North America
The North American Butyl Acetate market witnessed a stable trend in Q4 2023. The market was moderately supplied with steady demand from downstream industries, primarily the construction sector. However, the market was impacted by elevated interest rates, which caused reduced demand in the construction industry.
Additionally, heavy destocking activity among sellers due to high inventories led to lower prices. The shutdown of any plant was not reported in Q4 2023. The USA, which has the highest changes in prices, exhibited a bullish trend primarily influenced by increasing demand from the international market and higher production due to high natural gas prices.
However, the market was dampened by a notable surplus of inventories, which led to lower prices. The quarter ending price of Butyl Acetate DEL Chicago in the USA was USD 2226/MT. Overall, the North American Butyl Acetate Prices witnessed a stable trend, with demand from the construction sector remaining firm but the market impacted by high inventories and elevated interest rates.
APAC
The APAC region witnessed stability in the pricing of Butyl Acetate in the current quarter of 2023 (Q4) with some fluctuations in Japan. The market situation remained stable with moderate supply and heavy destocking activities leading to lower prices. High levels of inventories in the market resulted in lower prices, while demand from the international market remained low. However, demand from downstream industries like construction was firm. The shutdown of any plant was not reported during this period. Japan witnessed a bullish market situation with constant supply from the international market, leading to a 2% rise in prices. However, rising production costs on the back of increasing natural gas prices impacted the market. The pricing trends in Japan displayed a seasonality pattern with a 6% rise in prices from the previous quarter and a 1% price increase in the second half of the quarter compared to the first half. The current quarter-ending price of Butyl Acetate CFR Osaka in Japan was USD 1156/MT. Overall, the APAC region witnessed a stable market situation with lower prices due to high inventories and lower international demand, while Japan faced some fluctuations due to rising production costs despite constant international supply.
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Europe
The current quarter of 2023 saw several factors affecting the Butyl Acetate market in Europe. Firstly, heavy destocking activities in the market led to a decrease in prices. Secondly, the supply was moderate with plants operating at lower rates due to weak downstream demand. Thirdly, rising coal gas prices led to higher LNG costs, increasing production costs. In Belgium, the prices of Butyl Acetate were stated at USD 1536/MT FOB Antwerp as of the end of the current quarter. Belgium witnessed a percentage change of 18% in prices from the previous quarter, with a 12% increase in prices in the second half of the quarter compared to the first half. The primary reason for this was the shutdown of the BASF Butyl Acrylate plant in Antwerp, leading to supply shortages and higher prices. Furthermore, demand from the international market was expected to decrease, leading to lower overseas inquiries and prices. In addition, high levels of inventories in the market were likely to lead to lower prices. Despite Euro depreciation by 1.08% against USD, import prices were expected to remain lower. Overall, the Butyl Acetate market in Europe witnessed stable trends with the anticipation of declining prices in the future.
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