For the Quarter Ending September 2024
North America
The North American MEA Triazine market exhibited a predominantly bearish trend throughout the third quarter of 2024, largely due to low demand conditions from the oil and gas industry. Average refinery run rates declined from 92.7% in July to 92.2% in August and further to 90.8% in September, indicating decreased demand for MEA Triazine as a hydrogen sulfide remover. This downturn was primarily driven by the ongoing hurricane season, which prompted cautious refining activities across the US Gulf Coast and rendered major natural gas infrastructure offline, negatively impacting demand and consumption.
Additionally, a 12% depreciation in the prices of Monoethanolamine in the exporting Middle East market contributed to reduced production costs for MEA Triazine. This occurred despite initial port congestion at the start of the quarter, followed by a strike at the end of the quarter that caused delayed cargo arrivals.
Overall, these factors combined to create a challenging environment for the MEA Triazine market in North America.
APAC
The Asian MEA Triazine market saw significant fluctuations in the quarter, with prices rising by 3% in July, falling by 2.6% in August, and rebounding by 2.5% in September. These changes were driven by fluctuating demand conditions. In July, higher utilization rates at state-owned and private refineries boosted demand as several resumed operations after maintenance. Crude throughput in China rebounded from a six-month low but remained below last year's levels, reaching 10.23 million b/d with an 83% utilization rate, still short of the 10.41 million b/d needed for optimal capacity. Logistical challenges in August and September led to low inventories, while Typhoons Yagi and Bebinca hampered operations at Shanghai ports, further restricting supply flow. Overall demand remained low, with CDU capacity utilization projected at 76.64%, a slight increase of 0.8 percentage points. Additionally, three refineries—Jilin Petrochem, Cangzhou Petrochem, and Ningxia Petrochem—planned overhauls in August, resulting in a combined throughput loss of 0.77 million tonnes, highlighting ongoing supply challenges.
Europe
The European MEA Triazine market faced significant challenges during the third quarter of 2024, primarily characterized by a bearish trend. This situation was largely influenced by widespread maintenance turnarounds at refineries across Europe, which coincided with the summer holiday season. As many facilities temporarily ceased operations, the demand for MEA Triazine as a hydrogen sulfide remover from the oil and gas sector diminished significantly. The simultaneous downtime of refineries led to reduced processing of crude oil and gas, further exacerbating the supply-demand imbalance for MEA Triazine. Compounding the market difficulties was a notable 12% depreciation in the prices of feedstock Monoethanolamine. This decline in input costs, while beneficial in some contexts, resulted in lower production costs for MEA Triazine, which in turn exerted downward pressure on its market prices. Despite the challenging conditions, suppliers in Europe continued to work with existing inventories, as the overall demand for refined products, including petrol and diesel, remained predominantly weak. This lack of robust demand meant that suppliers were hesitant to purchase new stock, opting instead to deplete their current reserves. As the quarter progressed, a slight shift occurred toward the end of the period when several refineries returned to production. This resumption of operations began to strengthen domestic consumption of MEA Triazine, resulting in a modest appreciation of prices. However, the recovery was not robust, with overall market conditions remaining fragile. The post-summer vacation rebound in demand was underwhelming, leading to minimal price movements for MEA Triazine in the European market.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Monoethanolamine Triazine market experienced a consistent downward trend in pricing, driven by several significant factors. The ample availability of Monoethanolamine Triazine within the region, coupled with high port inventories and subdued demand from the downstream gas treatment industry, played pivotal roles in exerting downward pressure on market prices. The inflationary environment further added to the complexities, impacting overall market sentiment and consumer purchasing power.
Despite a generally robust economic backdrop, with moderate growth in the manufacturing sector, the Monoethanolamine Triazine market faced challenges due to the reduced rate of expansion and declining orders in both manufacturing and services sectors. Focusing on the USA, where the most substantial price changes occurred, the overall trends reflected a bearish market sentiment. The seasonality factor, particularly the arrival of the monsoon season, contributed to the muted demand, further influencing the negative price trajectory.
