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.
For the Quarter Ending June 2023
North America
Ethyl Acetate market in North America has shown bullish market trend as of Q2 contrary to world trend this was due to contrasting performance of the construction industry in US in comparison to the worlds construction industry. In Addition, Celanese had finished operating on a new 1.3 MTPA Feedstock Acetic Acid plant in Clear Lake, Texas in the month of May which created positive market sentiments. Furthermore, there was low inventory level in the market amid rising demand from the downstream industry led to offer inventory at a premium price which created positive market sentiments and there were high procurement activities in the Ethyl Acetate market. Additionally, the inflation rate in the US market has declined constant all over Q2 from 4.9 in April to 4.1 in May finally to 3 in June. Furthermore, throughout Q2 there was constant increase in the energy prices as Natural gas prices incremented. Thus, as of June ending the prices of Ethyl Acetate were stated at USD 1706/MT FOB USGC.
Asia-pacific
The prices of Ethyl Acetate in the Chinese market as of Q2 has declined throughout, at first half of Q2 the rate has prices dropped at high rate in the second half the rate of decline decreased. The drop in the first half can be explained by the slow economic recovery and deflation problem in China due to weak downstream demand. The decrease in drop rate in second half of Q2 can be explained by cost support by Feedstock acetic acid prices. Additionally, Adequate inventory level in the market to meet downstream demand. Furthermore, there was significant decline in the prices of Natural Gas which decline in the input production cost. Moreover, demand from the international market has also declined with created pessimistic market view. In addition, the average performance from the construction industry led to weak demand from the paint industry which further subdued the Ethyl Acetate Growth. Thus, as of Q2 ending in June the prices of Ethyl Acetate were stated at USD 878/MT FOB Jiangsu.
Europe
The prices of Ethyl Acetate in the German market have declined constantly as of Q2 this can explained by declining demand from the construction industry according to LANXESS. Furthermore, high inflation and rising inflation to control inflation has created economic instability in the European market which created negative market sentiments. Furthermore, the prices of upstream feedstock Acetic Acid has declined throughout Q2. In Addition, Natural Gas prices also decremented which led to decrement in the input production cost. There was free flow of cheap imports from the Asian market which led to adequate inventory level in the market amid declining demand from the paints industry which bounded seller to offer discount to increase market transaction. The PMI for Germany has declining throughout Q2 and it was stated at 38.80 indicating contraction in the manufacturing sector all over Q2. The plants were operating at slower rate to weak demand from the downstream industry. Thus, as of June the prices of Ethyl Acetate were stated at USD 1238/MT FD Hamburg.
For the Quarter Ending March 2023
North America
Ethyl Acetate prices constantly rose in the first quarter of 2023. In terms of domestic production, production levels are expected to drop as Q1 has traditionally been the quarter of scheduled plant maintenance. Thus, prices are expected to strengthen amid weakened supply dynamics. Demand from downstream paints & coatings, pharma, and other industries is expected to remain stable. Meanwhile, procurements have improved ahead of the maintenance season, and expected demand improvements in the short term. However, the quantum of price increase slowed in the second half of the quarter, and Ethyl Acetate prices were assessed at USD 1429 per MT FOB USGC.
APAC
In the Asian markets, Ethyl Acetate prices increased consistently in the first quarter of 2023. Prices rose sharply since the conclusion of the Lunar New Year holidays in China as market participants replenished the material available in the domestic market. Meanwhile, market participants further reported improvement in demand from the end-users and increased cost support from Acetic acid as primary factors driving prices of Ethyl Acetate. In the second half of the quarter, however, the intensity of the price increase slowed down with declining acetic acid cost support and stable demand from downstream industries. Thus, as of March 2023, Ethyl Acetate prices were assessed at USD 1030 per MT on a FOB basis.
Europe
Ethyl Acetate prices increased in the German market as inventory levels dropped while the procurements increased after the New Year holidays. Meanwhile, supply chains have remained steady with stable Natural gas prices in the market. However, in the second half, counter to the expected improvement in Ethyl Acetate prices, the market showed a bearish trend, and prices decreased due to a drop in queries from the downstream market, ample material availability owing to steady imports, and domestic production. Meanwhile, feedstock Acetic acid prices have dropped sharply. Thus, as of March 2023, Ethyl Acetate prices were assessed at USD 1366 per MT on an FD basis.
