North America

The North American BOPP Film market witnessed to a bearish market situation with moderate supply and demand from the downstream packaging sector of FMCG industries. The prime reason for the declination in prices is attributed to the continued effect of declining prices of feedstock Polypropylene overall fourth quarter compared to previous quarter.

The demand for exports from the downstream packaging sector was constant, but the softer turnaround of the automotive industry in October reduced the demand in the importing market. In Mexico, the price of BOPP Films depreciated due to the constant demand from the downstream packaging sector and relief of sanctions on Venezuelan Crude Oil that depreciated production costs of Polypropylene. 

In December, the lack of new incoming business afforded companies the opportunity to attend to existing backlogs. The absence of additional orders allowed businesses to focus on fulfilling and completing outstanding work that had accumulated over time. This situation highlights a period of relative stability or reduced demand, providing companies the chance to streamline their operations by addressing and clearing existing backlogs.

APAC

In the APAC region, the BOPP Films Prices experienced marginal fluctuations in the final quarter of 2023, showing a downturn compared to the preceding quarter. The stability in feedstock Polypropylene prices had a direct influence on BOPP prices in the region during this quarter. In China, post the festive season of the Mid-Autumn festival, demand from the downstream packaging sector gradually diminished, leading to more restrained purchasing sentiments. The increase in industrial activities in China resulted in abundant supplies, creating an oversupplied market, and suppliers had to manage this surplus by offering discounted prices. Meanwhile, in Korea, there were no significant changes in demand for exports to East Asian and North American markets, as the festive season did not gain substantial momentum. Supply chain systems remained stable with no reported disruptions. Additionally, the sharp decline in upstream crude oil prices in the final quarter of 2023 positively impacted production costs and feedstock costs in the APAC region.

Europe

The European BOPP Films market in the current quarter of 2023 (Q4) witnessed a bearish trend characterized by ample product supplies and moderate demand from the Fast-Moving Consumer Goods (FMCG) packaging sector. The pricing fluctuations in BOPP Films were mainly influenced by uncertainties in crude oil prices and the devaluation of Polypropylene, contributing to reduced production costs. Towards the end of 2023, Germany's manufacturing sector continued to contract, albeit showing indications that the most severe phase of the decline might be subsiding. December witnessed a reduction in purchasing activity, with goods producers aiming to streamline their stocks. Manufacturers, in response to lower capacity utilization, once again reduced workforce numbers. The lack of new orders resulted in a sharp decrease in backlogs of work for manufacturers. The decline in new work from overseas also decelerated, primarily due to subdued demand across European markets. Additionally, the Christmas holidays played a role in slowing down demand from potential customers.

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MEA

The BOPP Films market in the MEA region during the fourth quarter of 2023 exhibited a bearish trend compared to the preceding quarter, marked by moderate supply and low demand, resulting in a stable market. The depreciation in BOPP Films prices was influenced by the declining prices of the feedstock Polypropylene. Uncertainties in Crude Oil prices were anticipated to further contribute to lowering production costs. Saudi Arabia experienced the most significant price change in the product. Continuous decreases in upstream crude oil prices during the fourth quarter supported lower production costs for BOPP Films and also led to affordable feedstock Polypropylene in the Saudi market. Despite improvements in non-oil sectors, the consumption of BOPP remained weak among enterprises due to oversupply and prevailing demand conditions in overseas markets. Merchants in the Saudi market worked with existing stock levels and offered year-end discount prices, impacting the market. During the final month of fourth quarter, the cost of BOPP film was settled at USD 1552/MT on an Ex-Al Jubail.

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