The correlation between these seasonal trends and the broader economic pressures was evident in the price movements throughout the quarter. Overall, the pricing environment for Monoethanolamine Triazine in Q2 2024 was negative, with persistent downward pressure reflecting the challenging market conditions.
Europe
In Q2 2024, the European Monoethanolamine Triazine (MEA Triazine) market saw a notable upward trend, primarily driven by decreased demand from the downstream natural gas treatment sector and elevated global freight rates. The increase in freight costs, combined with hesitancy from local consumers to purchase across the region, contributed to a bearish market sentiment. Despite this, recent declines in feedstock prices, including an 8.2% drop in Ethylene Oxide and a 5.5% reduction in aqueous Ammonia, significantly impacted MEA Triazine pricing. These decreases in feedstock costs reduced production expenses for MEA Triazine, allowing manufacturers to adjust their pricing strategies. Typically, lower production costs lead to reduced final product prices, as the savings from cheaper raw materials are often passed on to consumers. Thus, despite the overall market challenges, the decrease in feedstock prices has provided some downward pressure on MEA Triazine prices. However, the demand of Natural Gas increased significantly in the European region but did not affect the price trend of MEA Triazine,
APAC
In Q2 2024, the MEA Triazine market in the Asia-Pacific (APAC) region saw a decline in prices due to weak demand and supply chain disruptions. Key factors behind this downturn included reduced consumption from downstream sectors, such as petrochemicals, and logistical issues caused by congestion in major maritime routes like the Strait of Malacca and the Port of Singapore. These shipping delays contributed to an oversupply and a significant increase in freight charges, which surged by around 53%. The slowdown in the manufacturing sector, marked by decreased activity and lower operating rates, further pressured the market. In China, where price changes were most noticeable, the market faced a steady downward trend. Seasonal maintenance at refining facilities led to reduced crude throughput and a drop in demand for hydrogen sulfide scavengers. The negative sentiment was exacerbated by a declining Purchasing Managers' Index (PMI) in China's manufacturing sector. Overall, prices fell by 2% from the first to the second half of the quarter, ending at USD 1340/MT for Monoethanolamine Triazine CFR-Shanghai. This persistent decline highlights the market's struggles with oversupply and external economic pressures.
For the Quarter Ending March 2024
North America
Throughout the first quarter of 2024, the MEA Triazine market in North America experienced a diverse pricing scenario influenced by various factors. Notably, geopolitical tensions, such as the Russia-Ukraine conflict, played a significant role, contributing to a rise in the benchmark price of US crude WTI. Additionally, disruptions in the Red Sea led to increased freight charges, impacting the overall product cost.
Demand for MEA Triazine remained relatively subdued towards the end of the quarter, with declines observed in demand from downstream industries. However, there was some improvement in demand from downstream industries in the middle of the quarter, particularly in the Oil and Gas segments. Analyzing the overall trend, prices witnessed increases in January and February due to bullish market sentiment and higher production costs. Nonetheless, prices eased in March following a decline in crude oil prices.
In summary, the MEA Triazine market in North America encountered a mixed pricing environment in Q1 2024. Comparing Q1 2024 to the same quarter last year, there was an overall decrease in prices of over 3%. However, there was a slight increase in prices of more than 5.5% compared to the previous quarter.
APAC
MEA Triazine pricing in the APAC region during Q1 2024 has witnessed a mixture of trends and influences. Generally, the market has been bearish, marked by price declines in both China and India. Various factors have contributed to this pricing scenario. The decline can be attributed primarily to low production costs and reduced demand from the oil and gas industry. The region experienced a bearish trend, with abundant stock inventory and lower prices for raw materials. However, in China, the market showed an upward trend in the middle of the quarter due to increased demand amidst the slowdown during the Lunar New Year Festival. Furthermore, considering the overall trends and seasonality, MEA Triazine prices have been affected by fluctuations in crude oil prices, production costs, and freight charges. Geopolitical crises such as the Russia-Ukraine conflict and the Red Sea crisis have added further uncertainties to the market. Overall, the pricing environment for MEA Triazine in the APAC region during Q1 2024 has been unfavorable, with decreasing prices influenced by factors such as low demand, high inventory levels, and geopolitical complexities. Regarding price changes, MEA Triazine prices in China recorded a decrease of 10% in the first quarter of 2024 compared to the previous quarter.
