For the Quarter Ending September 2024
North America
The third quarter of 2024 has been a period of mixed movement of prices for Maleic Anhydride in North America, with significant factors influencing market prices. The demand for Maleic Anhydride has been on the rise due to strong performance in downstream industries such as coatings and Unsaturated Polyester Resin. This increased demand has put pressure on prices, supported by stable production costs driven by benzene prices and high natural gas costs.
In the USA, where the most substantial price changes have been observed, market trends have shown a consistent upward trajectory. The quarter’s ending price of Maleic Anhydride has increased by 28% compared to the same quarter last year, highlighting the significant growth in the market. Furthermore, there was relatively no change from the previous quarter’s ending price in 2024, indicating a flattening of prices and the market reaching equilibrium
The price comparison a 1% increase in the first half, showcasing consistent growth only to see a downturn right at the end of the October driven by growth and geopolitical concerns. As the quarter ended, the price of Maleic Anhydride Liquid DEL Louisiana in the USA stood at USD 1390/MT, reflecting the positive and increasing pricing environment in the region.
APAC
The third quarter of 2024 has been marked by a mixed trend in Maleic Anhydride prices in the APAC region. This increase can be attributed to several key factors. Firstly, supply constraints due to disruptions in logistics and production have tightened the market. Secondly, robust demand from various industries, particularly in the automotive and construction sectors, has contributed to the price surge.
Additionally, the impact of rising crude oil prices and fluctuating currency values has added upward pressure on prices. Japan, in particular, has experienced the most pronounced price changes in the region. The overall trend in Japan has been characterized by a steady increase in prices, reflecting a positive pricing environment. The 7% increase in the previous year’s quarter ending price compared to this year, while the 8% rise from the previous quarter’s ending price highlights the surges in Maleic Anhydride prices. Plant outages and supply challenges due to tightening to control oversupply kept the prices up.
Moreover, the prices surged up by 5% due to peaking of trade as well as freight charges in August 2024, underscores the ongoing upward trajectory. The prices then dropped due to weakening demand and lower deliveries scheduled for the given time, followed by further supply tightening and cyclonic disturbances in September raising the prices at faster rate. As of the latest data, Maleic Anhydride is priced at USD 1103/MT CFR Tokyo, indicating a strong and consistent increase in pricing sentiment.
Europe
In Europe, the third quarter of 2024 witnessed a mixed trend in Maleic Anhydride prices, influenced by several key market factors. Demand for Maleic Anhydride increased due to robust performance in downstream industries like coatings and Unsaturated Polyester Resin, exerting upward pressure on prices. This was further supported by stable production costs, largely tied to benzene and high natural gas prices.
In Germany, where the most pronounced price changes were observed, the market experienced a steady upward trend. Maleic Anhydride prices at the close of the quarter were 9% higher compared to the same period last year, demonstrating significant market growth. However, prices at the end of the third quarter showed a 3% rise from the previous quarter of 2024.
A gradual price rise of 5% signaled consistent growth till the third week of September, though a major downturn occurred by the end of September, driven by geopolitical factors and continued economic expansion. As of the end of the quarter, Maleic Anhydride liquid FD Hamburg in Germany was priced at USD 1285 /MT.
MEA
The third quarter of 2024 saw mixed trends in Maleic Anhydride prices in the MEA region, driven by several key factors. Supply constraints, due to logistics and production disruptions, tightened the market. Additionally, strong demand from industries like automotive and construction further contributed to the price increase.
Rising crude oil prices and fluctuating currency values also added upward pressure on prices. Saudi Arabia, in particular, experienced the most significant price shifts in the region. The country saw a steady rise in prices, reflecting a positive pricing environment, with a 7% increase compared to the same quarter last year and an 8% rise from the previous quarter. Supply challenges, including plant outages and efforts to control oversupply, kept prices elevated.
In August 2024, a 6% price surge was driven by heightened trade and freight costs, emphasizing the ongoing upward trend. However, prices briefly dipped due to weakening demand and reduced deliveries before spiking again in September, influenced by further supply tightening and geopolitical concerns. This rapid increase reflects the region's strong pricing momentum.
For the Quarter Ending June 2024
North America
In Q2 2024, the Maleic Anhydride market in North America has experienced a mixed trajectory in pricing, driven by a confluence of factors. The quarter was characterized by steady but moderate demand from downstream industries, particularly in construction and automotive sectors. A critical influence has been the constrained supply due to limited operating rates and sporadic plant shutdowns, compelling manufacturers to elevate prices marginally to offset these disruptions. Additionally, the rising crude prices did not provide sufficient cost support for Maleic anhydride this quarter as demand woes triumphed over cost pressures.
Focusing on the USA, which has seen significant price fluctuations, the overall trend has been an increase, reflecting robust seasonality and a correlation with rising shipping costs and container shortages. The Federal Reserve's monetary policies, aimed at curbing inflation, have also played a role by reducing spending on manufactured goods and capital projects. This economic environment has led to a complex interplay of supply-side constraints and demand pressures, reinforcing the positive pricing sentiment for Maleic Anhydride.
