For the Quarter Ending September 2024
North America
In Q3 2024, the Ethylene Vinyl Acetate (EVA) market in North America experienced divergent pricing behavior. Minimal fluctuations were observed throughout the first half of the quarter, influenced by stable demand from downstream industries such as packaging, solar, and footwear. Additionally, consistent cost support from upstream raw materials like Ethylene and Vinyl Acetate Monomer contributed to the stable pricing environment. However, concerns over weak consumer demand and competition from Asian manufacturers impacted overall market dynamics.
In the second half of the quarter, EVA prices in Mexico rose significantly due to increased import costs and production expenses faced by exporters. Although overall packaging demand remained weak, the sector experienced improved activity, driving higher inquiries and new orders. The Mexican government’s implementation of import tariffs on packaging products aimed to boost domestic competitiveness, contributing to an increase in demand for EVA. Consequently, North American demand was expected to rise, alleviating cost pressures from cheaper imports.
Despite the overall stable market, Mexico recorded a quarter-on-quarter price change of -2%, reflecting a slight decline. Notably, prices remained constant between the first and second halves of the quarter, indicating a steady pricing trend. The quarter-ending price for Ethylene Vinyl Acetate (EVA) 28% CFR Manzanillo in Mexico settled at USD 1,750/MT, aligning with the mixed pricing sentiment observed throughout the quarter.
APAC
The Q3 showed the fluctuating pricing pattern in the APAC region. In the first half of Q3 2024, prices of Ethylene Vinyl Acetate (EVA) in the Chinese market declined reflecting ongoing weak demand from the EVA terminal industry. EVA production slightly decreased to around 72%, easing supply pressure, but over 70% of domestic petrochemical plants maintained sufficient inventory, indicating limited demand improvement. Traditional downstream sectors, such as foam shoe materials and cables, were entering their off-season, providing minimal support for EVA prices. Additionally, average consumption of photovoltaic materials further hindered demand growth, resulting in sluggish market transactions.
In the second half of Q3 2024, Ethylene Vinyl Acetate (EVA) prices in the Chinese market rebounded due to supply stresses and rising upstream costs. Reduced production levels created supply pressure, while increasing ethylene prices provided crucial support for EVA prices. Although EVA production rates improved, traditional downstream sectors such as foam shoe materials and cables faced continued weak demand due to the off-season. The photovoltaic sector showed slight improvement, but overall demand remained subdued. Consequently, while market transactions for EVA were sluggish, a cautious procurement approach ahead of holidays contributed to the upward price movement.
The quarter saw a continued downward trend from the previous quarter, with a -9% decline in prices. However, there was a slight recovery noted in the second half of the quarter, with a 3% increase in prices.
The quarter-ending price of Ethylene Vinyl Acetate 28% EX Works Nanjing in China stood at USD 1130/MT, reflecting a challenging pricing environment with mixed pricing trend throughout the quarter.
Europe
In Q3 2024, the European Ethylene Vinyl Acetate (EVA) market exhibited a mixed pricing pattern. In the first half, prices declined, primarily due to weak demand from downstream industries such as packaging, footwear, and solar panel manufacturing. The packaging sector struggled with a lack of new orders amid sluggish economic growth and reduced consumer spending, while the solar industry faced challenges from an influx of cheaper imports from China, further worsening demand. Supply conditions remained moderate, with tight availability of upstream ethylene driven by low operating rates and sluggish imports from the U.S. and Asia. The ifo Business Climate Index indicated deteriorating economic sentiment in Germany, as nearly half of the manufacturers reported insufficient orders.
In the second half of Q3, EVA prices rose due to increasing pressures from upstream markets. Rising ethylene prices, fueled by tight supply and higher naphtha feedstock costs, drove up production expenses. Supply constraints worsened with reduced import offers and scheduled cracker maintenance anticipated to limit ethylene availability. Despite ongoing weak demand, particularly in the solar sector, the market sentiment shifted to bullish as manufacturers faced rising costs, highlighting a complex and challenging economic landscape for EVA producers in Europe.
