetate CFR Osaka in Japan for Q4 2023 was recorded at USD 1018/MT. In conclusion, the Ethyl Acetate market in the APAC region during Q4 2023 remained stable with a decline in prices due to heavy destocking activities, declining demand from the construction industry, and high inventory levels. Japan remained stable with no major supply chain disruptions, and the prices of Ethyl Acetate remained consistent throughout the quarter.
Europe
Ethyl Acetate prices in the Europe region remained stable in the current quarter of 2023, with Belgium experiencing the maximum price changes. The market was impacted by factors such as heavy destocking market activity, high level of inventories, rising production costs due to increasing Natural Gas and Coal Gas prices, and lower demand from the international market. Additionally, the construction industry, a major consumer of Ethyl Acetate, experienced a significant decline in demand due to negative market sentiments and high inventories, leading to lower prices for the product. There were adequate inventories in the market to meet downstream demand, and a stable flow of cheaper imports from the Asian market further dampened the Ethyl Acetate market. Belgium experienced a 2% increase in Ethyl Acetate prices, with a trend of stability and no significant seasonality or correlation. The price percentage comparison of the first and second half of the quarter in Belgium was 8%. The current quarter's price of Ethyl Acetate FD Antwerp in Belgium is USD 1042/MT. Overall, the Europe region's Ethyl Acetate market remained stable with suppressed demand and high inventories, leading to lower prices for the product.
