North America
During the challenging fourth quarter of 2023, the North American Cellulose Ether market encountered significant obstacles driven by three primary factors.
Firstly, the demand for Cellulose Ether remained low in both domestic and international markets, attributed to a slowdown in the construction industry. This decline was influenced by high labor costs, escalating material prices, and the onset of the winter lull. Secondly, the market witnessed ample product availability, ensuring stable supplies throughout the quarter. Finally, market sentiment stayed bearish, resulting in a 4% decline in prices.
However, a positive shift occurred in the middle of the fourth quarter, driven by seasonal demand from the automotive sector and preparations for restocking activities associated with Christmas and the winter season. This induced optimism among traders, anticipating high demand from the downstream FMCG sector. In summary, the North American Cellulose Ether market faced challenges in Q4 2023, marked by low demand, stable supplies, and a bearish market sentiment. The USA experienced pricing fluctuations throughout the quarter, with no significant overall change. The latest price for Cellulose Ether (CMC) FOB Texas in the USA for the current quarter stands at USD 4202/MT.
APAC
In Q4 2023, Cellulose Ether prices in the APAC region exhibited stability amid moderate demand and consistent supplies, with minor weekly price adjustments. The market maintained equilibrium, and supplies remained steady throughout this period. The key factors influencing the market included a narrowed demand-supply gap, a post-festive relaxation in market dynamics, and subdued overseas sales. Notably, China experienced significant price fluctuations, witnessing a 0.8% increase in November and a subsequent 2% decline in January. The trend for Cellulose Ether in China was negative, with a projected 2.3% decline in December 2023. No substantial seasonality was evident, and the correlation price percentage was deemed moderate. Both the percentage change from Q4 2022 and the change from the previous quarter remained constant at 0%. The quarter-ending price for Cellulose Ether HEC (80000-100000) Grade FOB Qingdao in China stood at USD 5180/MT. Overall, the market maintained stability with minor price adjustments, and the negative trend in China was attributed to a narrow demand-supply gap and sluggish overseas sales.
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Europe
In the European market, Cellulose Ether prices initially experienced a bearish trend, marked by a nearly 3% depreciation. However, a recovery of around 6% was noted during October and November. The primary demand from the downstream construction sector was notably low, which was attributed to declining building permits and downturns across all three segments of the construction industry. Conversely, demand from the secondary FMCG sector exhibited strength, with traders anticipating heightened demand due to improved purchasing activities. The increasing costs of one of the raw material Propylene Oxide also played a role in enhancing the market situation by raising production costs. Despite these improvements, the primary demand from the construction sector persisted in retrenchment for the thirteenth consecutive month. Housebuilding remained the weakest performing segment of the construction industry, with subcontractor availability easing for the eighth consecutive month. Overall, demand conditions remained highly unfavorable, marked by an all-time low in investment confidence and continued job shedding throughout the fourth quarter of 2023.
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