Germany recorded a quarter-on-quarter price change of -3%, reflecting a slight decline. Notably, prices remained constant between the first and second halves of the quarter, indicating a steady pricing trend. The quarter-ending price for Ethylene Vinyl Acetate (EVA) 28% FOB Hamburg in Mexico settled at USD 1,730/MT, aligning with the mixed pricing sentiment observed throughout the quarter.
MEA
In Q3 2024, the Ethylene Vinyl Acetate (EVA) market in the MEA region experienced mixed price fluctuations. In the first half of the quarter, the EVA market faced a slight decline due to persistent weak consumer demand. Although EVA production rates decreased to around 60-65% of total capacity, alleviating supply pressure, high product inventories in both domestic and international markets hindered any improvement. Traditional downstream industries, such as foam shoe materials and cables, were entering the off-season, further dampening demand. Consequently, despite initial surges in orders for foamed shoe materials, sales quickly tapered off, resulting in sluggish market transactions.
In the second half of Q3 2024, the EVA market witnessed a period of increasing prices, driven by several significant factors. The quarter saw a notable rise in raw material costs, particularly for Vinyl Acetate Monomer (VAM), which directly impacted EVA pricing. Additionally, production levels of EVA equipment improved, easing some of the supply pressures in the market. However, the cost dynamics were mixed; while ethylene prices remained stable, vinyl acetate prices experienced fluctuations, providing limited support for EVA costs. On the demand side, the EVA industry faced challenges due to weak performance in end-use sectors, such as foam shoe materials and cables, which were also entering their off-season. This lackluster demand environment contributed to ongoing price pressures in the market.
Furthermore, the quarter-on-quarter change showed a decrease of 9%, highlighting a continued downward trend. The comparison between the first and second halves of the quarter revealed a minimal 1% price difference, showcasing relative stability in pricing dynamics. The quarter-ending price of USD 1,190/MT for Ethylene Vinyl Acetate 28% FOB Al Jubail in Saudi Arabia underscored the prevailing challenging market conditions and the overall volatile pricing environment in Q3 2024.
South America
In Q3 2024, the Ethylene Vinyl Acetate (EVA) pricing landscape in South America remained volatile. A consistent trend was reflected throughout the first half of the quarter. This pricing stability was primarily influenced by steady demand from downstream industries, including packaging and photovoltaic panel manufacturing, alongside moderate overall consumer demand. Despite a slight decline in the footwear sector, inquiries from packaging industries continued to increase, indicating a balanced market environment.
In the second half of the quarter, prices of Ethylene Vinyl Acetate (EVA) rose in the Brazilian domestic market due to escalating cost pressures. Exporters increased their quotations in response to rising manufacturing costs and improved demand from downstream sectors. Despite moderate overall demand, inquiries from the packaging sector surged, driven by the recovery of Latin American food exports. Additionally, stable upstream support from the Vinyl Acetate Monomer and Ethylene markets, along with geopolitical uncertainties affecting crude oil prices, further contributed to the upward price movement.
However, compared to the previous quarter, prices remained unchanged, showcasing resilience in the face of market fluctuations. The quarter-ending price of USD 1,840/MT for Ethylene Vinyl Acetate (EVA) 28% CFR Santos in Brazil signifies the varying pricing environment across the region.
For the Quarter Ending June 2024
North America
In Q2 2024, the Ethylene Vinyl Acetate (EVA) market in North America experienced a pronounced decrease in prices, driven primarily by several key factors. The overarching dampening sentiment in the market was rooted in weak consumer demand and heightened competition from Chinese imports, particularly in the downstream solar encapsulation and footwear sectors. The influx of cheaper Chinese EVA alternatives forced prices down, often below production costs, exacerbating the difficulties faced by domestic manufacturers. Additionally, ample stockpiles of upstream ethylene provided little cost support, further contributing to the bearish trend.
