North America
The North American market for Ethyl Vinyl Alcohol Copolymer (EVOH) witnessed a bearish to stable trend in the fourth quarter of 2023. The price of EVOH decreased by almost 4% in Q4, 2023, compared to the previous quarter. Initially, the demand for EVOH remained low to moderate for the food packaging purposes due to moderate orders for packaged food amid an increase in food inflation in the region.
Additionally, the shift in buyers’ interest towards recyclable materials and reductions in the use of petrochemical based Ethyl Vinyl Alcohol Copolymer Prices for food packaging negatively impacted the offtakes. During the mid-quarter, the demand improved slightly from the buyers during due to increased orders for packaged food during the Thanksgiving Holiday.
Meanwhile, the cost support declined from the feedstock Ethylene amid a reduction in the upstream Naphtha and Crude Oil prices after the resumed refinery operations and increased refining capacity in the region. Toward the end of the quarter, demand remained moderate amid stressed supply rates through the Mississippi River. At the end of fourth quarter of 2023, the EVOH FOB Texas prices in the USA hovered at USD 8730/MT.
Asia
In the Asian region, the prices witnessed a decrease of almost 5% during the final quarter compared to the previous quarter of the year. At the beginning of the quarter, the inventories were adequately available in the market, while the cost support declined from the feedstock Ethylene during the month due to reduced offtakes from Glycol industries. This decline was mainly driven by increased inventory levels and declined demand from packaging industries amid switching buyer interest toward recyclable materials and reductions in the use of petrochemical based EVOH for food packaging purposes. In the mid-quarter, the supply of EVOH remained low to moderate during the mid-quarter, as production rates were affected due to the stressed availability of feedstock Ethylene amid the plant shutdown at Eneos Corp. Towards the end of the quarter, demand continued to remain low amid the affected supplies to the buyers due to supply chain disruptions after the Red Sea attacks in the Middle East region. At the end of the quarter, the price for EVOH FOB Osaka in Japan hovered at USD 8660/MT.
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Europe
The fourth quarter of 2023 was characterized by a bearish market for Ethyl Vinyl Alcohol Copolymer (EVOH) in the European region. The price of EVOH decreased by almost 11% during the quarter compared to the previous quarter of the year. Several factors contributed to this decline in prices. Firstly, there was a decrease in demand from the regional packaging industries amid switching buyer interest toward recyclable materials and reductions in the use of petrochemical based EVOH for food packaging purposes. which led to lower offtakes. Additionally, the cost support from the feedstock Ethylene decreased due to reduced offtakes from Glycol industries and increased availability of inventory. Simultaneously, the decline in prices of the feedstock Vinyl Alcohol also impacted the production costs of EVOH. Towards the end of the quarter, the orders for EVOH sheets were stable from the food sector as the EU council agreed on the PPWR- Packaging and Plastic Waste Regulation commitment to reduce and prevent plastic waste and meet targets for 2030 and 2040. At the end of the Q4, 2023 the EVOH FOB Antwerp in Belgium witnessed at USD 8660/MT.
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