For the Quarter Ending December 2022
North America
Ethyl Acetate prices declined consistently throughout the fourth quarter of 2022 as weak demand sentiment coupled with ample material available on the US shores resulted in weak pricing dynamics. Demand from downstream Paints & Coating sectors eased in Q4 as consumption from the construction industry eased owing to off-season dullness. Meanwhile, cost pressure from feedstock acetic acid remained soft throughout the quarter owing to easing upstream Methanol prices and a drop in demand. For the first time in 30 months, the US witnessed a contraction in manufacturing and industrial activity as consumer sentiment softened while Federal Reserve continued tightening the monetary policy to contain inflation rates. Hence, Ethyl Acetate prices were assessed at USD per MT on FOB 1340 basis in December 2022.
Asia Pacific
Despite the looming shadow of Covid in the Chinese market during the last quarter of 2022, Ethyl Acetate prices continue to remain subdued owing to weak demand dynamics. China witnessed severe lockdowns and protests against lockdowns which hampered the smooth functioning of logistics and eventually led to marginal price increases in the latter stages of the quarter. In Japan, Ethyl Acetate prices continued their decline into the penultimate week of the year as the weak demand dynamics from downstream paints & coatings, and other industries remained prominent in the domestic market, while the consumption rates from the international market have also been sluggish in the wake of the impending holiday season in the West and soft consumer sentiment which plagued demand dynamics throughout 2022. Buying sentiment in the market has been termed as muted due to snuck consumption rates and limited queries, as reported by several market participants. Additionally, feedstock Acetic acid prices have stabilized after a consistent fall in the last few weeks resulting in stable cost pressure on downstream Ethyl Acetate while upstream Naphtha and crude oil prices continue to relent in the Asia-Pacific. Thus, as of December 2022, Ethyl Acetate prices were assessed at USD 1010 per MT on a FOB basis.
Europe
Ethyl Acetate prices improved marginally at the very end of the quarter as import prices strengthened in Europe; however, bearish sentiment shrouded the market for a major part of the quarter, which resulted in a consistent decline in the prices. Meanwhile, import availability strengthened in Europe as weeks-long labor strikes in the UK and port congestions at ARA eased during the last quarter. Europe imported hefty quantities of Acetic acid from Asia as freight charges dropped sharply while demand in the Asian market remained subdued. Hence, after the conclusion of Q4, Ethyl Acetate prices were assessed at USD 1298 per MT on an FOB basis.
For the Quarter Ending September 2022
North America
Ethyl Acetate prices in the North American region constantly deteriorated throughout the third quarter of 2022 owing to weak demand dynamics and consistent fall in feedstock Acetic acid prices. The demand from downstream adhesives & sealants and the paints & coatings industry remained mostly stable, which amid ample inventory levels, resulted in weakened pricing dynamics. Meanwhile, the consumption rates in the US dropped, as confirmed by several institutions, due to the threat of a US recession looming large during the quarter. Thus, after the conclusion of September 2022, Ethyl Acetate prices were assessed at USD 1883 per MT on a FOB basis.
Asia Pacific
After a sharp drop in the first two months of the third quarter of 2022, the prices stabilized towards the end of the quarter in the Asia Pacific region. Ample supply and consistent fall in feedstock Acetic acid prices resulted in a sharp bearish trend during the first half of the quarter. The available supply outpaced the demand from the downstream as the Chinese market dealt with covid cases, which disrupted normal trading activities. While towards the end of the quarter, snug supply and limited availability of the product arrested the price slide as typhoons wreaked havoc on Japan, South Korea, and China, impacting and halting port activities. Thus, after the conclusion of Q3, Ethyl acetate prices were assessed at USD 1052 per MT on CFR basis in Japan.
Europe
In the third quarter of 2022, Ethyl Acetate prices dropped consistently in the European market owing to cheaper imports from Asia and North America and weak consumption from the downstream industries. A constant threat of recession loomed over the European region throughout the quarter, which depressed consumer demand as the inflation rates reached record highs during Q3. Supply dynamics remained under pressure owing to port congestions and labor strikes. Netherlands, Belgium, and Germany witnessed major port congestions, while the UK observed weeks of labor strikes which limited the availability of the material in the domestic market. However, weak dynamics ensured the limited impact of curtailed supply on the prices. Thus, as of September 2022, Ethyl acetate prices were assessed at USD 1327 per MT on a FOB basis.
