Methyl Isobutyl Ketone Market Showcases Oscillating Trend in Asia

The price movement of Methyl Isobutyl Ketone (MIBK) demonstrated a mixed sentiment in the Asia-Pacific region. Continuous tragic events have been occurring in Asia, such as the COVID resurgence in China, Deepak Nitrite's fire accident in India, etc. are some of the primary reasons for the fluctuating Methyl Isobutyl prices.

In India, on 3rd June, one of the major chemical manufacturing companies, Deepak Nitrite, met with a fire accident in Vadodara. This incident has been affecting the production of the raw material Acetone, used in the manufacturing of Methyl Isobutyl Ketone. Due to the declining production of Acetone, the raw material prices started climbing, influencing the Methyl Isobutyl Ketone pricing positively.

When interviewing, one of the manufacturers said, "The tragic event has been affecting the domestic market due to the insufficient availability of certain raw materials, and the prices are about to grow further."

However, in China, the Methyl Isobutyl Ketone remained stable from the previous week due to the push and pull scenario. After the ease in lockdown restrictions, the fluctuating crude values have been pushing up the feedstock Acetone prices, prompting its downstream Methyl Isobutyl Ketone to rise, whereas the declining demand from the domestic market is pulling down the Methyl Isobutyl Ketone pricing. Hence, the prices remained stable in the Chinese domestic market, and the prices were hovering around USD 1789/ tonne.

Besides, the market closure on account of the dragon boat festival has also been impacting the Methyl Isobutyl Ketone market trend. The local market closure resulted in weak buying sentiments, affecting the Methyl Isobutyl Ketone prices. In addition, the demand for Methyl Isobutyl Ketone from the downstream automotive and construction sectors dropped due to the weak consumption from the terminal users.

According to ChemAnalyst's prediction, "The Methyl Isobutyl Ketone market might gain strength in the Asian region in the coming weeks. The demand from the downstream sectors is likely to increase. The tightened supply of the product and the expected surge in consumer needs might drive the Methyl Isobutyl Ketone market. The raw material prices are expected to witness an uptrend further inflicting the Methyl Isobutyl Ketone values."