North America
In the fourth quarter of 2023, the Acetone market in North America experienced a substantial surge in prices. The market encountered tight supply constraints due to limited volumes in the domestic spot market, and production rates declined, leading to an accumulation of inventory. However, limited procurement activities by potential buyers posed significant price challenges, resulting in a premium in the domestic market.
The United States was the most impacted country, with prices following a bullish trend due to robust cost support from upstream Benzene and high demand from downstream derivatives, particularly the Bisphenol A industry. The country also faced restricted inventory availability, contributing to price hikes. Notably, there were no reported plant shutdowns during this quarter.
Inflationary pressures had increased as the prices of materials, such as metals and plastics from suppliers, and transportation charges, rose more sharply. In response to OPEC's supply cuts, the Americas, especially the United States, had enhanced their supply. Although OPEC's actions were aimed at sustaining existing price levels, they had prompted Americans to seize market share at heightened prices. At the end of the quarter, Acetone prices in the USA stood at USD 1472/MT DEL Texas.
APAC
During Q4 of 2023, the Acetone market in the APAC region experienced a bearish trend, attributed to reduced demand from downstream industries, lowered import prices, and limited inquiries from importing countries. As the quarter concluded, production rates decreased, and a pessimistic demand outlook contributed to a decline in prices. In Japan, the Acetone market underwent significant price changes, in FOB Osaka prices. The quarter concluded with the latest Acetone FOB-Osaka price settling at USD 770/MT. The demand forecast for the downstream sector, including bisphenol and personal care products, was conservative, potentially favouring buyers with advantageous offers for higher orders. As inflation exceeded the targeted rate for an extended duration, market participants anticipated that the Bank of Japan (BOJ) would raise short-term interest rates from negative levels in the following year. Japan's prolonged experience with low inflation and stagnant wage growth likely heightened the public's belief that prices and wages would persistently remain stagnant around zero. Notably, there were no reported plant shutdowns during this period.
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Europe
In Q4 of 2023, the European Acetone market experienced an incline in prices. Demand remained moderate due to subdued downstream requirements from bisphenol, personal care, and disinfectant sectors. Acetone prices in the Netherlands and Germany remained steady with ample stockpile availability. However, Belgium witnessed a price improvement due to limited inventory availability. Towards the end of the quarter, lower production rates and a subdued demand outlook from the bisphenol and personal care sectors emerged. The increased energy prices gradually elevated the overall production cost of Acetone in the European market. The heightened operational rate amid increased demand impacted overall Acetone prices. Demand remained constant during the winter season, influenced by a slowdown in construction activity. The latest Acetone price in Belgium for Q4 2023 was USD 1134/MT. Towards the quarter end, the tight supply amidst the Red Sea conflict elevated the overall market dynamics of Acetone in the European market.
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