For the Quarter Ending June 2022
North America
Ethyl acetate prices consistently rose in North America during the second quarter of 2022 on the back of increased feedstock value. The market value of raw material Acetic Acid was growing throughout the quarter amidst supply shortages as major manufacturers announced force majeures on Acetic Acid and its derivatives production. Furthermore, strong demand from several downstream industries, such as paints, varnishes, and lacquers, contributed to the augmenting Ethyl Acetate prices. In addition, soared energy prices, elevated freight charges, and congested ports amidst Russia-Ukraine war tensions further propelled the Ethyl Acetate price upwards. In the USA, the price value of Ethyl Acetate inclined by almost 6% between April and June.
APAC
The Ethyl Acetate market showcased mixed sentiments in the Asia-Pacific region during quarter 2 of 2022. In India, the market value of Ethyl Acetate inclined in April, followed by a decline in May and a regain of upward momentum in June. Flickering supply and demand dynamics were the primary reason causing instability in Ethyl Acetate price value. The prices of Ethyl Acetate surged till May in the Chinese domestic market, and then it depicted a sudden fall in June. Ethyl Acetate price hike was backed by crippling supply rate and strong downstream demand from paints, lacquers, and varnishes industries. Furthermore, In June, the supply of Ethyl Acetate improved drastically owing to the overabundance of feedstock Acetic Acid, leading to a sharp fall in Ethyl Acetate market value.
Europe
In contrast to North America, Ethyl Acetate prices dropped continuously in Europe during the second quarter of the year 2022. The prime reason behind this drop was weak demand from end-user industries such as paints, lacquers, sealants, adhesives, etc. Furthermore, the slow consumer buying activities contributed to the de-escalating market value of Ethyl Acetate. In addition, the inventories were overflowing with surplus stocks, and the supply rate was consistent, which further exacerbated the prices of Ethyl Acetate in the European domestic market. In Germany, there was a fall of approximately 7% between April to June in the prices of Ethyl Acetate.
For the Quarter Ending March 2022
North America
In Q1 2022, the price of Ethyl Acetate slipped due to weak downstream demand and stockpiling of inventories among the downstream ventures. In the USA, the price of Ethyl Acetate towards the start of the quarter was observed to be USD 1682/ton DEL mid-west. The declining trend resulted from weak Acetic acid prices sufficient mid supply from the manufacturers. Volatile raw material cost challenged the industry profitability, affecting the ethyl acetate market. Major Ethyl Acetate producers in the USA had increased Ethyl Acetate prices for overseas suppliers. The demand of Ethyl Acetate in US market was reduced with the following months.
Asia Pacific
In this quarter, the prices of Ethyl Acetate in India slipped in the first half of the quarter as the market was stable to the lower end due to a weak trading atmosphere and saturation of products in the regional market. The supply was exceedingly abundant, but the demand was not strong. Also, the government had cut production tax on certain chemicals, namely Acetic acid and Methanol, which slowed down the prices in the domestic market. However, in the final half of the quarter, the increase in demand for its end-stream products in the pharmaceuticals and packaging enterprise resulted in escalating the prices of Ethyl Acetate. The Russian invasion of Ukraine was one of the major reasons for surging the prices of crude oil and natural gas, which affected the prices of other products, namely acetic acid and ethanol. In India, the price of Ethyl Acetate towards the end of the quarter was observed to be USD 1288/ton Ex-Depot Delhi. When compared to the previous quarter, the price slipped by 16% in Q1 2022.
Europe
In Q1 2022, the price of Ethyl Acetate in Germany towards the end was observed to be USD 2148/ton FD Karlsruhe. Feedstock Methanol market was seen to be steady, yet costs of Ethyl acetate surged from the strong interest from the downstream ventures. However, the market was observed to be revived after the price hit in the first half of the quarter with moderate demand. Impacted imports of the product from Belgium because of supply shortage hampered the domestic market of Germany. The utilization of Ethyl Acetate in the downstream Paint and coating ventures was robust as the interest from the customer's end was high, which created pressure on the endeavours to fulfil the buyer's interest.
