For the Quarter Ending September 2024
North America
In the third quarter of 2024, Nonyl Phenol prices in North America showed a marked increase, particularly in the U.S., where the most significant fluctuations were observed. This upward price trend was primarily driven by a supply-demand imbalance in the Nonyl Phenol Ethoxylates market.
While demand from key downstream sectors, such as detergents and surfactants, remained moderate, production levels were constrained due to operational challenges and below-capacity facility utilization. The availability of upstream Phenol supported consistent production, but supply chain disruptions, particularly related to reduced oil production, further affected the market.
Hurricanes and maintenance activities in the oil sector contributed to a decline in crude oil output, which had a cascading effect on the petrochemical market, including Nonyl Phenol. This dynamic was exacerbated by the 0.7% drop in global oil production, as reported by the International Energy Agency (IEA), with OPEC's output decreasing by 650,000 barrels per day. These supply constraints, combined with moderate demand, resulted in a steady increase in Nonyl Phenol prices throughout Q3 2024.
Asia
In the third quarter of 2024, the Asian Nonyl Phenol market witnessed a steady rise in prices, driven primarily by consistent demand from downstream sectors, including the Nonyl Phenol Ethoxylates industry, which serves key applications in personal care and detergents. China emerged as a focal point, where prices showed the most significant upward trend. In India, the Nonyl Phenol market dynamics were stable, supported by moderate demand, though seasonal factors like the monsoon season slightly influenced consumption. Nonyl Phenol prices in India reflected a 2.1% increase from the previous quarter, with the quarter-ending price recorded at USD 2015/MT CFR JNPT. Overall, supply chain stability, particularly the availability of upstream raw materials like Phenol, allowed for uninterrupted production and contributed to the overall price momentum across the region. However, Notable disruptions during the quarter included port congestion and labor strikes, affecting supply chains, such as Mundra Port congestion, and Port and dock workers' hunger strikes. Overall, the supply side provided moderate support for the Nonyl Phenol prices throughout the quarter. The OPEC basket crude oil prices declined during September 2024 and were assessed at USD 73.59 per barrel further affecting the Nonyl Phenol upstream costs.
Europe
In Q3 2024, the Nonyl Phenol pricing landscape in Europe, particularly within the Nonyl Ethoxylates sector, exhibited a significant upward trend, with Germany witnessing the most pronounced fluctuations. Several interrelated factors influenced this pricing environment. The consistent rise in crude oil prices has substantially impacted the manufacturing costs of Nonyl phenol, contributing to the overall price increase. This surge has been compounded by limited supplies of finished goods and robust demand from the cleaning sector, creating additional pressure on prices. Seasonal influences, including the upcoming holiday season and a reduction in manufacturing activities, also played a crucial role in shaping the pricing dynamics. Germany, as a pivotal player in this market, experienced substantial price changes throughout the quarter. The stabilization of demand from downstream industries at the termination of the quarter, coupled with ongoing supply chain disruptions and reduced production rates, resulted in a supply shortage that further pushed prices upward. Despite these price pressures, the euro area’s manufacturing sector contracted towards the end of the quarter, indicating broader economic challenges that could impact future demand for Nonyl Phenol and its derivatives. As manufacturers navigated these fluctuating conditions, the market sentiment remained cautiously optimistic, with a focus on adapting to evolving supply and demand dynamics.
For the Quarter Ending June 2024
North America
In the second quarter of 2024, the Nonyl Phenol market in North America exhibited notable stability, particularly in the latter half of the quarter. This stability was influenced by several significant factors shaping its pricing landscape. Balanced demand and supply chains played a crucial role in maintaining price stability during this period. The surfactant industry, a key downstream sector, showed moderate demand, contributing to the equilibrium in Nonyl Phenol pricing. Expected seasonal fluctuations, such as the Atlantic hurricane season, led downstream market participants to adopt cautious procurement strategies, ensuring their stockpiles were adequately padded against potential disruptions.
In the USA, which experienced the most pronounced price activities during this period, Nonyl Phenol prices remained fundamentally stable. This stability reflected a balanced sentiment in the market, indicating neither positive nor negative volatility but rather an equilibrium maintained by balanced supply-demand dynamics and prudent inventory management.
Hurricane Beryl halted industrial production in the USA in June 2024, with floods further disrupting downstream demand in the petroleum industry. Imports of US-origin Nonyl Phenol gained traction in the North American market, as US producers maintained strong pricing due to reduced domestic supplies and high local prices during this quarter.