Europe
Throughout Q1 2024, the MEA Triazine market in Europe experienced a blend of pricing dynamics. Initially, market sentiment was bullish in the early months of the quarter, leading to price surges driven by various factors. Several influences shaped the MEA Triazine market in Europe, including geopolitical tensions such as the Russia-Ukraine conflict and disruptions in the Red Sea, which contributed to elevated crude oil prices and increased freight charges. However, subdued demand from downstream industries, evidenced by declining industrial production output and industrial producer prices, hindered the market's upward momentum later in the quarter. Belgium witnessed significant price fluctuations, with the initial month seeing a 3% price increase driven by elevated product costs, including rising crude oil prices and escalated freight charges. Comparatively, MEA Triazine prices in Q1 2024 experienced a roughly 9% decrease from the same period last year. In summary, the MEA Triazine market in Europe, particularly in Belgium, saw a rising pricing environment throughout Q1 2024. While factors like heightened crude oil prices and increased freight charges pushed prices upward, subdued demand from downstream industries and potential fluctuations in crude oil prices-imposed limitations on market growth.
For the Quarter Ending December 2023
North America
In the fourth quarter of 2023, the pricing dynamics for MEA Triazine in the United States were influenced by unique factors. The market in the U.S. experienced a bearish trend primarily attributed to diminished demand from the oil and gas industries.
This decline in demand exerted downward pressure on MEA Triazine prices. Additionally, the presence of high inventories in the United States further contributed to the overall downward trend in MEA Triazine prices. The market faced challenges due to an oversupply situation, intensified by the influx of low-priced imported materials, fostering increased competition among producers.
In December 2023, the Manufacturing Purchasing Managers' Index (PMI) for the United States was adjusted downward. The decline in output resumed during this period, and the downturn in new orders accelerated, reflecting weaknesses in both domestic and external demand conditions. Meanwhile, firms responded to these challenges by adjusting down their input buying and hiring activity in line with the observed downturn in the manufacturing sector.
APAC
MEA Triazine pricing in the APAC region during the fourth quarter of 2023 was influenced by several factors. Firstly, the market experienced a bearish trend due to low demand from the oil and gas industries, resulting in a decline in prices. Additionally, the presence of high inventories in the region contributed to the downward pressure on prices. Another significant factor was the oversupply situation, exacerbated by the influx of low-priced imported materials, which intensified competition among producers. However, China stood out as the country most impacted by these factors. The Chinese market witnessed a continuous decline in MEA Triazine prices, primarily due to weak demand from end-users, including the oil and gas industries. The presence of ample inventories in the region did not exert any upward pressure on prices, leading to a significant drop of 18.7% during the quarter. Despite these challenges, China's manufacturing sector showed signs of growth, offering a glimmer of hope for the economy. In terms of price comparison, the current quarter's price of Monoethanolamine Triazine CFR-Shanghai in China is USD 1350/MT.
Europe
In the fourth quarter of 2023, the pricing dynamics for MEA Triazine in the European region were influenced by distinct factors. Similar to the APAC region, the European market experienced a bearish trend attributed to low demand from the oil and gas industries, leading to a decline in prices. The presence of high inventories in the region also contributed to the downward pressure on MEA Triazine prices. Moreover, an oversupply situation was notable in Europe, intensified by the influx of low-priced imported materials, creating heightened competition among producers. This challenging scenario impacted pricing trends across the region. However, specific countries within Europe might have shown varied degrees of impact. When comparing prices, it is essential to consider the current quarter's price of Monoethanolamine Triazine in Europe dropped. Furthermore, the European market might have witnessed a parallel decline in prices, reflecting the broader challenges faced by the industry. The ongoing economic conditions and manufacturing sector growth in individual European countries would contribute to the overall pricing landscape in the region.