For the quarter ending December 2021
North America
Overall, the market was stable in North American region during Q4. The prices of Ethyl Acetate peaked due to increase in methanol prices, in mid Q4 and felled to 1625 USD/tonne by the end of Dec, on FOB basis in USA. The observed fall was 4% in the prices since Q3. The prices in November rose due to high demand from the importing countries. Though there was surge in the prices of feed Ethanol in USA but that didn’t impact much of the prices in the domestic market. Prices to exporting countries remained on the higher side because of their demand.
Asia
The demand from downstream industries rose in mid of Q4 in Asian countries because of festive season. There was an increase of 10% in mid Q4 and overall increase of 7% in prices since Q3 in China. The increment in the prices of feed Ethanol was observed but the prices of Acetic acid were decreased during the period. Due to the expected demand from downstream industries during peak festive season, prices remained on a higher side by industries to increase the profit. The prices were assessed at 1494 USD per tonne in China and 1372.61 USD/tonne Ex- Mumbai India.
Europe
The prices showed a steep rise in the European region, with an overall 32% surge in the prices since Q3, due to increase in the prices of raw material from importing countries. The freight charges showcased historic high throughout the quarter, which induced additional cost support to the Ethyl Acetate in the European market. Higher energy values also impacted the prices and production rates were curtailed in European region because of increased energy use in non – commercial / domestic sector during winter season. Ethyl Acetate accessed at 1995 USD/ tonne on CFR basis in Germany, at the end of December.
For the Quarter Ending September 2021
North America
In Q3 2021, Ethyl Acetate prices witnessed a proliferative trajectory in US during the third quarter backed by the upsurge in the feedstock Ethylene and Acetic Acid values in the region. The hike in the pricing trend of Ethyl Acetate was also aided by the robust demand for Ethyl Acetate and its downstream products during this quarter. Additionally, many manufacturers were compelled to shut down their production plants as a repercussion of Ida hurricane in August that further exerted pressure on the Ethyl Acetate market. Hence, improvement in the offtakes from the construction sector along with the tight supplies of feedstock kept the prices of Ethyl Acetate in the upward trend throughout the quarter.
Asia
Asian market of Ethyl Acetate appeared bullish during Q3 due to the robust demand and tight fundamentals that kept the prices of Ethyl Acetate in the upward trend. In China, hike in the prices of Ethyl Acetate was witnessed backed by the supply chain disruption due to the congestion on several ports in China. Moreover, curtailment in the production rates followed by the energy crisis in China further sent ripples to the prices of Ethyl Acetate in this timeframe. In India, spike in the values of Ethyl Acetate was observed supported by the firm demand from the downstream manufacturers and hike in the prices of feedstock. Besides, high freight charges and unavailability of shipping containers further sent ripples to the values of Ethyl Acetate. The prices of Ethyl Acetate in India raised to USD 1396.64/MT in September witnessed an increment of USD 119.02 since July.
Europe
In Europe, prices of Ethyl Acetate witnessed an upward trend backed by its limited availability amid sturdy demand from downstream sectors. Moreover, spike in the prices of feedstock Ethanol and Acetic Acid because of freight charges and lower imports further sent ripples to the values of Ethyl Acetate in this quarter. In addition, promising profit margins were fetched by the manufacturers owing to the strong demand from downstream sectors. For instance, two key suppliers of Ethyl Acetate raised their prices up to 9% during this timeframe backed by the declining import volumes.
For the Quarter Ending June 2021
North America
During the second quarter of 2021, the North American Ethyl Acetate market seemed tight amidst limited availability of the upstream Ethanol and Acetic Acid. Raw material availability was the key issue as Ethanol supplies were majorly diverted towards high prioritized commodities such as hand sanitizers while some turnarounds were reported in the Acetic Acid production facilities. However, demand from the pharma industries remained high, keeping the offtakes of Ethyl Acetate largely uplifted. Pricing trend observed a marginal fall during the start of the quarter but later improved. FOB Texas Ethyl Acetate price in June was assessed at USD 1030 per tonne.