Focusing on the USA, the EVA market witnessed significant price changes, illustrating a clear downward trajectory. The overall trend was characterized by moderate demand in the downstream packaging and solar industries, where American solar panel production struggled to meet domestic needs, leading to continued reliance on imports. Despite a modest 3% price increase from the previous quarter in 2024, the second half of the quarter saw a slight -2% decrease, reflecting persistent price pressures.
The seasonality factor, typically influencing demand cycles, was overshadowed by the broader market dynamics of oversupply and competitive pricing. The quarter ended with the price of Ethylene Vinyl Acetate (EVA) 28% DEL Houston at USD 1677/MT, signaling a negative pricing environment. The consistent decrease in prices suggests that the market remains under strain, with the overall sentiment being decidedly negative due to these compounding factors.
APAC
In Q2 2024, Ethylene Vinyl Acetate (EVA) pricing within the APAC region experienced a notable decline driven by multifaceted market dynamics. A primary factor contributing to the downward trend has been the persistent weakness in demand from downstream sectors such as footwear, packaging, and photovoltaic panels. Despite stable production levels at EVA terminal enterprises, the market has struggled with high inventory levels and cautious purchasing behavior from buyers. The oversupplied market conditions have led petrochemical plants to adjust their production capacities dynamically, further compounding the pricing pressures.
In South Korea, the region most affected by these changes, EVA prices reflected a stark downward trajectory. Seasonal factors added complexity, with traditional downstream industries entering their off-season, leading to fewer new orders and a more pronounced drop in demand. The correlation between supply adjustments and demand stagnation has been evident, exacerbated by weak support from primary raw materials like ethylene and vinyl acetate.
From the previous quarter in 2024, prices saw a slight increase of 2%, indicating a brief period of stabilization before further declines. Notably, the price comparison between the first and second half of this quarter revealed a 9% decrease, reflecting intensifying bearish market sentiments.
The latest quarter-ending price for Ethylene Vinyl Acetate (EVA) 28% FOB Seoul stands at USD 1300/MT. This persistent decline highlights a negative pricing environment driven by oversupply and weak downstream demand, leading to market instability and cautious trading behaviors across the region.
Europe
In Q2 2024, the Ethylene Vinyl Acetate (EVA) market in Europe experienced a pronounced downturn, driven primarily by weak consumer demand and intensifying competition from Chinese imports. Key factors contributing to the bearish trend included stabilizing energy prices and elevated inflation rates, which collectively diminished the appeal of residential solar installations—a significant downstream application for EVA. The influx of low-cost Chinese solar modules further exacerbated price declines, often undercutting European production costs and saturating the market with cheaper alternatives. Additionally, stable upstream Ethylene prices offered no mitigating support for EVA pricing, leading to a sustained downward trajectory.
Focusing on Germany, which witnessed the most substantial price fluctuations, the EVA market was marked by a consistent decline. Overall trends indicated a sluggish demand environment, heavily influenced by reduced solar encapsulation activities and a tepid response from other downstream sectors such as footwear and packaging. Seasonal factors appeared negligible against the overarching economic pressures. The percentage change with the previous quarter in 2024 showed a -7% decline, affirming the persistent negative sentiment. Furthermore, the price disparity between the first and second halves of the quarter, at -5%, underscored the continuous descent in market prices.
Concluding the quarter, the price of Ethylene Vinyl Acetate (EVA) 28% FOB Hamburg in Germany settled at USD 1800/MT, encapsulating the negative pricing environment that characterized the quarter.
