Cyclohexanone Prices, Monitor, Analysis & Demand

North America

The North American Cyclohexanone market has witnessed a bearish trend in Q4 2023, primarily due to the expected restrictions on vessels' transition through the Neopanamax locks, which have hampered the supply chain. Furthermore, the reducing domestic petrochemical production capacity and overseas supplier inventory due to oil production cuts by major producers have also affected the prices.

The limited inventory of Cyclohexanone in the domestic market has led to further price hikes, while decreasing downstream demand has supported a price drop. The recent visit of US President Joe Biden to Vietnam and the upgrade of bilateral relations between the two nations have opened up new growth opportunities in the textile industry, particularly in garment exports.

The last quarter of 2023 has seen the shutdown of Shell Chemicals Acetone and Phenol solvent unit in Deer Park, Texas, US. The reduced stockpile in the US has caused higher imports of commodities from various countries. The latest price of Cyclohexanone DEL Texas in the USA for Q4 2023 has been USD 1598/MT.

APAC

The fourth quarter of 2023 has been a challenging period for the Cyclohexanone Prices in the APAC region. Several factors have influenced the market and prices during this quarter. Firstly, the destocking tendency of manufacturing stores has led to a drop in prices. Additionally, freight rates have increased, impacting shipment costs. Furthermore, the reduction in domestic petrochemical production capacity and overseas supplier inventory due to oil production cuts by major producers have also affected prices. During this quarter, there have been no reported plant shutdowns in the region. Among the countries in the APAC region, Japan has experienced significant price changes for Cyclohexanone. The price trend in Japan has followed a downward trajectory, with a 4% decrease compared to the same quarter of the previous year. The price has also decreased by 2% compared to the previous quarter. However, there has been no significant price difference between the first and second half of the quarter in Japan. In conclusion, the Cyclohexanone market in the APAC region has faced challenges in the fourth quarter of 2023. Factors such as destocking, increased freight rates, and reduced petrochemical production capacity have influenced prices. Japan has experienced a decline in prices compared to the previous year and the previous quarter. The quarter-ending price for Cyclohexanone-FOB Osaka in Japan has been USD 1254/MT.

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Europe

The current quarter of 2023 (Q4) for Cyclohexanone in the Europe region has witnessed a bearish market due to several factors. The destocking tendency of manufacturing stores has led to a drop in prices, whereas the potential increase in freight rates could support shipment costs. The reduced domestic petrochemical production capacity and overseas supplier inventory due to oil production cuts by major producers have also affected prices. In the Netherlands, Cyclohexanone FD Rotterdam has seen a decline of 1.9% in prices in December but has witnessed an increase of 1.1% and 2.2% in January and February, respectively. The moderate supply in the market, due to several upstream production plants undergoing maintenance in October, has dented the supply chain. However, the new year production plans might lead to an increase in overseas demand. The downstream biofuel industry might support a price hike of ethanol, and energy prices might ease as overseas supply is expected to increase. The Dutch textile industry has experienced contraction for a year but has been trotting back to normal, having got rid of inventory pileup. In November, apparel exports grew 27% compared to October on the back of higher demands for apparels in the West as the festival season has already set in Bangladesh's major export destinations. Therefore, the current quarter of 2023 has been challenging for Cyclohexanone in the Europe region. The latest/quarter-ending price of Cyclohexanone FD Rotterdam in the Netherlands has been USD 1872 per MT.

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