For the Quarter Ending September 2024
North America
In Q3 2024, the Polybutylene Terephthalate (PBT) market in North America experienced a notable decline in prices, influenced by several key factors. Weak support from feedstock costs, particularly for Butanediol, played a significant role in this downward trend. As feedstock prices fell, an oversupply emerged, exerting additional downward pressure on PBT prices. Furthermore, moderate demand from downstream sectors such as automotive and electrical appliances manufacturing contributed to a stable yet declining pricing environment. This quarter recorded a 3.5% decrease compared to the same period last year, reflecting a persistent downward trajectory in the market.
Despite this decline, there was a slight increase of 0.3% compared to the previous quarter in 2024, indicating a degree of pricing stability amid broader fluctuations. This consistency suggests that while market conditions are challenging, they are not in free fall, allowing for some resilience.
By the end of the quarter, the price for Polybutylene Terephthalate IM Grade FOB New York stood at USD 3320/MT, underscoring the prevailing negative sentiment within the pricing environment.
APAC
In Q3 2024, the Polybutylene Terephthalate (PBT) market in the APAC region experienced a significant downturn in prices, marked by a notable 9.5% decrease compared to the same quarter last year and a 2.5% decline from the previous quarter in 2024. Japan was particularly affected, showcasing the most pronounced price fluctuations that mirrored the broader regional trend of decreasing prices. Several factors contributed to this negative trajectory. Weak demand from key downstream industries, especially automotive and electronics, hindered market momentum. This decline in offtake resulted in excess supply, further exacerbating price pressures. Additionally, stable to low feedstock costs, particularly for Butanediol (BDO) and Purified Terephthalic Acid (PTA), failed to provide any upward support for PBT pricing. The data revealed a 1% price difference between the first and second halves of the quarter, underscoring a consistent downward trend. By the end of the quarter, the recorded price for Polybutylene Terephthalate IM Grade FOB Tokyo stood at USD 2966/MT, encapsulating the prevailing negative sentiment and the challenges faced by the market.
Europe
In Q3 2024, the Polybutylene Terephthalate (PBT) market in Europe experienced a downward trend in prices, with Germany being notably impacted by the decreasing prices. Several significant factors contributed to this decline. Firstly, subdued demand from key industries such as automotive and electrical appliances played a crucial role in driving prices lower. The weak offtake from these sectors led to a surplus in supply, putting downward pressure on PBT prices. Additionally, stable feedstock costs, particularly Butanediol and PTA, failed to provide any support for price increases, further contributing to the overall decrease in market prices. Germany, in particular, witnessed the maximum price changes during this period. This quarter, PET prices in the German market declined by 1% compared to the previous quarter. However, the quarter saw a balanced prices trend compared to the same quarter of the previous year. Ultimately, the quarter-ending price for Polybutylene Terephthalate IM Grade FOB Hamburg in Germany was recorded at USD 4728/MT, reflecting the prevailing decreasing sentiment in the market.
South America
Throughout Q3 2024, the South America Region witnessed a declining trend in Polybutylene Terephthalate (PBT) prices. This quarter proved challenging for PBT pricing due to several significant factors. One key influence was the consistent decrease in feedstock costs, which led to a downward pressure on PBT prices. Additionally, the region experienced limited demand from key sectors like automotive and electrical appliances, contributing to the overall price decrease. Seasonality also played a role, with the market showing a typical slowdown in procurement activities during this period. Notably, the correlation in price changes between the first and second half of the quarter reflected a negative trend, further emphasizing the decreasing price environment. Moving specifically to Brazil, the market saw the most substantial price changes in the region during Q3 2024. With a -3.5% decrease from the same quarter last year, and a -0.2% change from the previous quarter in 2024, Brazil experienced a notable decline in PBT prices. Ultimately, the quarter-ending price for Polybutylene Terephthalate CFR Santos in Brazil stood at USD 3370/MT, reflecting the prevailing negative sentiment in the pricing environment.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American market for Polybutylene Terephthalate (PBT) demonstrated notable price stability. This equilibrium was largely attributed to balanced supply-demand dynamics, supported by consistent feedstock availability and robust production capacities. Despite global supply chain disruptions and fluctuating freight rates, PBT manufacturers successfully maintained stable output levels. Key industrial sectors, particularly automotive and electronics, exhibited steady procurement patterns, further bolstering market confidence. Additionally, stabilized upstream material prices, including butanediol and purified terephthalic acid (PTA), played a pivotal role in mitigating input cost pressures for producers, thus contributing to predictable pricing dynamics.