APAC
In the quarter ending June 2024, the price of Nonyl Phenol in Asia remained on a slight surge due to an unchanged downstream market and a pause in demand from the surfactant sector amid the monsoon season. In April 2024, Nonyl Phenol prices in the market surged, driven by increased activity in the downstream surfactant sector, coupled with low inventory levels. India's current downstream sector reflects the most favorable conditions witnessed in the past decade, boosting confidence among homebuyers and investors nationwide and prompting heightened production in the surfactant industry due to a rise in the seasonal inclination. Furthermore, demand consistently outpaced supply, suggesting that Nonyl Phenol prices would rise whenever new inventory entered the market. However, In May and June 2024, the Nonyl Phenol market experienced a downward price trend, driven by unchanged downstream demand and increased regional supplies. The surfactant segment and other primary downstream industries showed little interest in stocking, influenced by reduced production activities and a seasonal lull. Market strategies focused on purchasing during price declines and managing existing inventory. The export market remained subdued, with Chinese buyers focused on domestic replenishment and early order execution. As the quarter concluded, the price of Nonyl Phenol CFR JNPT in India stood at USD 1957/MT, underlining a negative pricing environment at the end of Q2 2024.
Europe
In Q2 2024, the Nonyl Phenol market in Europe exhibited a persistent yet moderate upward trend, primarily driven by supply constraints, heightened production costs, and fluctuating feedstock prices. Supply chain disruptions and strategic production cutbacks by manufacturers exacerbated the material's scarcity. Additionally, increased operational expenses and stable demand from the surfactant sector collectively contributed to the rising Nonyl Phenol pricing environment. In Germany, the market experienced the most pronounced price changes within the region. Seasonal factors played a crucial role, with increased demand from the surfactant sector consistent with typical seasonal cycles. This incremental yet consistent rise reflected a balanced market condition, where slight demand improvements were met with constrained supply, fostering a stable to positive pricing environment. By the end of Q2 2024, Nonyl Phenol prices marked a steady culmination of the quarter’s upward trend, affirming the positive pricing momentum despite underlying volatility. Additionally, port operations were affected by a workers’ strike in June 2024, impacting ports such as Hamburg, Bremen, Bremerhaven, Brake, and Emden. The dispute over the collective agreement led to strikes at German container ports, halting activities at the Port of Hamburg for two days before a fourth round of negotiations began. The strikes later affected Wilhelmshaven, Bremen, and Emden, causing operational disruptions at container terminals. A prolonged strike could delay operations at Hamburg and Bremerhaven ports in August, severely impacting German exports, particularly in the automotive and machinery sectors.
For the Quarter Ending March 2024
North America
Throughout the first quarter of 2024, the North American Nonyl Phenol market experienced a continuous upward price trend. The market remained bullish, characterized by limited inventories and moderate demand.
However, the industry faced challenges such as disruptions in logistics and escalating freight rates due to ongoing turmoil in the Red Sea region. Efforts to address potential disruptions to shipping supply routes through Baltimore included the expansion of storage capacity in nearby areas like Philadelphia. Nevertheless, even minor logistical challenges could affect pricing in the region. The closure of the Port of Baltimore coincided with increased production rates in Europe, potentially resulting in surplus Nonyl Phenol that could be directed to the US East Coast.
Concerns persisted about low inventory levels in northeastern US tanks, although there has been slight improvement recently, allowing for more consistent price increases compared to regions with better supply and logistics. This trend was primarily driven by constrained production volumes and increased demand from the downstream sector.
APAC
The first quarter of 2024 was a mixed period for Nonyl Phenol pricing in the APAC region. Overall, market prices were influenced by various factors, resulting in both positive and negative trends. In terms of India, which experienced the most significant price changes, the market saw a notable increase in prices compared to the same quarter last year. Several factors contributed to the price changes in India. Limited regional supplies and stock shortages drove up prices, as reduced production rates in major exporting countries affected imports. Additionally, delays in cargo movement due to the ongoing situation in the Red Sea contributed to increased costs and low stock availability. Sellers raised prices in response to these limited supplies and low imports from regional suppliers. In terms of overall trends, the market was bullish, with low supply and moderate demand. Downstream orders were limited, further pushing up prices due to supply disruptions and tight stock availability. However, demand was moderate, with improved production rates in the downstream manufacturing industry. Looking at the price changes within the quarter, there was an 8.4% increase in Nonyl Phenol prices in India. The quarter-ending price stood at USD 2034/MT. It is important to note that there was no significant price difference between the first and second half of the quarter. In conclusion, the Nonyl Phenol pricing environment in the APAC region, particularly in India, was positive overall, with prices increasing compared to the same quarter last year. Limited supplies, low imports, and tight stock availability drove up prices, despite moderate demand.
