For the Quarter Ending September 2024
North America
Throughout Q3 2024, the Bisphenol A pricing scenario in North America witnessed a notable decline, with the USA experiencing the most significant price changes. Several factors contributed to this downward trend. Oversupply in the market, driven by abundant global production and sluggish demand from downstream sectors like polycarbonate and epoxy resins, exerted immense pressure on prices. Weak economic conditions and a seasonal slowdown further exacerbated the situation. The bearish market sentiment was also influenced by low cost imports, reduced cost support from key feedstocks, and declining crude values, impacting overall pricing dynamics.
In comparison to the same quarter last year, prices saw a substantial decrease of 10%, reflecting the persistent downward trajectory. Furthermore, there was a 4.9% decrease from the previous quarter in 2024. The second half of the quarter witnessed a 4% decrease compared to the first half, underlining the continued price deterioration trend.
The latest quarter-ending price for Bisphenol A in the USA stood at USD 1484/MT, CFR Texas, signifying the prevailing negative pricing environment characterized by instability and downward pressure on market prices.
APAC
Throughout the Q3 2024, the Bisphenol A (BPA) market in the APAC region experienced a notable decline in prices. Several key factors contributed to this downward trend. Weak demand from downstream sectors, such as epoxy resin and polycarbonate, played a significant role in the pricing dynamics. Additionally, limited cost support from feedstocks like acetone and phenol further weakened market confidence. The market sentiment remained negative due to sluggish global demand, new capacity additions, and declining crude values during the quarter. In Japan, the market saw the most significant price changes, with prices decreasing by 14.1% compared to the same quarter last year. The quarter recorded a 7.6% decrease from the previous quarter in 2024. The first half of the quarter also saw a decrease in prices compared to the second half. By the end of Q3, BPA prices in Japan settled at USD 1195/MT FOB Osaka, reflecting the overall lack of momentum and insufficient demand to support a market rebound.
Europe
Throughout the third quarter of 2024, the Bisphenol A (BPA) market in Europe witnessed a significant decline in prices, primarily influenced by a multitude of factors. Weak demand from downstream sectors like polycarbonate and epoxy resin, coupled with low import prices from exporting nations, created an imbalance between supply and demand. Additionally, limited cost support from feedstocks such as acetone and phenol further weighed on market prices. The oversupply situation was aggravated by several BPA production units resuming operations in the APAC region, exacerbating the downward price trend. Specifically focusing on the Netherlands, the region experienced the maximum price changes during the quarter. The overall trend in pricing reflected a consistent decrease, with a 12.1% decline compared to the same quarter last year. Furthermore, there was a 5.5% decrease from the previous quarter in 2024 and also saw a decrease in prices between the first and second half of the quarter. The quarter-ending price for BPA in the Netherlands stood at USD 1590/MT FD-Rotterdam, highlighting the persistent negative sentiment in the pricing environment.
MEA
In Q3 2024, the Bisphenol A market in the MEA region experienced decreasing prices, reflecting a -7% change from the same quarter last year. Various factors influenced this trend, including a significant oversupply of BPA in the market, sluggish demand in downstream sectors, and weakening support from feedstocks like acetone and phenol. These conditions led to a bearish sentiment, with prices declining by 3.9% from the previous quarter in 2024. Saudi Arabia witnessed the most substantial price changes during this period, with a notable -4% shift in prices between the first and second half of the quarter. The market in Saudi Arabia exhibited a consistent downward trend, driven by subdued demand, high inventory levels, and limited market activity. Despite robust economic activity in the construction sector, BPA prices faced downward pressure due to escalating production costs and reduced purchasing activities. In conclusion, the quarter ended with Bisphenol A prices at USD 1389/MT CFR Jeddah in Saudi Arabia, reflecting the prevailing negative pricing environment characterized by declining prices and a challenging market landscape.
For the Quarter Ending June 2024
North America
The North American region experienced a mixed pricing environment for bisphenol A (BPA) in Q2 2024. In April, BPA prices in the USA declined slightly by 2.2% due to ample supplies and low demand in downstream epoxy resin and polycarbonate (PC) market.
However, May and June saw a robust recovery, with prices surging by 11.6% and 6.4%, respectively. This positive trend was driven by limited availability of feedstock phenol and acetone, alongside increased crude oil prices due to geopolitical tensions. Plant shutdowns in exporting Asian nations further exacerbated scarcity, pushing prices higher.
Demand for BPA in the USA domestic market improved, fueled by a strong recovery in the housing sector. Additionally, container shortages and delays in empty container returns intensified the problem, disrupting global supply chains and affecting BPA transportation and pricing. By the end of Q2 2024, the price for Bisphenol A in the USA stood at USD 1556/MT CFR Texas, reflecting a positive pricing environment overall compared to Q1 2024, driven by increased demand.