Focusing on the USA, which experienced overall stability, the overall trend throughout the quarter was marked by minimal volatility. Seasonality had a marginal impact, with no discernible differences between the first and second half of the quarter, maintaining a negligible change in prices. There was a slight negative shift from the same quarter last year, with a -1.2% change, and a 0% decrease compared to the previous quarter in 2024. These figures indicate a stable pricing environment, albeit with minor downward adjustments yearly.
The stable sentiment in the PBT market is further underscored by the quarter-ending price, which was assessed at USD 3353/MT FOB New York. Despite external economic conditions and logistical challenges, the PBT pricing environment in North America has remained largely stable, reflecting a balanced market outlook.
APAC
In Q2 2024, Polybutylene Terephthalate (PBT) pricing in the APAC region demonstrated a stable trend, with minimal downward changes observed in the second half of the quarter. This stability was primarily driven by reduced demand from downstream sectors such as automotive, electrical, and electronics, coupled with sufficient stock availability. Logistic disruptions and fluctuating freight rates also contributed to a decline in purchasing sentiment.
The feedstock market played a crucial role; prices for key inputs like purified terephthalic acid (PTA) and butanediol experienced minor fluctuations, which helped maintain balanced production costs and stable PBT prices. Economic uncertainties and inflationary pressures further dampened market sentiment, resulting in cautious procurement behavior among buyers.
In Japan, PBT prices displayed a stable trend throughout the quarter, reflecting steady market dynamics. The overall trend showed minor fluctuations typical of seasonal effects, with demand remaining steady during the mid-year period. This stability was aligned with broader economic conditions and consistent manufacturing activities. Compared to the same quarter last year, PBT prices in Japan fell by 7%, indicating a notable year-on-year reduction. From the previous quarter in 2024, prices remained stable, with only a 1% change, underscoring a persistent neutral sentiment.
By the end of the quarter, the price for Polybutylene Terephthalate IM Grade FOB Tokyo was USD 3033/MT, reflecting the overall balanced pricing environment. This stability, driven by various economic and market-specific factors, underscores a consistent quarter for PBT in Japan, mirroring the trends across the APAC region.
Europe
In Q2 2024, the European market for Polybutylene Terephthalate (PBT) experienced a stable period characterized by unchanged prices. Several significant factors influenced this balanced trajectory. Primarily, subdued downstream demand in key sectors such as automotive and electronics exerted downward pressure on prices. The automotive industry, in particular, faced a notable downturn, with a sharp reduction in Electric Vehicle production and overall car sales, which in turn led to lower PBT consumption. Additionally, the reduction in feedstock prices, particularly a 9% quarterly fall in BDO prices, contributed to the easing of PBT prices despite unchanged PTA prices on a month-over-month basis. The broader economic uncertainties across the Eurozone, marked by fluctuating crude oil prices and persistent inflation, further compounded the market's woes.
Focusing on Germany, the region witnessed the most balanced price changes. The overall trend during this quarter was markedly neutral, underscoring a decreasing sentiment. Seasonality did little to curb the decline as consistently low demand from downstream industries failed to uplift prices. The correlation between PBT price changes and macroeconomic challenges was evident. Compared to the same quarter last year, prices have risen by 4%, reflecting a significant year-over-year improvement. From the previous quarter in 2024, prices remained flat with a less than 1% change, highlighting a persistent stagnation in market dynamics.
Concluding the quarter, the latest price for Polybutylene Terephthalate IM Grade FOB Hamburg in Germany stood at USD 4783/MT. Overall, the pricing environment for PBT in Q2 2024 was balanced, driven by weak demand, lower feedstock costs, and broader economic challenges.
South America
In the second quarter of 2024, the Polybutylene Terephthalate (PBT) market in South America demonstrated price stability. This stability was primarily driven by balanced supply and demand dynamics, resilient manufacturing sectors, and steady feedstock costs. Despite challenges such as logistical disruptions and fluctuating raw material prices, the market-maintained equilibrium. Brazil, a key player in the region, experienced minimal fluctuations in PBT prices, staying within a narrow range. Stable demand from sectors like automotive and electronics played a crucial role in supporting this consistency.