Europe
The Nonyl Phenol market in Europe faced a challenging Q1 in 2024, with various factors impacting the industry. Prices surged in the regional market due to an increase in downstream chemical industry demand and constrained supplies. The increase in prices in the European market during the quarter ending March 2024 reflected moderate demand and a scarcity of suppliers. Challenges faced by the European supply chain, including logistics disruptions linked to the Red Sea turmoil, contributed to the current Nonyl Phenol pricing trend. Downstream production rates decreased due to supply disruptions, leading market participants to take a cautious stance on further changes. Limited supplies in the regional market were notable despite low demand fundamentals amidst slowed construction activities. Global crude oil prices surged, surpassing USD 87 per barrel, driven by factors like tighter physical markets, OPEC+ production cuts extension, and geopolitical tensions. However, prices in the German market remained stagnant, with a narrowed demand-supply gap and limited stock availability amid rising input costs in the middle of the quarter. Supply concerns emerged in March 2024 as the Easter holidays approached, particularly focusing on German ports facing closures during weeks 13 and 14 due to the holidays.
For the Quarter Ending December 2023
North America
The Nonyl Phenol prices were relatively stable in the fourth quarter of 2023 in the North American region. Meanwhile, the American Nonyl Phenol market situation remained balanced during December 2023, and prices experienced stagnancy, with no marked shift in the purchasing sentiments from the downstream Ethoxylates and surfactant industry.
Nonyl Phenol buyers had paused purchasing activities in anticipation of further discounts in the prices as the downstream market faced challenges due to various factors, including logistics and hampered production rates. According to the analysis, the export prices for US Nonyl Phenol showed no variation in the middle of December and were also likely to be influenced by the uncertain downstream market dynamics in January 2024.
From the supply perspective, globally, freight markets experienced elevated demurrage costs and extended transit voyage times due to congestion in major international waterways in the preceding months. The crucial Panama Canal route had been affected by low water levels, leading to restrictions on vessel hull drafts and reduced transit volumes throughout the quarter ending December 2023.
APAC
In the APAC region during the fourth quarter of 2023, the Nonyl Phenol market faced several challenges. The factor affecting the market was the limited stock availability, leading to an increase in the prices in the first half of the quarter. Further, the Nonyl Phenol prices had consolidated southward in the middle of December 2023 in the Asian market, as the downstream market situation showed no signs of resilience. In Asia, the Nonyl Phenol prices exhibited a relatively stable trend in December 2023 as the demand from the downstream surfactant industry saw no improvement, and producers restricted production rates to survive their margins in the year-end destocking period. Meanwhile, in the Asian Ethoxylates market, there was a tendency towards weakened demand, similar to the situation in the surfactant supply chain. Supplier stocks were elevated, leading to the availability of some lower-priced deals as the year-end approached. Due to these demand-related factors, profit margins for Nonyl Phenol players in the Asian market were being squeezed for December 2023.
Europe
In the fourth quarter of 2023, Nonyl Phenol prices in the European market experienced a decline amidst slow downstream demand momentum. European traders and manufacturers were mainly concerned about reduced demand from the downstream surfactant industry, resulting in only modest price fluctuations despite worries about freight disruptions towards the end of the quarter. The notable factor of extended transit times for imports was highlighted by a producer. Additionally, the ample availability of inventories had a negative impact on prices. Germany witnessed the most significant price changes, following a bearish trend for most of 2023. Efforts to reduce operating rates as a strategy to protect profit margins for producers and traders proved ineffective, given the competitive pressures from the import market. Despite production cutbacks, Nonyl Phenol supplies continued to face challenges due to low demand in Q4 of 2023. In conclusion, the Nonyl Phenol market in the region witnessed stable demand, and moderate to low supply. European downstream markets demonstrated stability in purchasing confidence with a slight decline compared to the previous quarter weighing on the supply-related price change factors.