From the previous quarter in 2024, prices in the USA have risen by 7.7% cumulatively throughout the quarter owing to higher cost crude oil. Conclusively, by the quarter's end, Maleic Anhydride prices in the USA were recorded at USD 1380/MT Liquid DEL Louisiana, reflecting a stable yet positively inclined pricing environment.
APAC
The second quarter of 2024 marked a pivotal period for Maleic Anhydride in the APAC region, characterized by a mixed trend with prices largely fluctuating. The price peaked at the end of the quarter as major deliveries and shipping schedules from China were thus aligned for deliveries and traders faced high premiums for the sale of spots on freight carriers. Several critical factors contributed to this trend. Heightened production activities in industries such as unsaturated polyester resins (UPR) and seasonal demand fluctuations, particularly in applications like paints and coatings, drove a significant increase in Maleic Anhydride consumption. Simultaneously, supply-side constraints, including limited domestic production and disruptions in raw material supply chains, exacerbated the situation, creating a notable supply shortage. Furthermore, the rising costs of benzene, a key feedstock, elevated production expenses, compelling manufacturers to adjust their pricing strategies accordingly. Focusing on Japan, the market experienced the most substantial price volatility within the APAC region. Overall trends indicated a bullish sentiment influenced by seasonal demand peaks and constrained supply chains. The Japanese market observed a 13.7% price rise throughout the quarter as Chinese markets kept the regional market. The positive sentiment was further bolstered by increased import costs and elevated global raw material prices. By the end of Q2 2024, the price of Maleic Anhydride in Japan settled at USD 1020/MT CFR Tokyo, underscoring a stable yet optimistic market outlook. This period's pricing environment was predominantly positive due to the interplay between demand surges and supply constraints, establishing a foundation for potential future increases.
Europe
In Q2 2024, the European Maleic Anhydride market experienced an overall positive pricing environment, driven by several significant factors. The quarter was marked by a steady demand from downstream sectors such as Unsaturated Polyester Resins (UPR), automotive, and construction industries. Despite moderate activity levels in these sectors, the supply chain complexities, including increased shipping costs and container shortages, exerted upward pressure on prices. Additionally, the persistently high feedstock benzene prices contributed to elevated production costs, further supporting the bullish trend in the market. Germany, in particular, witnessed the fluctuating trend with prices having cyclical price movements this quarter due to delays in deliveries and downstream consumption facing outages due to flooding in Rhineland. The country's Maleic Anhydride market saw a cumulative price rise of 8% throughout the quarter. However, the price rise was more pronounced for the latter half of the year due to high deliveries scheduled from Asia. The latest quarter-ending price for Maleic Anhydride Flakes FD Hamburg stood at USD 1275/MT, underscoring the persistent supply-side pressures and firm demand. Overall, the pricing environment in Europe during Q2 2024 was strongly influenced by supply chain constraints, raw material costs, and sector-specific demand dynamics, painting a predominantly positive outlook for Maleic Anhydride prices in Germany and the broader European market.
For the Quarter Ending March 2024
North America
In Q1 2024, the North America region witnessed an overall positive pricing environment for Maleic Anhydride, with prices experiencing an upward trend. Several factors influenced the market prices during this period. Firstly, there was a renewed cost support from upstream Benzene, which led to an increase in the manufacturing costs of Maleic Anhydride. This, in turn, contributed to the overall price increase. Additionally, there was an improvement in demand from the downstream construction and other allied industries, which further supported the price hike.
In the USA, which experienced the maximum price changes, the pricing trend followed a similar pattern. The availability of Maleic Anhydride was adequate to meet the demand from the downstream industries, but lower operating rates of manufacturing firms in the previous month due to low season demand raised supply-side concerns. However, with a drop in inflationary pressures and no subsequent hike in interest rates, manufacturing activities started to gain momentum, leading to increased demand for Maleic Anhydride.
Looking at the price changes in Q1 2024, there was a significant increase compared to the same quarter last year. The percentage change from the previous quarter in 2024 was recorded at 39%, indicating a substantial price increase. Furthermore, there was a price decline of 6% between the first and second half of the quarter. The latest quarter-ending price for Maleic Anhydride Liquid DEL Louisiana in the USA was USD 1260/MT.
APAC
Maleic Anhydride prices in the APAC region during Q1 2024 have experienced a downward trend, with Japan seeing the most significant price changes. The overall market has been influenced by various factors, including weak demand from downstream industries such as Unsaturated Polyester Resins (UPRs) and agrochemicals due to economic headwinds and low seasonality. Additionally, the global economic slowdown and uncertainties in the crisis-hit property sector in China have contributed to the subdued demand. This has led to a decrease in market prices.