APAC
The APAC region witnessed a mixed pricing environment for bisphenol A (BPA) in Q2 2024. In April 2024, BPA prices declined by 6.8% due to oversupply and low demand in downstream epoxy resin and polycarbonate (PC) market. However, May and June saw a robust recovery, with prices surging by 13.5% and 6.7%, respectively. This positive trend was driven by limited availability of feedstock phenol and acetone, alongside increased crude oil prices due to geopolitical tensions. Plant shutdowns in China and other exporting nations further exacerbated scarcity, pushing prices higher. Demand for BPA in China's domestic market improved, fueled by a strong recovery in the housing sector. Additionally, China’s exports grew at their fastest pace in over a year in May 2024, rising 7.6% year-on-year to $302.35 billion, which helped sustain healthy BPA prices. By the end of Q2 2024, the price for Bisphenol A in China stood at USD 1356/MT FOB Qingdao reflecting a positive pricing environment overall compared to Q1 2024, driven by increased demand.
Europe
The European region experienced a mixed pricing environment for bisphenol A (BPA) in Q2 2024. In April and May, BPA prices in the Netherlands declined significantly by 6.5% and 1.8%, respectively, driven by decreased demand in downstream polycarbonate and epoxy resin industries. This decline was particularly due to the slowdown in construction activity in Europe. The Eurozone construction sector continued to decline at the start of Q2 2024, with new orders falling sharply, leading to further reductions in construction activity, as well as a retrenchment of employment and purchasing. However, June saw a recovery, with prices surging by 2.4%. This positive trend was driven by limited availability of feedstock phenol and acetone, alongside increased crude oil prices due to geopolitical tensions. Plant shutdowns in exporting Asian nations further exacerbated scarcity, pushing prices higher. Additionally, container shortages and delays in empty container returns intensified the problem, disrupting global supply chains and affecting BPA transportation and pricing. By the end of Q2 2024, the price for Bisphenol A in the Netherlands stood at USD 1682/MT FD-Rotterdam, reflecting a negative pricing environment overall compared to Q1 2024.
MEA
The MEA region experienced a mixed pricing environment for bisphenol A (BPA) in Q2 2024. In April, BPA prices in the Saudi Arabia declined by 4% due to oversupply and low demand in downstream epoxy resin and polycarbonate (PC) industries. However, May and June saw a robust recovery, with prices surging by 12.7% and 6.8%, respectively. This positive trend was driven by the limited availability of feedstock phenol and acetone, alongside increased crude oil prices due to geopolitical tensions. Plant shutdowns in exporting Asian nations further exacerbated scarcity, pushing prices higher. Demand for BPA in the Saudi Arabian market improved, fueled by strong demand in the construction industries. Supply chain disruptions, including maintenance shutdowns at major global plants and exacerbated logistical strains due to elevated port congestion, further strained market availability. By the end of Q2 2024, the price for Bisphenol A in Saudi Arabia stood at USD 1445/MT CFR Jeddah, reflecting a positive pricing environment overall compared to Q1 2024, driven by increased demand.
For the Quarter Ending March 2024
North America
The first quarter of 2024 was characterized by decreasing prices for Bisphenol A (BPA) in the North America region. This decline was attributed to several significant factors that influenced the market. Firstly, there was a reflection from Asian exporting nations like China and Japan, along with lower import prices from the same exporting region due to a slowdown from these exporting nations. Further, the surplus put downward pressure on prices. This decrease in demand in the exporting nations' downstream epoxy resins and polycarbonate industries, due to a slowdown in the construction sector, further contributed to the downward trend in prices.
In the USA, the decline in prices was particularly significant. The overall trend in the USA market was negative, with prices steadily decreasing throughout the quarter due to low import prices from the Asian exporting nations. This decline could be attributed to the same factors mentioned earlier, such as decreased demand and surplus inventory. While there was some recovery in February due to supply disruptions caused by Lunar New Year in Asia and incidents in the Red Sea.
Compared to the same quarter last year, prices for BPA in the USA decreased by 26%. Additionally, prices decreased by 22% compared to the previous quarter in 2024. The quarter-ending price for BPA in the USA stood at USD 1406/MT, CFR Texas, reflecting the overall decreasing sentiment in the pricing environment for BPA in the North America region.
APAC
In Q1 2024, the Bisphenol A market in the APAC region witnessed a significant decrease in prices. Several factors contributed to this downward trend, including subdued demand from downstream epoxy resins and polycarbonate industries due to sluggish construction activity, and reduced procurement activities. The market experienced a bearish sentiment, with low buying enthusiasm and elevated inventory levels. Additionally, the petrochemical industry faced challenges such as low demand, diminished profitability, and overcapacity. The decrease in housing starts and the slowdown in the construction sector further impacted the demand for Bisphenol A.