MEA
The second quarter of 2024 has seen a significant downturn in the pricing of Ethylene Vinyl Acetate (EVA) within the Middle East and Africa (MEA) region, driven primarily by weak consumer demand and ample market supply. Several factors have contributed to this bearish sentiment. Firstly, the downstream industries, including footwear, packaging, and photovoltaic panels, have exhibited notable demand weakness. The slowdown in these sectors has impeded purchasing activities, leading to a buildup of inventories and a reluctance to stock up at high prices. Additionally, the raw material markets for ethylene and vinyl acetate monomer provided little support, resulting in a cost structure that failed to stabilize EVA prices.
In Saudi Arabia, the EVA market has been particularly impacted, reflecting the most significant price changes. Seasonality played a role, as traditional industries such as foam shoe materials and cables entered their off-season, further depressing demand. The trend has been a persistent decline, with the quarter a -1% decrease from the previous quarter of 2024.
A comparative analysis within the quarter reveals an 11% price drop between its first and second halves, underscoring the deepening negative sentiment. The latest quarter-ending price settled at USD 1180/MT for Ethylene Vinyl Acetate 28% FOB Al Jubail. Overall, the EVA pricing environment in Q2 2024 has been unequivocally negative, dominated by oversupply and tepid demand, leading to continuous price erosion.
South America
In Q2 2024, the South American region experienced a fluctuating trend in Ethylene Vinyl Acetate (EVA) prices. In April, prices in Brazil rose due to high-cost imports from the USA and increased production costs. Enhanced demand from downstream industries, especially packaging driven by the recovery of Latin American food exports, also contributed to the price increase. Despite some sectors like footwear experiencing a downturn, the overall market remained bullish. The Brazilian Real's 2.70% depreciation against the USD further influenced price hikes.
Moving into May, EVA prices in Brazil declined due to weak consumer demand and soft import prices. Downstream industries saw moderate demand overall, with a notable decline in the footwear sector's exports amid global market instability and competition from China. Although the packaging industry continued to see increased inquiries, the solar encapsulation manufacturing industry faced challenges from cheaper Chinese imports, resulting in scaled-back expansion plans and weak sales of domestically produced encapsulations.
Towards the end of the quarter, prices in June stabilized due to unchanged market fundamentals. Demand from downstream industries remained moderate, with a slight decrease in the footwear sector. However, the packaging industry showed improvement in inquiries. The solar encapsulation manufacturing sector continued to face challenges from cheaper Chinese imports, leading to scaled-back expansion plans and sluggish sales. Despite these challenges, the exponential growth in solar energy highlighted the increasing popularity of photovoltaic technology in Brazil, suggesting future demand for EVA in solar encapsulation. Trade activities remained normal, although freight charges continued to be high.
The 1% increase from the previous quarter was insufficient to reverse the overall negative sentiment. The quarter concluded with EVA 28% CFR Santos in Brazil priced at USD 1870/MT, reflecting the prevailing hybrid pricing environment in the region.
For the Quarter Ending March 2024
North America
In Q1 2024, the Ethylene Vinyl Acetate (EVA) market in North America experienced a mixed pricing environment. Overall, the market sentiment was bearish, with prices showing a slight decline compared to the previous quarter. The decline in prices can be attributed to weak demand from downstream industries and surplus material availability. Consumer markets such as China, Singapore, and India showed reluctance to purchase, contributing to the weak market sentiment. Geopolitical tensions and supply chain disruptions also added to the uncertainty in the market.
In the USA, the pricing situation for EVA was also bearish. Prices dropped in February and March due to increased competition from Chinese manufacturers and decreased demand from downstream industries. However, increased slightly in January due to improved demand from the footwear, packaging, and photovoltaic panels manufacturing industries.
Overall, the market saw moderate supply levels, with manufacturing firms operating at a slower pace. The manufacturing PMI indicated a contraction in output and a decline in new orders, reflecting weakened domestic and international demand. The availability of EVA in the domestic market was sufficient to meet the present demand. Looking at the price trends, however, there was a slight rebound in prices from the previous quarter. The quarter-ending price of Ethylene Vinyl Acetate (EVA) 28% DEL Houston in the USA was USD 1670/MT.APAC
The first quarter of 2024 has seen a significant decrease in prices for Ethylene Vinyl Acetate (EVA) in the APAC region. Several factors have influenced this downward trend, including weak demand from downstream industries, such as adhesives and coatings, and low consumer consumption. Additionally, the Lunar New Year holidays in China and other Asian countries have led to reduced trade volumes and sluggish market activities.