Compared to the same quarter the previous year, the market showed a slight decrease of -1%, indicating a stable pricing environment. Quarter-on-quarter, there was no change recorded, reflecting a consistent pricing trend. Throughout the quarter, there were no significant price variations between the first and second halves, highlighting sustained price stability. The quarter concluded with Polybutylene Terephthalate CFR Santos in Brazil priced at USD 3403/MT, underscoring the prevailing stable sentiment in the market.
For the Quarter Ending March 2024
North America
During the first quarter of 2024, the North American region experienced a steady and stable Polybutylene Terephthalate (PBT) market. Prices remained consistent, with minimal fluctuations, influenced by several factors. These included decreased demand from downstream segments, limited inventory levels, and weakened regional inquiries.
The PBT industry encountered challenges with supply disruptions, resulting in a cautious approach towards downstream market factors and reduced production rates. Consequently, the availability of PBT supplies in the domestic market of the United States was limited. Despite these circumstances, the market maintained a balanced state throughout the quarter, without significant changes in prices. In the United States market, which saw the most price fluctuations, the supply of PBT was moderate to low due to logistical challenges. This scarcity had a positive impact on the market, and demand remained moderate. However, there were limited inquiries from the domestic market, and there was a lack of enthusiasm for stocking in the regional market. As a result, PBT prices in the USA market remained stable throughout the quarter, without major fluctuations.
By the end of the quarter, the price of Polybutylene Terephthalate IM Grade FOB New York in the USA was recorded at USD 3364/MT. These disruptions led to an increase in prices. Nevertheless, despite these challenges, the PBT market in the North American region maintained stability during the first quarter of 2024.
APAC
During the first quarter of 2024, the Polybutylene Terephthalate (PBT) market in the APAC region remained relatively stable, with moderate supply and demand. However, several shutdowns disrupted the market, including a force majeure event in Tokyo, Japan. In Japan, the PBT market experienced limited inventory levels due to reduced production rates. The decline in automobile-related production, coupled with weak global demand, turned negative the pricing momentum of PBT in the region. Looking ahead, the PBT market faced a potential decrease in demand during the first quarter of 2024. This was driven by a slower-than-expected global economic recovery and an oversupply situation caused by underperforming upstream materials markets. The PBT prices in the Chinese market observed a decrease, propelled by weak demand from the downstream Automotive industry. The downstream market exhibited stability, although it was impacted by the delayed resumption of work by downstream enterprises. One week after the Spring Festival, downstream factories, including those in the home appliance industry, showed limited enthusiasm for stocking up, focusing on demand-driven purchases and inventory digestion. In summary, the PBT price remained stable in the first quarter of 2024, combined with the average resumption of work by enterprises, resulting in relatively low consumption by some downstream enterprises.
Europe
Throughout the first quarter of 2024, the Polybutylene Terephthalate (PBT) market in Europe sustained price stability amidst various challenges. Despite encountering obstacles, the market maintained equilibrium with a moderate supply and low to moderate demand. Challenges stemmed from weak production rates in the PBT market, restricted stock availability, and elevated input costs. Moreover, the market felt the effects of the Red Sea crisis, resulting in production disruptions and economic fragility. Germany, witnessing notable price fluctuations, also saw stability in the PBT market. This steadiness was underpinned by escalating upstream prices and consistent feedstock costs. However, the German market grappled with difficulties, including logistical disruptions and escalating freight rates due to the Red Sea turmoil. Nevertheless, despite these challenges, the PBT market in Germany remained steady throughout the quarter. No reported plant shutdowns occurred during this period, and the market continued to face limited stock availability and high input costs. The quarter concluded with PBT priced at USD 4815/MT of Polybutylene Terephthalate IM Grade FOB Hamburg in Germany. It's important to note that various disruptions in the market contributed to the observed price increase during the first quarter of 2024.
South America
The PBT prices in the South American market had decreased in the first quarter of 2024, attributed to sluggish demand and constrained supplies, maintaining a stable pricing trend. Despite output reductions in the export market and a rise in feedstock BDO prices, overall PBT supply had been insufficient to meet demand. This shortage had been compounded by decreases in import volumes and occasional production interruptions within the region, impacting Brazil's supply. Producers had operated at reduced capacities to protect profit margins, facing competition from competitively priced regional shipments and discounted US PBT. The Brazilian PBT prices had maintained stability, driven by reduced import costs from China and ample stock availability. Despite some demand improvement in the downstream home appliance industry, it had been insufficient to drive PBT prices upwards. Recent slight price declines had aligned with minor drops in upstream crude oil prices and surplus stock. Manufacturers have faced challenges securing international orders, particularly in Asia, Europe, and Latin America, contributing to declining external sales since February. Pricing pressures have been exacerbated by competitive pricing strategies among exporters and ongoing investigations.