Japan experienced the maximum price changes in the region. The overall trends in the market were influenced by seasonality factors, such as the Lunar New Year holidays and the slowdown in construction activities during the winter season. The price of Bisphenol A in Q1 2024 decreased by 30% compared to the same quarter last year. The price also recorded a decrease of 12% from the previous quarter in 2024. Moreover, there was a 7% decline in prices between the first and second half of the quarter. The quarter-ending price for Bisphenol A in Japan stood at USD 1144/MT FOB Osaka.
In summary, the pricing environment for Bisphenol A in the APAC region during Q1 2024 was pessimistic, with prices experiencing a significant decrease. Factors such as subdued demand, sluggish construction activity, and reduced procurement activities contributed to the downward trend in prices. Japan witnessed the maximum price changes in the region, influenced by seasonality factors and the slowdown in construction activities.
Europe
The pricing of Bisphenol A in the European region during Q1 2024 has experienced a notable increase, with some fluctuations observed in the Netherlands. Despite challenges such as low demand from downstream industries and stable feedstock prices, the market remained bullish due to geopolitical tensions in the Middle East.
In the Netherlands, the Bisphenol A market maintained a stable downward trend in January, supported by consistent cost dynamics in feedstocks like phenol and acetone. However, this stability was overshadowed by challenges in the construction sector, leading to subdued demand from downstream industries and signaling sluggish performance across European countries. The eurozone construction sector recorded a significant drop, indicating a sharp decline in construction activity. Despite moderate material availability in the domestic market, downstream construction industries experienced slow demand, resulting in a surplus across most consumer markets. February witnessed a surge in Bisphenol A prices in the Netherlands, driven by high demand from downstream epoxy and polycarbonate industries, along with delays in material availability. The European market saw heightened activity, especially in the Netherlands, with increased inquiries and steady demand from the construction and automobile sectors. March continued the upward trajectory of Bisphenol A prices in the Netherlands, fueled by consistent demand from downstream industries and elevated import prices from Asian nations. Despite challenges such as maintenance shutdowns of key Bisphenol A units globally and rising feedstock prices, the market remained bullish. The surge in demand from the construction sector and elevated home prices in the Netherlands emphasized the growing need for Bisphenol A, prompting manufacturers to increase production to meet market demands.
In summary, the pricing environment for Bisphenol A in the Europe region during Q1 2024 was positive, with prices experiencing a significant increased. Factors such as moderate demand, sluggish, supply chain disruption and high import price contributed to the upward trend in prices. The quarter-ending price for BPA in the Netherlands stood at USD 1766/MT, FD-Rotterdam.
MEA
The pricing of Bisphenol A in the MEA region witnessed a mixed sentiments throughout the first quarter of 2024, with some fluctuations evident across the region. Ultimately, the quarter concluded with a BPA price of USD 1250/MT CFR Jeddah in Saudi Arabia.
In January, prices experienced a decline attributed to low import prices from exporting Asian nations and an oversupply situation, particularly notable in Saudi Arabia. This oversupply in Saudi Arabia stemmed from weakened demand for BPA in certain exporting nations, such as those reliant on downstream polycarbonate and epoxy resins. February witnessed a price increase, driven by heightened procurement activities ahead of Ramadan. This increase was further supported by consistent cost dynamics in feedstocks like phenol and acetone, along with steady demand from downstream sectors aligned with the construction industry. By March, a stable trend emerged in Saudi Arabia's domestic market, largely influenced by Ramadan. During this period, countries in the region operate on reduced schedules, and the construction sector experienced stability.
Overall, the first quarter of 2024 in the MEA region saw a fluctuating trajectory for BPA prices. Initially decreasing, followed by an increment, and finally settling into a stable trend, primarily driven by moderate demand within the construction sector.
For the Quarter Ending December 2023
North America
In Q4FY23, Bisphenol A (BPA) prices in the USA exhibited mixed sentiments. After a consistent rise, prices dropped due to sufficient inventories in October and November. The availability of inventories improved, leading to a decline in import prices, especially with the occurrence of Golden Week holidays in China. Freight charges remained stable on Middle Eastern Asian routes, contrasting sharply with declining costs on European routes. Limited queries and steady demand from the downstream epoxy resins industry in October.
In the following, BPA prices decreased in November due to weak cost support from international crude oil prices and oversupply from cheap Asian imports. Winter season slowdown impacted the downstream paints, coatings, and plastic industries, leading to decreased demand and increased supply. The slowdown, coupled with ample inventories, exerted additional downward pressure on prices. The Q3 report from Huntsman highlighted lower sales volumes and reduced average selling prices, mainly attributed to slowing construction activity and reduced demand in various industrial markets.