In February, Following the Lunar New Year and Lantern Festival holidays, the overall market performance was sluggish, with poor operating fundamentals persisting. Demand recovery from downstream markets was slow, and there was no notable improvement in new orders post-holidays. On the supply side, sellers had secured enough materials to meet consumer needs during the holidays, while only a few manufacturers were operational during this period.
South Korea, in particular, has experienced the maximum price changes during this quarter. Overall, the pricing environment for EVA in the region has been negative, with a decrease of 26% compared to the same quarter last year. Additionally, there has been a 7% decrease in prices compared to the previous quarter in 2024. To conclude, the latest quarter-ending price for Ethylene Vinyl Acetate (EVA) 28% FOB Seoul in South Korea was USD 1490/MT.
Europe
The first quarter of 2024 has been challenging for the Ethylene Vinyl Acetate (EVA) market in Europe, with prices experiencing significant fluctuations. Several factors have influenced market prices during this period. One of the main drivers has been the influx of Chinese-produced solar panels, which has led to heightened competition and forced US and Europe-based firms to sell their products at lower prices. This increased competition has resulted in decreased demand from downstream industries such as footwear, packaging, and photovoltaic panel manufacturing. Additionally, manufacturers have faced shrinking profit margins.
In Belgium, prices of EVA have dropped further due to weak demand conditions and decreased consumer purchasing. The demand from neighboring European markets has also declined. The cost support from upstream raw materials, such as Vinyl Acetate Monomer (VAM) and Acetic Acid, has remained stable. Overall, market transactions and procurement activities have been limited.
Looking at the price trends, the first quarter of 2024 has seen a bearish market sentiment. Prices have decreased compared to the previous quarter, with a moderate decline in supply and low demand from downstream industries. The latest quarter-ending price for EVA 28% FOB Antwerp in Belgium is USD 1850/MT.
MEA
In the first quarter of 2024, the prices of Ethylene Vinyl Acetate (EVA) in the MEA region experienced a significant decrease. This downward trend can be attributed to several factors that influenced market prices. Weak demand from the downstream industries, such as packaging and adhesives, played a major role in the price decline. The inquiries from these industries were low, and destocking practices in the early Q1 have further contributed to the decrease in prices. Additionally, the growth in new orders from the overseas market was poor, reflecting weak consumption.
Focusing specifically on Saudi Arabia, which saw the maximum price changes in the region, the overall trend for EVA prices remained negative. The prices in Q1 2024 were 36% lower compared to the same quarter last year, indicating a significant decrease in market prices. Furthermore, there was a 5% decrease in prices from the previous quarter in 2024, reflecting the continued downward trend. When comparing the first and second half of the quarter, there was a 12% decrease in prices. This suggests that the price decline was more pronounced in the later part of the quarter.
To conclude, the pricing environment for Ethylene Vinyl Acetate in Q1 2024 has been consistently negative, with prices experiencing a significant decrease. The quarter-ending price for EVA 28% FOB Al Jubail in Saudi Arabia was recorded at USD 1420/MT.
For the Quarter Ending December 2023
North America
In the North American region, the Ethylene Vinyl Acetate (EVA) market in the fourth quarter of 2023 was influenced by several key factors. Primarily, the market experienced a bearish sentiment due to weak demand from downstream industries such as packaging, adhesives, and moldings. This resulted in a decrease in prices as market participants focused on destocking supplies and avoiding holding up inventories.