In Japan specifically, Maleic Anhydride prices have seen a significant decline. Compared to the same quarter last year, prices have dropped by 23%. Furthermore, prices have also decreased by 10% compared to the previous quarter in 2024. Within the quarter, there has been a 9% decrease in prices between the first and second half.
The latest quarter-ending price for Maleic Anhydride CFR Tokyo in Japan is recorded at USD 907/MT. Overall, the pricing environment for Maleic Anhydride in Japan has been negative, with prices experiencing a consistent decrease.
Europe
Overall, the pricing environment for Maleic Anhydride in the European region during Q1 2024 was negative, characterized by decreasing prices and sluggish demand from the construction and other downstream industries. Several factors contributed to this downward trend. Firstly, there was a decrease in demand from the construction sector, which resulted in oversupply and downward pressure on prices. Additionally, demand from other downstream industries remained sluggish, further adding to the downward shift in prices. The chemical industry also faced destocking pressures, impacting demand for Maleic Anhydride. The typical winter slowdown in construction activity exacerbated the market's sluggishness. As a result, manufacturers adjusted production levels to match demand and stabilize prices.
Among the European countries, Belgium witnessed the maximum price changes in Q1 2024. The overall trend in Belgium mirrored the European market, with decreasing prices. There was a correlation between price changes and limited production activities during the year-end holidays. Despite the persistently low demand from the downstream construction sector, manufacturers in Belgium maintained higher prices to ensure profitability in the face of reduced output and high raw material costs.
Compared to the same quarter last year, Maleic Anhydride prices in Europe decreased by 23%. In Q1 2024, there was a further decline of 3% from the previous quarter. The first half of the quarter saw a price decrease of 18% compared to the second half. The quarter-ending price in Belgium was recorded at USD 1207/MT of Maleic Anhydride Flakes FD Antwerp.
For the Quarter Ending December 2023
North America
Maleic Anhydride prices in North America remained stable during Q4 2023. The market was primarily impacted by factors such as fluctuations in feedstock prices, imbalances in supply and demand, geopolitical tensions, advancements in technology, and environmental considerations.
In the USA, Maleic Anhydride prices fluctuated due to moderate demand and raised production costs. The decline was driven by sluggish global economic data, while positive demand forecasts from downstream sectors like butanediol and solvent industries supported the market. The production rate in the country remained moderate, and the overall price segmentation was distributed by the operational cost and demand outlook.
Unsaturated polymer resins and butanediol showcased average demand, leading to an incline in the final prices of Maleic Anhydride. No plant shutdown was reported in the market. The price of Maleic Anhydride Liquid DEL Louisiana in the USA for Q4 2023 was USD 1160/MT. The trend remained stable, while the percentage change from the previous quarter was no change. The price comparison of the first and second half of the quarter was not found. Overall, the market dynamics remained stable, and the demand outlook for the product remained modest.
APAC
Maleic Anhydride prices in the APAC region remained under pressure during the current quarter (Oct-Dec) due to various factors. Firstly, the moderate demand and slow operational rate increased the demand-supply gap, leading to price inclinations. Secondly, the ample supply of inventory in the benzene market in Asia put pressure on the comprehensive market for Maleic Anhydride and its derivatives within the domestic market.
Thirdly, the stable benzene prices impacted the operational rate and production cost. Among the APAC countries, Japan witnessed the maximum changes in Maleic Anhydride prices during the current quarter. The trend, seasonality, and correlation of prices in Japan were negative, indicating a downward trend in prices.
The percentage change in prices from the same quarter last year was -5%, while the percentage change from the previous quarter was 4%. The price comparison between the first and second half of the quarter was -9%. The primary reason for the price fluctuations in Japan was the weak demand and ample supply of Maleic Anhydride. The quarter-ending price of Maleic Anhydride CFR Tokyo in Japan was USD 1045/MT.
Europe
Maleic Anhydride prices in the European region remained stagnant in Q4 2023, majorly due to the slow demand and uncertainty in the economic conditions. The petrochemical industry relies heavily on natural gas and naphtha feedstocks, which led to limited processing of their preferred feedstock in the European petrochemical plants, resulting in stagnant prices. Increased competition from the Asian market also led suppliers to maintain steady prices to optimize order volumes. Belgium witnessed the most significant changes in Maleic Anhydride prices during the quarter, with a 7% price increase in the second half compared to the first half. The demand outlook was moderate amidst weak feedstock (benzene) prices resulting in a price rebound in Italy. The percentage change in the price of Maleic Anhydride in Belgium was -23% compared to the same quarter of the previous year. The current quarter saw an 11% increase in prices compared to the previous quarter. The latest quarter-ending price of Maleic Anhydride Flakes FD Antwerp in Belgium was USD 1348/MT. Overall, the stagnant prices of Maleic Anhydride in the European market were due to a slow demand and limited processing of preferred feedstocks, while Belgium witnessed a moderate price increase in the second half of the quarter.
