Sodium Methylparaben Predicts a Positive Market Outlook in Q2 2023

The Sodium Methylparaben foresees an optimistic market situation throughout the month of May 2023 and so on. The dynamics of supply and demand in the local Chinese market, which are steady, sustain the prices for Sodium Methylparaben. The main factor driving the price trajectory is rising upstream Benzoic Acid and Methanol prices, which are also projected to impact the Sodium Methylparaben market sentiment in May.

The Sodium Methylparaben prices in the Chinese provinces are anticipated to record an upward trend backed by increased upstream Benzoic Acid prices along with upstream Methanol prices. As Crude Oil prices fluctuated in a range, the prices of Methanol rose slightly. Also, with the increase in orders from the end-user industries, the upstream Methanol market rebounded slightly, further positively influencing the Sodium Methylparaben market. Despite low-cost support from the upstream, the Methanol market is growing as the purchasing and selling environment is favorable and influences the Sodium Methylparaben market.

The unexpected statement by OPEC+ members to collectively reduce oil production drove up the price of upstream crude oil substantially on the global level and influenced the raw material Benzoic acid prices, which eventually had a positive impact on the Sodium Methylparaben market. Beginning in February 2023, Russian oil production declined by 500,000 barrels per day for a total decline of 3.66 million barrels per day, or roughly 3.7% of global demand. OPEC+ reduced production by an additional 1.15 million barrels per day from May levels. Saudi Arabia, Russia, and other significant crude oil producers who are members of OPEC+ announced new output restrictions beginning in May.

The US and European markets are also likely to witness an appreciated trajectory, mimicking the Chinese market. A rise in the price of Sodium Methylparaben is projected due to growing raw material Benzoic Acid costs. Furthermore, the upward trend of Sodium Methylparaben is likely to be aided by rising production costs and greater energy expenses.

The price of Sodium Methylparaben is expected to increase even further in the upcoming months, according to ChemAnalyst. The trend in Sodium Methylparaben pricing is anticipated to be impacted by the price increase of feedstock Benzoic Acid.