For the Quarter Ending September 2023
North America
Throughout Q3 2023, the market for Monoethanolamine (MEA) Triazine witnessed a significant decline in prices due to subdued demand from downstream oil and gas sectors. The downturn in prices can be attributed to the decreased activity in the downstream oil and gas industries, which was grappling with a combination of factors, including volatile crude oil prices, after voluntary oil production cut by the Organization of Petroleum Exporting Countries and its allies, which kept crude oil prices elevated and impacted demand, thus reducing the demand for MEA Triazine in removing hydrogen sulfide and other contaminants from hydrocarbon streams. However, the reduced demand from the downstream oil and gas sectors had resulted in an oversupply of MEA Triazine in the market. This oversupply, coupled with weaker demand, had led to a downward pressure on prices, affecting suppliers in the industry. Supply in the region was also slightly hampered due to the typhoon, but reduced purchasing activity from the downstream sector did not cause any significant impact.
APAC
The Monoethanolamine (MEA) Triazine market recently underwent a notable decline throughout the third quarter of 2023. This downturn was due to the accumulation of surplus inventories, exacerbated by a significant reduction in demand stemming from downstream oil and gas industries. MEA Triazine products have traditionally played a pivotal role in the removal of hydrogen sulfide (H2S) from natural gas and specific liquid hydrocarbon streams. The ripple effects of this market turbulence have transcended the chemical sector, casting a shadow over the broader oil and gas industry, particularly affecting producers reliant on triazine and monoethanoloamine for hydrocarbon treatment. Furthermore, China's economic indicators in August painted a picture of tepid global demand, with both exports and imports recording declines from the previous year. Import figures registered a noteworthy 7.3% decrease. This decline in import activity was further reinforced by the drop in the price of the feedstock monoethanolamide, thereby reducing production costs. The resultant reduction in production costs played a role in lowering import-driven prices in the Chinese market.
Europe
Throughout the third quarter of 2023, Monoethanolamine (MEA) Triazine prices in the European market saw a continuous decline, primarily due to weak demand from end-users. This downward price trend was a result of a challenging balance between inventory management and the desire to benefit from lower prices. Consumers had taken a "wait-and-see" attitude to improve their replenishing techniques. These circumstances hampered the delicate interaction between market participants and customer sentiments that had shaped the present MEA Triazine price environment. While some market participants indicated that European markets possess ample domestic inventories, others asserted that the demand from the oil and gas industries remained steady. In the second half of the quarter, traders and distributors of MEA Triazine encountered the predicament of dealing with substantial stockpiles, which compelled them to offer the material at discounted prices as demand from downstream industries subsided. Thus, the market for MEA Triazine in the European market showcased mixed sentiments with prices fluctuating throughout Q3 2023.
For the Quarter Ending June 2023
North America
During the second quarter of 2023, the price of MEA Triazine experienced a continuous decline. This downward trend was primarily caused by a reduction in oil production during that period, as OPEC+ decided to cut back on oil production. This led to a decrease in the market demand for MEA Triazine from the oil and gas industries. Additionally, market sentiments were sluggish, and there was a surplus of MEA Triazine available in the region. Meanwhile, traders and distributors faced challenges with unsold stocks, which compelled them to lower their profit margins and offer the product at discounted rates. Moreover, the region experienced rising inflation and high-interest rates, which affected consumer spending negatively, especially in the oil industries. Ultimately, the market price for MEA Triazine continued to deteriorate throughout the second quarter, supported by multiple factors, including weakening feedstock prices, low demand from key industries, and the presence of high inventories in the US market. These combined elements contributed to the declining market conditions for MEA Triazine during that period.