For the Quarter Ending September 2023
North America
In the North American Region, the price trend of Nonyl Phenol remained relatively stagnant in the quarter ending September 2023, due to the minimal consumer purchasing sentiment amid increasing inflation and a weak demand momentum in the downstream surfactants and Nonyl Phenol Ethoxylates segments. In the United States, Nonyl Phenol prices fluctuated in the narrow range due to unchanged offers from the downstream Surfactant industry, amidst ample supplies. The survey conducted by the American Chemical Council in the middle of the third quarter revealed a notable shift in the challenges faced by the US chemical manufacturing industry. These challenges have transitioned from supply constraints to regulatory burdens, particularly in the face of subdued purchasing sentiments in both international and domestic markets. As a result, Nonyl Phenol manufacturers have reported a decline in sales, reduced production, and lower output during this quarter and therefore, kept the Nonyl Phenol prices stagnant amidst uncertain market dynamics. Regional demand has also weakened across major customer segments in the latter half of the quarter.
APAC
In Asia, the Nonyl Phenol prices witnessed a notable downturn during the third quarter of 2023, primarily governed by the surplus availability of Nonyl Phenol supplies, which effectively met the existing orders within both domestic and regional markets. Moreover, the adverse consequences of a Typhoon in China had a dual impact. As a ripple effect, curtailed operational capabilities, and constrained the domestic demand for Nonyl Phenol products in August 2023. As per recent insights, the prolonged economic uncertainty in China, coupled with a decrease in export inquiries, has dampened international market enthusiasm in the third quarter of 2023. As September progressed, downstream enterprises finalized their pre-holiday inventories, leading to a decline in demand by month-end. Additionally, the downstream market players were cautious about the limited crude oil inventories, as a ripple effect reduced production run rates, reducing the Nonyl Phenol offtakes in the global market. Consequently, the current stability observed in Nonyl Phenol prices is prompted by the stagnant downstream demand from the Nonyl Phenol Ethoxylates and surfactant industry and the concurrent increase in production costs, notably influenced by the upward trajectory of crude oil, as recorded at the close of September 2023.
Europe
In the European market, Nonyl Phenol prices exhibited stability during the third quarter of 2023 amidst increased market uncertainty concerning downstream demand momentum. Market participants have displayed a cautious approach in response to the prevailing market conditions. The demand conditions remain weak, marked by a decline in new business activity, leading to a further contraction in procurement operations and a subdued enthusiasm for input procurement. Towards the end of September 2023, European Nonyl Phenol prices exhibited fluctuations within a specific range. However, during the first half of the quarter, market players experienced varying price trends. The downward movement of Nonyl Phenol prices in the latter half of the quarter was driven by reduced demand from the surfactant industry, which was influenced by weakening consumer confidence in the line of tepid economic recovery. An additional factor affecting this downward trend was the European Central Bank's decision to raise interest rates at the higher end, aimed at curbing inflation and enhancing economic conditions. This external factor contributed to the bearish market situation in the downstream sector. Furthermore, the recent stability in Nonyl Phenol prices was primarily due to a modest gap between supply and demand. This situation was exacerbated by rising Phenol prices, which can be attributed to increased Crude oil values during September 2023. Additionally, there was limited demand for Ethoxylates in the European market during this period. The persistent demand weakness is a result of multiple factors, notably the holiday season, which traditionally leads to reduced consumer spending and decreased business activity in the regional downstream sectors.
For the Quarter Ending June 2023
North America
The North American market witnessed a bearish trend for the prices of nonylphenol throughout the second quarter of 2023. This was largely due to declination in the prices of upstream crude oil and phenol. The market for phenol was also recorded to be depreciating due to the falling prices of crude oil and in addition to a low demand from downstream rubber and adipic acid industry. Moreover, the demand for nonylphenol was also recorded to be low from the lubrication and laundry and dish detergents, which was evidenced by declination in the prices of castor oil for lubrication industry and nonylphenol ethoxylates for surfactants. The optimum supply of inventory was indicated by the optimal operations of Crude oil processing plants in addition to the ease of congestion of ports in the Gulf Coast. The low demand was evidenced by declining prices of downstream demand of nonylphenol ethoxylates for the surfactant industry along with depreciating prices of lubricating oils. Furthermore, the low demand for phenol from the downstream rubber and adipic acid industry, which led to the depreciation of prices in phenol also contributed to the decline in the prices of nonylphenol.
