U.S. Styrene Acrylonitrile Market Saw Fluctuations Amidst Varied Demands and Supply Dynamics in March 2024

March 2024 proved to be a dynamic period for the Styrene Acrylonitrile market in the United States, showcasing a notable shift from stability to a marked price escalation by month’s end. Throughout the early days of March, the cost of Styrene Acrylonitrile remained stable, with prices lingering at USD 2,370 per metric ton, as observed by market analysts on FOB - Houston basis. This period of equilibrium was attributed to adequate stock levels balancing out the consumption needs, particularly in the automotive and construction sectors.

However, despite the constant availability, the demand for Styrene Acrylonitrile in these industries presented only a nominal increase, which existing inventories could easily satisfy. Economic indicators, like the U.S. Manufacturing PMI, expanded in March, inferring at a robust demand for Styrene Acrylonitrile from health and manufacturing sectors during that period. Nonetheless, this did not translate into heightened consumption immediately.

By mid-March, the situation for Styrene Acrylonitrile in the domestic market began to exhibit change. Despite an uptick in automotive and construction activities, the demand for Styrene Acrylonitrile remained tempered, leading to an oversupply. Consequently, prices stood unchanged, as merchants continued to rely on existing stock levels and a slowdown in fresh orders ensued.

The tide turned in the third week of March, with Styrene Acrylonitrile prices witnessing a significant increase. ChemAnalyst reported a 2.1% hike per metric ton compared to the previous week, driven by a rise in demand from electronics and consumer goods manufacturers. The jump in Styrene Acrylonitrile costs was also influenced by the climbing prices of acrylonitrile and styrene, its essential feedstocks.

As March came to an end, the Styrene Acrylonitrile market experienced another push, with prices climbing by around 2% from the preceding week. This increment was propelled by persistent supply disruptions and surging prices of the base material styrene. An increased appetite from the electronics and automobile sectors also contributed to the heightened demand for styrene acrylonitrile.

By the first week of April, the Styrene Acrylonitrile market had not slowed down, with prices peaking at USD 2,510 per metric ton. The month of March, thus, encapsulated a full spectrum of market behaviours for styrene acrylonitrile, from stability and sufficient supply to rising demands, leading to a gradual yet steady price climb in the U.S. market. As we move forward, industry eyes will remain focused on the supply-demand curves to predict the future comportment of the Styrene Acrylonitrile market. Strong demand fundamentals and crippling product availability will further provide boost to the prices from the domestic and overseas markets.