APAC
During the second quarter of the year 2023, the MEA Triazine market witnessed a decline in prices. This price decrease is a result of a bearish outlook for MEA Triazine in the Asia-Pacific region, primarily due to the lack of demand from key end-use industries such as the oil and gas sector. Moreover, the market has experienced sluggish demand and limited trading activities from overseas markets, which has further contributed to the downshift in the cost of the product. In response to these conditions, MEA Triazine supply in China was reduced during this period as suppliers anticipated decreased demand from downstream sectors and increasing inventories. Downstream manufacturers showed a moderate level of demand, and the regional supply was sufficient. Consequently, their purchases were infrequent and only made when necessary. The prices of the upstream materials, monoethanolamide, and formaldehyde, remained steady, failing to support any price increases for MEA Triazine. According to data from the National Bureau of Statistics, the official manufacturing purchasing managers’ index (PMI) came in at 49.0 in June compared to 48.8 in May, indicating that the manufacturing activity in the region was smooth. Thus, the price of MEA-Triazine in China was USD 2820/MT CFR Shanghai, by the end of the quarter, while the price in India was quoted to be INR 19700/MT Ex-Ahemdabad.
Europe
In the second quarter of 2023, MEA-Triazine prices experienced a decline in the European region due to several factors. The falling prices of upstream Monoethanolamide and Formaldehyde and weak demand played a significant role in this price decrease. By the end of the quarter, upstream Formaldehyde prices had dropped by 4%, which further supported the overall downward trend in MEA-Triazine prices. The ample supply of MEA-Triazine in the market, coupled with reduced demand amidst a weakened global economy, also contributed to the price drop. The ongoing inflationary pressures and the Russia-Ukraine war had widespread impacts across all sectors in the region, including the healthcare sector, affecting the demand for MEA-Triazine. The instability in market dynamics has also affected consumer purchasing sentiments. Additionally, surplus inventories of MEA-Triazine in the domestic market and the presence of competitive prices led traders to sell the product at lower costs. In summary, during the second quarter of 2023, MEA-Triazine prices in Europe declined due to multiple factors, including falling upstream Monoethanolamide and Formaldehyde prices, reduced demand, geopolitical tensions impacting market dynamics, and surplus inventories leading to competitive pricing.
For the Quarter Ending March 2023
North America
The cost of Monoethanolamine (MEA) Triazine climbed during the first quarter of 2023 due to the higher costs of its upstream formaldehyde and monoethanolamine. These feedstocks had increased due to the rise in crude oil prices. Additionally, there was a labor shortage caused by heated negotiations between union dock workers and their employers, leading to a reduction in production activity. This resulted in reduced stocks and put selling pressure on some MEA Triazine businesses. Despite this, the downstream gas and oil industries' operating rates remained positive, which helped to keep the MEA Triazine market positive throughout the first quarter of 2023.
APAC
In APAC, Monoethanolamine (MEA) Triazine prices increased after the spring festival due to increased demand from downstream sectors in China, particularly from the gas and oil industries. The increase in demand was driven by stricter regulations and the increasing presence of H2S in crude oil, which led to a rise in demand for MEA Triazine as a scavenger. The feedstock market also played a role in the increase in demand, with the Monoethanolamine feedstock supply from Saudi Arabia being strong and triazine production in the Chinese market running smoothly. Overall, these factors contributed to a rise in demand for MEA Triazine and subsequently drove up its price during the first quarter of 2023 in Asia-Pacific Region.
Europe
Monoethanolamine (MEA) Triazine prices increased in Europe during the first quarter of 2023 because of the significant demand from the downstream gas and oil industries. Additionally, the feedstock market was robust and had a plentiful supply of triazine and monoethanolamine. However, the slow production rates and supply interruption at the end of the quarter brought on by worker protests in Europe over low wages and terrible working conditions also contributed to the increasing trend in its price. As a result, the price for MEA Triazine stabilized towards the end of the quarter due to rising stocks, adverse consumer attitudes, and few consumer inquiries from downstream industries.