In December, BPA demand rose, causing higher prices due to transportation challenges from the global shipping crisis. Red Sea attacks resulted in delays, tightening supply-demand balance and causing a price surge. Asia-to-USA rates exceeded, and the construction industry's growth trend in the renovation and maintenance market increased attractiveness to investors, leading to price hikes. As of December, Bisphenol A prices in USA were assessed at USD 1494/MT, CFR Texas.
APAC
In Q4FY23, bisphenol A prices in the Asian market witnessed a decline, influenced by weak support from feedstock phenol and acetone, coupled with subdued downstream demand. Specifically, in the domestic market of Japan, bisphenol A prices experienced a consistent decline throughout the quarter. The overall market conditions were affected by oversupply and low prices in Asia, enhancing the competitiveness of Japanese bisphenol A exports globally. Downstream products, such as epoxy resins and polycarbonates, faced fluctuations and weakened trends in Japan. The market dynamics were further influenced by Mitsui Chemicals' strategic downsizing of its domestic phenols business in response to oversupply issues and Idemitsu Kosan's withdrawal from Bisphenol A production. Oversupply and sluggish demand in the region contributed to the overall decline in Bisphenol A. The cost pressure from feedstock phenol and acetone weakened, while demand from downstream industries, including paints, coatings, and construction, remained low due to limited queries. The ongoing decrease in upstream crude oil and feedstock phenol and acetone, alongside weakened procurement from other end-use industries, played a role in reducing the production cost of bisphenol A in the domestic market. Additionally, the implementation of a new law involving an eight-day shutdown of construction sites every four weeks is anticipated to extend construction times, potentially reducing project numbers and exerting downward pressure on Bisphenol A demand. As of December, Bisphenol A prices in Japan were assessed at USD 1172/MT FOB Osaka.
Europe
In Q4FY23, Prices of bisphenol A observed mixed sentiment in the Europe region. In Q4FY23, the first two months saw a sharp decline in Bisphenol A (BPA) prices due to low crude oil and weak demand from industries like automobiles and construction, which were underperforming. The automotive sector faced a decline in sales month-on-month, while the construction industry experienced low activity due to high-interest rates and economic uncertainties. Excess supply in the Netherlands, coupled with BPA availability from the Far East Asian market and inexpensive imports from China, contributed to a price decrease. The market situation remained bearish, with moderate supply and sufficient inventories meeting demand. Low-cost imports from China and lower prices of upstream benzene and feedstock phenol kept BPA prices low, though acetone prices increased. Demand for BPA continued to be moderate in November, influenced by low demand in end-use industries. In December, BPA demand rose, resulting in higher prices due to transportation challenges from the global shipping crisis. Ongoing Red Sea attacks caused delays, tightening supply-demand balance and causing a price surge. Asia-to-North Europe rates doubled, exceeding $4,000 per 40-foot container. The construction industry's growing trend in the renovation and maintenance market enhanced its attractiveness to investors. In the feedstock market, acetone prices increased, while phenol prices declined. Supply became a concern in December, leading to a rise in BPA prices. Supply chain disruptions from Houthi attacks in the Red Sea and increased demand from the construction industry limited supply, causing a decline in inventory levels and exerting upward pressure on prices. Demand in December ranged from low to moderate, with the construction industry showing increased activity and positive movements in Eurozone Manufacturing data, indicating potential improvement in the industry's downturn. Feedstock prices fluctuated throughout the quarter, with phenol prices increasing in the first month and decreasing in the last two months. As of December, Bisphenol A prices in USA were assessed at USD 1560/MT FD Rotterdam,.
Middle East Asia (MEA)
The fourth quarter of 2023 witnessed fluctuating prices of Bisphenol A in the MEA region. The top three reasons that impacted the market were oversupply of cheaper imports from China, low demand from downstream industries, and limited availability of upstream raw materials. Saudi Arabia experienced the maximum changes in prices as the demand for downstream polycarbonates and epoxy resins increased in the end-use construction industry but remained moderate in other industries, resulting in a stable market situation. However, the recent 32% decline in Saudi Arabia's real estate market and a contraction in housing impacted the downstream construction sector. The price trend of Bisphenol A in Saudi Arabia during the current quarter was calculated to be -30% in comparison to the same period last year. The percentage change in price from the current quarter to the previous quarter was -10%. Additionally, the price percentage comparison of the first and second half of the quarter in Saudi Arabia was -4%. The latest price of Bisphenol A CFR Jeddah in Saudi Arabia in the current quarter was USD 1272/MT. No plant shutdown was reported during this period.