For the Quarter Ending December 2023
North America
The North American Polybutylene Terephthalate (PBT) market witnessed an overall declining trend in Q4 2023, with limited demand and supply, leading to stability in prices at the termination of this quarter.
The market was impacted by the elevated production costs of upstream crude oil, leading to input cost pressures. Simultaneously, ongoing destocking efforts persisted as a result of prolonged weak demand and cost considerations in the second half of the last quarter of 2023. The downstream companies consistently scaled back their purchasing activities amid elevated inflation in the nation.
On the pricing front, manufacturers continued the practice of lowering factory gate charges due to competitive pressures across the regional market. However, the rate at which output prices decreased was the slowest in seven months, maintaining a relatively modest decline. The US PBT market struggled with high costs, sluggish demand, and decreasing prices. PBT producers in the USA find themselves compelled to implement significant measures to address these issues, opting to maintain consistent prices throughout the two months. The quarter-ending price for Polybutylene Terephthalate (PBT) IM Grade FOB New York in the USA is USD 3404/MT.
APAC
The Polybutylene Terephthalate (PBT) market in the APAC region witnessed a bearish trend in the fourth quarter of 2023, with weak demand in the downstream automotive industry and ample availability of inventories. In Japan, PBT prices dropped due to surplus supplies, decreased costs, and weak demand in the domestic and regional markets. The destocking sentiments among market players weighed on the price momentum, while high levels of pre-procured inventories outpaced the PBT price momentum at the termination of this quarter. The PBT market in Asian countries remained steady due to unaltered demand fundamentals, while the Chinese market experienced a major dip in prices due to muted demand and ample availability of stocks. Concurrently, local prices in China have also undergone a decline, aligning with the import prices in both markets, which have hit their lowest levels in over two months. The continuous decrease has spurred the introduction of competitive offers for Chinese materials in Southeast Asia. Moreover, the upstream crude oil market is witnessing significant volatility, and the decreasing feedstock PTA prices, reaching three-month lows, have further subdued market sentiment. The combination of cost erosion and a persistent downturn in downstream demand has kept sellers under pressure to reduce inventories, leading to cuts in PBT prices. The latest price of PBT IM Grade FOB Tokyo in Japan for the current quarter is USD 3210/MT.
Europe
The Polybutylene Terephthalate (PBT) market in Europe witnessed a balanced situation in Q4 2023, with moderate to high supply and modest demand in the region. The downstream automotive segment showed a marginal momentum amidst high interest rates and slow international offtakes, impacting the commodity prices. The limited downstream demand and cautious approach amongst market players caused stagnancy in PBT prices in Germany in October. However, restrictions in production rates due to raw material shortages and disrupted weather conditions pushed the prices moderately upward for the buyers in the following months. The reduced costs of feedstock and stagnant BDO prices played a role in the quarterly trend of PBT prices, prompting producers to consider short-term measures for the sustainability of margins. Crude oil price fluctuations also impacted input costs and may continue to do so in the future. The quarter-ending price of Polybutylene Terephthalate (PBT) IM Grade FOB Hamburg in Germany is USD 4774/MT. Additionally, there have been marginal indications of a recovery in downstream automotive demand for PBT, stemming from a notable decrease in stocks and a recent improvement in sales volume.
For the Quarter Ending September 2023
North America
In North America, the PBT price trend was upward in the quarter ending September 2023, as consumer purchasing sentiments remained supportive amidst the expectation of a revival in the automotive demand in the coming weeks. The US PBT price trend was also impacted by the reduced production run rates along with Hurricane Idalia, marking the impact of the hurricane season in parts of the USA in the first half of the quarter. The refiners and PBT producers on the West Coast cautiously approached the prospects of the weather disruptions, followed by the challenge caused by the heat this summer. Additionally, fuel markets were effectively closed during this time frame, impacting input costs of PBT. Likewise, an improvement in international and domestic offers in Septmeber 2023 prompted the PBT market bullishness in the US market. Therefore, the PBT market players experienced a shortage of inventories to fulfill the existing offers in the domestic market of the country this week and kept their quotations stable at higher values to sustain better margins. Manufacturers are anticipated to operate at lower rates in September 2023 amidst a significant challenge as a UAW (United Auto Workers) strike threatened to reduce monthly demand for polymers such as PBT from major automobile producers, including Ford, General Motors (GM), and Stellantis, each by 5,000 tonnes based on their first-half volumes in the third quarter of 2023.