APAC
The prices for nonylphenol witnessed a bearish trend throughout the second quarter of 2023, recording a decline of almost 6% in the Asian market. Even though the petrochemical industry recovered in Asia due to falling crude oil prices, the demand from downstream surfactant industry was recorded to be low as the ongoing inflation which was recorded to be about 5%, depressed the buying sentiments of the end user consumer. Moreover, offers from international exports also looked bleak, as the dull outlook on the global economy restricted purchasing activities in the international market. The low demand in contrast to optimum production levels compelled distributors to sell excessive inventories at negotiable prices in order to mitigate the large amounts of underutilized stocks, thereby further declining the profit margins and price of the commodity. The fall in the prices of phenol, due to ease in production cost also contributed to the declination of the prices of commodity. The final price of nonylphenol at the termination of second quarter of 2023 was recorded to be USD 2590/MT Ex-Mumbai.
Europe
The European market situation for nonylphenol witnessed bearish trend largely due to decline in the prices of phenol because of declining prices in crude oil. The weak demand from downstream lubricating oil industry also made a significant contribution to the declining prices of crude oil. Even though a strong demand from the detergent industry was recorded, there was no effect on the prices of nonylphenol, other than appreciation of costs in nonylphenol ethoxylates. The offers from the international market also looked bleak as purchasing activities were limited due to sluggish recovery of the European economy, with the PMI declining from 45 to 38 in the second quarter of 2023. Supply I the region was recorded to be normal as declining prices of phenol ensured optimum production rates, although labour strikes for higher wages were recorded at some ports. Overall demand, however, remained sluggish despite good demand from the downstream detergent industry. Excess inventory produced were being sold at lower profit margins thereby depreciating the prices further.
For the Quarter Ending March 2023
North America
During the first quarter of 2023, North America witnessed moderate to low demand for Nonyl Phenol. Slow economic activity was the main reason, even as production remained unaffected. According to data, the downstream industries like textiles and cosmetics saw some improvement by the end of the quarter, but it was lower than anticipated due to prolonged inflationary pressure. The FED's frequent price revisions for domestic interest rates were adding to the country's economic concerns and impacting demand for the product.
Asia
In March 2023, despite the seasonal demand, prices for the product remained low due to low demand in the global market. However, the Indian market performed better than many major economies. The supply remained moderate to stable, and no hindrances were observed in the production activities. On the other hand, in February 2023, prices for the product rose due to the seasonal burst of demand from downstream industries. The supply remained stable, and expensive imports also supported the price trend. The demand improved from the downstream industries, and it is expected to rise further in the coming month. The better performance of downstream industries also supported the current price movement.
Europe
The Europe economy has been struggling due to the Russia-Ukraine war, which has negatively impacted regional economic activities. Data indicates that demand for Nonyl Phenol from the domestic ethoxylates and cosmetics industries remained low, while other sectors, such as construction and textiles, have also experienced a seasonal slowdown. Despite some supply chain disruptions caused by snow, supplies remained stable to firm, and the narrow demand-supply gap supported a downward price trend—the lower risk of a recession generated optimism for future demand.
For the Quarter Ending December 2022
North America
Nonyl Phenol's market value in the North American market showcased conflicting trends in the fourth quarter of 2022 due to changes in downstream demand from a variety of sectors. Due to the textile, detergent, and packaging industries' inconsistent growth during the quarter, there were peaks and troughs in demand for Nonyl Phenol in both industries. In addition, upstream expenses and variable production costs affected the growth of the Nonyl Phenol industry. As a result, the price trend for Nonyl Phenol decreased in October, rose in November, and then decreased once more in December. Furthermore, December destocking was another factor that caused the Nonyl Phenol prices to decline as the year approached its end.
APAC
In the fourth quarter of 2022, the market prices of Nonyl Phenol in the Asia-Pacific region displayed contradictory tendencies because of changes in downstream demand from a number of industries. Demand for Nonyl Phenol fluctuated up and down because of the textile, detergent, and packaging industries' inconsistent growth during the quarter. Additionally, the growth of the Nonyl Phenol sector was impacted by upstream costs and variable production costs. As a result, the Nonyl Phenol price trend fell in October, rose in November, and then fell once more in December. As the year came to an end, another factor that drove Nonyl Phenol prices to fall was December destocking.