The prices dropped further in the US market due to the weak demand from downstream industries and sufficient material availability in the domestic market. The cost support from the upstream Vinyl Acetate Monomer declined, resulting in low production costs. However, the overall market outlook remained stable, and consumer inquiries were slightly slow down during this period. In terms of price trends, there was a 2.7% decrease in prices compared to the previous quarter.
However, there was no significant change in prices compared to the same quarter of the previous year. The price of Ethylene Vinyl Acetate (EVA) 28% DEL Houston in the USA for the current quarter is USD 1550/MT. Overall, the North American Ethylene Vinyl Acetate (EVA) market in the fourth quarter of 2023 was characterized by weak demand, sufficient material availability, and stable market conditions.
Asia
The Ethylene Vinyl Acetate (EVA) market in the Asia Pacific (APAC) region during the fourth quarter of 2023 witnessed stable market sentiments. Slow demand from downstream industries and sufficient material availability in the domestic market were the major factors that subdued market growth. The manufacturing plants were operating at moderate to high supply levels, and the demand from downstream industries like coatings and adhesives remained weak. In South Korea, the market situation was bearish, and the demand was low, leading to a price decline of 1.3% in the first week of December. The trend analysis suggested a negative correlation (-11%) between the current and previous quarters, while the price comparison between the first and second half of the quarter showed a -1% decline. Moreover, the year-on-year comparison indicated a significant decline of 42%. Additionally, no major plant shutdowns were reported during the quarter. The latest quarter-ending price of Ethylene Vinyl Acetate (EVA) 28% FOB Seoul in South Korea was USD 1460/MT. Overall, the market in the APAC region remained stable during the fourth quarter of 2023, with limited market transactions and no significant supply-related issues.
Europe
The market for Ethylene Vinyl Acetate (EVA) in Europe during the fourth quarter of 2023 faced several challenges. Weak demand from downstream industries, such as adhesives and coatings, resulted in low consumption and a decline in prices. The sluggish business conditions, as reflected by the HCOB Eurozone Manufacturing PMI, further compounded the market's downturn. Additionally, the European chemicals market experienced a decline due to low demand and rising energy prices. One specific country that experienced significant changes in EVA prices during this quarter was Belgium. The domestic market in Belgium witnessed further price drops due to weak demand conditions and poor domestic consumption. The inquiries from downstream industries remained low, and there was a decrease in demand from neighboring countries in Europe. These factors led to a bearish market situation in Belgium. In terms of pricing trends, the price of EVA in Belgium decreased by 15% compared to the previous quarter. The price of EVA in Belgium at the end of the quarter was USD 1970/MT 28% FOB Antwerp. Overall, the weak demand from downstream industries, low-cost support from upstream raw materials, and limited inventories in the region contributed to the bearish market conditions for EVA in Europe during the fourth quarter of 2023.
Middle East Asia
The Q4 2023 for Ethylene Vinyl Acetate (EVA) in the Middle East Asian region witnessed a bearish market sentiment with moderate demand from the downstream industry. The production plants were operating at a stable rate with steady material availability in the domestic market. The decline in crude oil prices led to a decrease in production costs, which further impacted the prices. The demand from the downstream photovoltaic sector remained weak in Saudi Arabia, leading to a decline in prices. The market transactions were average, and supply chain operations were regular. During the initial week of October, the prices of Ethylene Vinyl Acetate in the Saudi Arabian domestic market witnessed a decline, primarily due to subdued demand from downstream industries. In the Asian market, particularly in China, consumer inquiries from the downstream adhesives and coatings industry weakened, influenced by the mid-autumn holidays. The trend, seasonality, and correlation price percentage for Saudi Arabia in Q4 2023 were declining. The percentage change in prices from the previous quarter was -9%, and the price percentage comparison of the first and second half of the quarter was -1%. The percentage change in last year's same quarter price was -58%. The latest price of Ethylene Vinyl Acetate 28% FOB Al Jubail in Saudi Arabia for Q4 2023 was USD 1370/MT.