APAC
The PBT price trend in the quarter ending September 2023 witnessed mixed market sentiments backed by the escalated concerns amongst market players about the uncertainty in the market situation. During the first half of the quarter, polybutylene terephthalate (PBT) prices in Asia exhibited upward trend, primarily attributed to an uptick in demand stemming from the automotive and electrical sectors. The equilibrium in the market was facilitated by ample stock availability on the supply side, effectively easing the demand-supply gap in the second half of the quarter.Furthermore, the operational rates in China were hampered by the impact of a Typhoon in August 2023, leading to a reduction in PBT supplies. Consequently, market participants made strategic price adjustments to safeguard their profit margins, particularly in response to improving downstream offers. Meanwhile, the supply-side dynamics were influenced by the escalation of BDO (Butanediol) prices in Asia and the surging costs of crude oil. These factors had a ripple effect, constricting PBT production rates and adopting a bullish market environment in the third quarter of the year.
Europe
The PBT prices in the European market were upward in the quarter ending September 2023, backed by the escalated downstream demand, and market players seem cautious about the market situation for the time being. Weak production run rates increased the PBT price trend since the start of the quarter, amidst surging production costs in the line of surging crue oil prices. The concern about the weakness in the downstream demand from the automotive segment amongst the market players led to the stability in the PBT prices in the middle of the Quarter. Further towards the termination of September, the demand conditions improved, with new business inclination at the slow pace, leading to a further marked resileince in procurement activity and input buying enthusiasm in the European automotive sector. Hence, the recent prices of PBT resulted from the limited supplies and rise in the demand momentum prompting elevation in the price trend at the edn of the third quarter. Additionally, the industrial producer price was up in August 2023 by 0.6% and remained resilient in September 2023 with stability in the inflationary pressures in the regional market as per the data released by the Eurostat Commission.
For the Quarter Ending June 2023
North America
The PBT (Polybutylene Terephthalate) prices surged in the Quarter ending June 2023 in the US market, governed by the low supplies and slow improvement in the demand in the electronic sector of North America along with an increasing feedstock PTA (Purified Terephthalic Acid) costs across the regional market. The constant sales and decent profit margins for the manufacturers, despite the slowdown in the economic condition, led to a positive impact on commodity performance during the second quarter of 2023. In the H1 of Q2, the PBT prices increased as the market players reported product shortages in the US market amidst reduced production rates at the end of June 2023. Additionally, price increases resulted from product unavailability and rising export demand from China, along with a rebound in the electronic sector in the regional market. Conclusively, the PBT prices fluctuated in a narrow range at the termination of the Quarter due to sufficient supplies amidst a rise in the production run rates and ease in the upstream materials costs. Moreover, H2 of the second quarter concluded with moderate domestic as well as international inquiries for the product.
APAC
According to the most recent data, the prices of PBT uplifted during the second quarter of 2023 in the APAC market. This rise was a cause of concern for market participants due to supply disruptions and a shortage of inventories to fulfill the current demand for the product. The PBT market was majorly affected by the fluctuating upstream material costs in Q2, including PTA and BDO prices in China. Additionally, a surge in offshore inquiries and reduced production run rates further impacted the pricing movement of PBT in this quarter. The volatility in upstream crude oil prices and the lower availability of feedstock, BDO, contributed to the surge in PBT prices in the mid of Q2. In the first half of Q2, the downstream processing industry demand was low following the Holiday season. As a response to the bearish market, exporters chose to reduce their production run rates during the latter half of the quarter. Conclusively, the PBT price inclination resulted from the shortage of supplies in the second half of this quarter.