For the Quarter Ending December 2022
North America
MEA (Monoethanolamine) Triazine displayed mixed sentiments in North America, with the market primarily exhibiting modest enthusiasm for the majority of the fourth quarter. The key reasons for the decreased pricing trend in the region were the growing stockpiles and changing consumer attitudes. Due to unfavorable market dynamics and falling feedstock prices for monoethanolamine and formaldehyde, the price of MEA Triazine fell. The majority of it, nevertheless, saw a decline in the market because the demand from the oil and gas sectors was not enough to make up for the price increase. While this was going on, producers had enough inventory on hand to meet domestic demand. It can be seen that MEA((Monoethanolamine) triazine market activity reduced in the fourth quarter of 2022.
APAC
Monoethanolamine Triazine prices climbed in the first half of the fourth quarter, with November prices hovering at about USD 2855/MT CFR Shanghai (China). Later, a drop in its price for the majority of the Quarter was brought on by a lackluster demand from downstream oil and gas businesses. As COVID instances increased in China, MEA Triazine producers in the Chinese market were on guard. Additionally, because consumers and sellers were in the dark about the consequences of the covid-resurge, some dealers claimed that the makers of MEA triazine had somewhat lowered the price of the material. MEA Triazine pricing consequently decreased, according to the ChemAnalyst group, in the fourth quarter of 2022.
Europe
Monoethanolamine Triazine saw a mixed mood, mirroring the Asian market, with the MEA Triazine declining for most of the fourth quarter. However, as its usage as an H2S scavenger was gradually waning, downstream saw slow offtakes from the gas and oil industries on the demand side as well. Meanwhile, manufacturers in the area had access to enough inventory. Thus, it was evident that MEA Triazine's price decreased in the second half of Q4. Furthermore, MEA triazine demand was at a low level, despite several players being seen reluctantly increasing stock levels in expectation of a rise in demand throughout the quarter.
For the Quarter Ending September 2022
North America
The price of feedstock Monoethanolamine (MEA) Triazine showed a mixed trend in the third quarter of 2022 since North America has a sufficient supply of Triazine and MEA. Although there was an increase in orders from the oil & gas industry as a hydrogen sulfide (H2S) mercaptan and scavenger in hydrogen streams, its price remained on the lower side in the first half, backed by the abundant availability of stocks. Additionally, due to ample supplies and growing market uncertainty, the price of MEA Triazine fell in the first half of Q3. Later, the region's MEA Triazine prices increased due to the increasing consumption of Triazine at petrochemical plants and the significant cost pressure brought on by the storm's effects.
APAC
In the third quarter of 2022, Monoethanolamine (MEA) Triazine prices showed a mixed trend. As feedstock Monoethanolamine (MEA) was seen to be fluctuating during the first half of Q3, the cost pressure subsided. The market remained weak as a result of the weak demand from the oil & gas industry. Limited order intakes were also on served by downstream manufacturers during the first half due to the muted demand for scavenger chemicals. While in the second half, the price for MEA Triazine rose, backed by the rising offtakes from the oil & gas industry as hydrogen sulfide (H2S) mercaptan and scavenger in hydrogen streams. The price for MEA Triazine varied during the quarter and stayed close to USD 2509/MT Ex-Ahmedabad during September.
Europe
Due to the mixed price trend of raw materials and constrained downstream procurement, the price of Monoethanolamine (MEA) Triazine fell during the first half of Q3. Cost pressure decreased as feedstock Monoethanolamine (MEA), and Triazine were observed to change in the third quarter's first half. Meanwhile, the lackluster demand from the oil and gas industry continued to weigh on the market. Later as demand for scavenger chemicals to remove hydrogen sulfide (H2S) from crude oil declined, downstream producers only received a small number of orders supported by the weak economic conditions, which resulted in low prices for MEA Triazine in the European region.