Asia Pacific
The Asian Ethyl Acetate market observed mixed sentiments due to imbalance in the supply and demand of the upstream Acetic Acid because of plant turnarounds at several facilities across the Asia Pacific region. However, the overall supply scenario improved compared to the previous quarter with some tightness observed during the Labour Day holidays in China and global inflationary trend in the upstream crude oil. Prices in India observed an ease initially during the quarter followed by continuous uptrend, taking Ex-Works Mumbai (India) prices in June to USD 1659 per tonne, up by about USD 135 per tonne from the prices seen in late March. Demand from the downstream paints and coatings industries surged in China as the ease in COVID restrictions and improved construction activities supported the enquiries from spot buyers.
Europe
During Q2 2021, the European Ethyl Acetate suppliers reported gradual replenishment in the market supplies. However, some production-related constraints were witnessed due to the curtailed Acetic Acid availability as a major producer was on a turnaround since the last quarter. Market sentiments were raised after backward integration plans of major European producers INEOS and Celanese were revealed. Furthermore, demand was bolstered exponentially due to better material offtakes as enquiries surged from the paints and coating industries to support the recovering automotive sector.
For the Quarter Ending March 2021
North America
Ethyl Acetate supplies in the region remained tight for a larger part of the first quarter as the supplies of feedstock Acetic Acid were limited due to unplanned turnarounds heard across the US Gulf Coast. With its strong diversion towards the pharmaceutical sector, the demand outlook remained firm despite lingering uncertainties in the supply dynamics. The plant outages caused amid the unprecedented freeze weather conditions in the US Gulf region crippled the inventory levels the demand surged as the inventories were running low and the consumption from the downstream sector remained upbeat. The widened supply-demand gap resulted in spiked prices of Ethyl Acetate in the US market, which further forced the local buyers to extend their flexibility towards the Asian stocks.
Asia-Pacific (APAC)
Limited availability of the feedstock Acetic acid pushed up the production cost of several downstream Acetyl producers amid planned shutdowns during the Chinese Lunar New year holidays. The demand however surged from the downstream sector. the supply-demand gap difference followed by the global supply shortages resulted in price uptrend. Inflated shipping costs and container shortages additionally impacted the material movement on the global scale. Exports of Ethyl Acetate from India jumped substantially due to its high global demand, exceeding 8110 KT in February with majority volumes shipped to European countries especially Italy, Belgium and Russia. In India, Ethyl Acetate prices gained by USD 615/tonne within the quarter.
Europe
The European market of Ethyl Acetate improved during the quarter and attained a balanced status, as a major player ended its turnaround and improved the domestic regional supplies, However, some constraints were addressed as Celanese announced a planned turnaround in March, followed by the reduced supplies from the US. The demand however improved as the buying activities improved from the pharma sector amid tightened market conditions due to COVID lockdown in various parts of the region.
For the Quarter Ending September 2020
Asia
Ethyl Acetate supply across Asia was observed getting tighter by the end of the Q3 with the prices gradually increasing due to restricted supply. The spot prices of Ethyl Acetate were observed to be hovering around USD 725/tonne FOB China. Key Chinese producer Jiangmen Handsome Chemical Development shut its 200 KTPA Ethyl Acetate plant in Taixing, Jiangsu in September. In South Korea, Korea Alcohol Industrial also shut its plant for scheduled maintenance. The price of Ethyl Acetate were observed to be steady due to stable demand-supply gap. Exports from China to other Asian countries increased due to increased demand in cleaning and sanitizing industry. Brisk trades pushed up the price of Ethyl Acetate to a seven-month high in September.
North America
North America’s Ethyl Acetate supply continued to fall due to rise in demand of upstream ethanol in hand sanitizer production. With the surge in the number in coronavirus cases, the demand of single use plastics increased that subsequently led to upstream supply concerns. The growing demand coupled with stiff supply pressured the dynamics. The prices of Ethyl Acetate took an all time high due to disrupted demand-supply issues during Q3. In Q4, the demand is expected to regain stability and the supply of the product is also anticipated to reach high levels.
Europe
The European demand of Ethyl Acetate was low due to limited offtakes by the end-users. Extended lockdowns disrupted the demand of the Ethyl Acetate in majorly all the countries of Europe. The prices of raw material were comparatively higher than observed in Q1 and Q2. Due to unattractive prices offered by the overseas nations like India and Brazil, buyers turned favorable towards domestic players. Demand jumped in September but remained shrouded with uncertainties amid looming economy as fears of second coronavirus wave pressured the overall activity.