Europe
During the second quarter of 2023, PBT prices in the European market experienced relatively stable fluctuations, remaining within a narrow range. This was primarily influenced by subdued demand in the automotive and electronic sectors of North America. Additionally, lowered feedstock BDO and Terephthalic Acid costs and an abundance of available stock in the regional market also contributed to the price stability. Manufacturers faced challenges during this period, as both sales and profits declined due to the tough global economic environment. Macroeconomic factors further impacted the commodity's performance in Q2 2023. In the first half of the quarter, the automotive industry's demand for PBT was affected by inflationary pressures on operational rates. Similarly, the housing segment saw reduced interest, mainly due to a slowdown in the residential sector caused by higher interest rates imposed by the Fed at the beginning of the quarter to control inflation in the European market. These factors had a notable impact on the international PBT market momentum, and as a result, market players stabilized prices by the conclusion of the quarter.
For the Quarter Ending March 2023
North America
The PBT prices resulted from restricted inventory availability in the US market during the first quarter of 2023. In March 2023, the price of PBT continued to rise, owing to a progressive increase in consumer confidence in the domestic automotive and other competitive businesses in the United States. Moreover, market players opted for a reduction in the production rates in mid-March 2023 this month with an elevating feedstock BDO costs towards the end of Q1 2023. In the meantime, international PBT inquiries rose, impacting commodity price movement in the face of supply constraints. Furthermore, the significant rise in global crude oil prices at the end of March increased the input cost pressure on firms, supporting PBT prices in the US market.
APAC
Due to the slowdown in downstream automotive industry demand in the quarter ending March 2023 and limited stock availability, PBT prices showed mixed market sentiments in the first quarter of 2023. On the other hand, with a jump in crude oil prices at the end of Q1 2023 due to production cuts by OPEC along with northward feedstock BDO costs, the PBT market felt supply tightness and raised commodity prices to transmit the cost pressure to Asian consumers. To summarise, the narrowing of the demand-supply gap caused the Asian PBT price trend to remain upward overall during the quarter ending March 2023.
Europe
The European PBT price trend continued to remain on the upward side in the March 2023 quarter, with a recent price surge in March 2023. Prices surged in Germany as a result of increasing demand from the downstream sector in the region. The surge in inflation, combined with the cost-of-living crisis, put PBT consumers in financial difficulty in the mid-Q1. Meanwhile, high input cost pressure, along with a steep rise in crude oil costs across the globe, led the PBT prices to gain northward momentum this quarter. Furthermore, market participants maintained an upward price momentum in the first quarter due to muted production activity in the face of competitive market conditions and strike action by industrial workers at the termination of March 2023.
For the Quarter Ending December 2022
North America
The price of Polybutylene Terephthalate (PBT) remained steady throughout the fourth Quarter of 2022. The price of PBT was supported by the low-cost pressure from feedstock Butanediol. Due to a slowdown in the global market, there was less demand from overseas markets. The actual production of goods and services was affected by changes in the interest rate by the federal bank. Due to the market's rising interest rates, consumers stopped purchasing unnecessary goods to control their spending. The construction and automotive industries both had normal demand, and worldwide freight costs decreased. In December 2022, the price of Polybutylene Terephthalate decreased by 1%.
APAC
The price of Polybutylene Terephthalate experienced mixed price trends throughout the fourth Quarter of 2022. The electrical and electronics industries had moderate demand in the Japanese market, and domestic orders were typical. The PBT price trend in China was upward due to inquiries about the product from overseas markets, despite the low demand from domestic markets. In India, the cost of PBT decreased in December due to the traders destocking the products at lower prices. In December 2022, the FOB Tokyo price of Polybutylene Terephthalate was around USD 3076/MT.
Europe
The cost of Polybutylene Terephthalate remained stable in Q4 2022, with a negligible decline throughout the quarter. Due to high inflation and a declining buying trend in the European market, end-use industries had little demand. The production costs declined as a result of natural gas on the market decreasing because of the ample storage of gas in major EU nations. Due to low demand from the end-use industries, several businesses slowed down their production rates. At the end of the Quarter, the holidays were approaching, and producers offered to destock their products at a low price. The price of Polybutylene Terephthalate decreased by 0.7% in December 2022.
For the Quarter Ending September 2022
North America
During the third quarter of 2022, the Polybutylene Terephthalate price witnessed a decline in the North American region throughout the quarter. In the first month of Q3, the price inclined slightly due to moderate demand from the downstream automotive parts and electrical & electronics sectors. The manufacturers have quoted high prices due to the merchants' high orders. In the next two months of Q3, the price was traced southern direction, supported by feedstock Butanediol. The feedstock's sharp decrease abated the polymer industries' derivatives. The high rate of inflation has dampened demand from the PBT industries, while orders from the overseas market remained weak due to uncertainty in consumer sentiment.