Europe
The market value of Nonyl Phenol in the European market showed mixed sentiments in the fourth quarter of 2022 because of variations in downstream demand from different industries. Amidst uneven growth of the packaging, detergent, and textile industries, demand for Nonyl Phenol moved up and down. Upstream expenses and variable manufacturing costs also had an impact on the growth of the nonyl phenol market. Because of this, the price trend for Nonyl phenol decreased in October, increased in November, then decreased once again in December. Meanwhile, a sharp drop in freight charges resulted in increased availability of cheaper Asian imports on European shores, further easing the prices in Q4 2022.
For the Quarter Ending September 2022
North America
Due to higher upstream costs, Nonyl Phenol prices increased steadily in the North American market during the third quarter of 2022. As the cost of phenol, the raw material needed to create Nonyl Phenol, increased throughout the quarter, causing the higher upstream cost for Nonyl Phenol production, the market value of nonyl phenol upsurged correspondingly. Nonyl Phenol cost also grew as Nonyl Phenol usage increased in the paper, detergent, and textile industries. Additionally, the whole supply chain was disrupted, and the market's supply of materials was constrained by port backlogs, vessel bunching, and berth delays in the North American nations, which supported the overall inclining pricing trend of Nonyl Phenol in the region.
APAC
During the third quarter of 2022, the Asia-Pacific region saw a steady increase in Nonyl Phenol prices due to higher upstream costs. Nonyl phenol's price increased throughout the quarter because of an increase in the manufacturing cost caused by the rising price of phenol, the raw material used to make it. In addition, Nonyl Phenol uses increased in the textile, paper, and detergent industries, which increased Nonyl Phenol pricing. In addition, port congestions, vessel bunching, and berth delays in some countries disrupted the overall supply chain and limited the material available in the market. Hence, the assessed price value of Nonyl Phenol was USD 2924.44/MT Ex-Mumbai during September in the Indian market.
Europe
Nonyl Phenol prices in the European market rose steadily in the third quarter of 2022 because of the higher upstream costs. The price of phenol, a necessary raw material for the manufacturing of nonyl phenol, rose during the quarter, leading to higher upstream costs for nonyl phenol production. As a result, the market price of nonyl phenol also climbed. As Nonyl Phenol consumption rose in the paper, detergent, and textile sectors, so did its price. Additionally, the European countries' port backlogs, vessel bunching, and berth delays impacted the entire supply chain and limited the market's supply of materials, which supported the overall upward pricing trend of nonyl phenol in the area.
For the Quarter Ending June 2022
North America
The prices of Nonyl Phenol dropped at the beginning of the second quarter of 2022 in North America but started surging from May and showcased an upward pricing trend in June. The prime reason behind these fluctuations in Nonyl Phenol price value was flickering feedstock market value. The feedstock price of Nonyl Phenol decreased in April, regained its pace, and started soaring in May, which continued till June. Strong downstream demand from detergent, paper, and textile industries was also a crucial factor behind the price rise of Nonyl Phenol in the North American region. Furthermore, Escalated energy costs, elevated freight charges, and congested ports amidst Russia-Ukraine war tensions further exacerbated the price value of Nonyl Phenol.
APAC
The Asia-Pacific region witnessed a consistent surge in the prices of Nonyl Phenol during the second quarter of 2022 on the back of increased upstream costs. As the price value of raw material Phenol mainly was soaring throughout the quarter, the manufacturing cost to produce Nonyl Phenol inclined, which eventually led to the price hike of Nonyl Phenol during the quarter. Furthermore, the consumption of Nonyl phenol was growing in textile, paper, and detergent industries, which propelled the Nonyl Phenol prices upwards. Moreover, increased crude oil prices, inflated freight charges, supply disruptions amidst Russia-Ukraine war tensions, and another outbreak of covid added to the already augmented market value of Nonyl Phenol.
Europe
Following the pricing trend of Nonyl Phenol in Asia-Pacific, the European countries witnessed a steady increase in Nonyl Phenol prices due to higher upstream costs. The cost of producing Nonyl Phenol climbed as the price value of the raw material. Phenol was primarily rising throughout the quarter, which eventually contributed to the price increase of Nonyl Phenol during the quarter. In addition, Nonyl Phenol usage increased in the textile, paper, and detergent industries, which increased Nonyl Phenol pricing. Elevated crude oil prices further increased the already elevated market value of Nonyl Phenol, escalated freight costs, and supply difficulties due to tensions surrounding the Russia-Ukraine war.