APAC
The price trend of Polybutylene Terephthalate observed a downward trajectory during the third quarter of 2022. The weak demand from the downstream industries and poor buying sentiments curbed the price of PBT. The freight charges in Asia were falling with global disputes. On the supply side, the abundant product availability due to high inventory from the suppliers and weak demand from the downstream curbed the price movement in the Asian market. In Asia, the feedstock Butanediol prices decreased sharply and supported the cost of PBT's downward trend. The sluggish demand from the downstream automotive and electrical & electronics industries further declined the price in the Asian market. In Japan, the decrease in product consumption and inventories was observed to surge, and traders and suppliers stockpiled the product in the market throughout the quarter.
Europe
During the third quarter of 2022, the cost of Polybutylene Terephthalate declined in the German market due to weak cost pressure from feedstock Butanediol. The high inventories from the manufacturers and abundant availability of the product constrained the price hike in the market. The buying sentiments from the purchasers were dull and weak in demand from the other European countries. Traders stockpiled the product due to its high availability amidst low demand in the market. Due to increased natural gas prices and additional utility costs in the European region, consumers were hesitant to purchase the product, and a bearish trend occurred in Europe. Due to the product's high availability in the market, the manufacturers have quoted an offer price to sell it.
For the Quarter Ending June 2022
North America
The North American market saw a surge in the prices of Polybutylene Terephthalate during Q2, 2022, with costs ranging at USD 3325/ton Polybutylene Terephthalate FOB New York during June as per recorded by Chem Analyst pricing team data and a quarterly escalation of 2.1%. PBT is slated to take care of its high relevance and popularity across various industrial applications. The polymer is enjoying lucrative growth opportunities within the automotive industry owing to the increasing focus of automakers on lightweight, high-resistance, cost-effective and low-maintenance materials. This led to decreased inventories with the traders in the region and lower product stockpiling within the market.
Asia
Polybutylene Terephthalate (PBT) prices fell in the Asian market during the second quarter of 2022, with prices hovering around INR 2,68,367/ton. Polybutylene Terephthalate IV 1.2 IM Ex-Ahmedabad in the Indian market with a quarterly decline of 2.9% as recorded by Chem Analyst pricing team data. In recent months, buyers have been able to negotiate down some of the highest offers from suppliers due to a better supply picture. For many people, an abundance of goods persists, such as specific types and compounds, due to the extensive availability of additives, including flame retardants and optical fibers. While supply has improved from the critical shortages, the market is far from balanced. The fluctuating freight costs and disruption causing lead times reduced imports, keeping availability less than before the pandemic.
Europe
The prices of Polybutylene Terephthalate surged in the European market, with prices ranging from USD 4754/ton Polybutylene Terephthalate FOB Hamburg in Germany during May and a quarterly escalation of 7.2% as per recorded by Chem Analyst pricing team data. The surge in global freight charges due to the ongoing war between Russia and Ukraine pulled the prices upward, putting pressure on the costs of the products. The demand from the downstream automotive and electronic sectors increased substantially, and BASF announced escalating PBT prices. Escalating prices of upstream feedstock Terephthalic Acid and 1,4-Butanediol due to fluctuating prices of the petrochemicals market.
For the Quarter Ending March 2022
North America
Prices of Polybutylene Terephthalate (PBT) remained in the narrow range during the first quarter in the North American region. The demand from the downstream automotive and electronics sector remained depressed throughout the quarter, due to which PBT prices dropped by 7%, especially in February. Feed Purified Terephthalic Acid (PTA) prices increased during first half and diminished in the second half of the first quarter. However, feed Butanediol prices increased continuously in the US market. Prices were accessed at USD 2340 per tonne on FOB basis at New York in North America by the end of February, witnessing a decrement of 10% in the values from the last quarter of 2021.
Asia Pacific
Prices of Polybutylene Terephthalate dropped initially during Q1 and recovered during March in China, following the price trend of feed Butanediol. PBT prices settled at USD 2405 per tonne at the end of the quarter in the Chinese market. The feed PTA values increased in the Chinese market during Q1. Prices remained firm in the Indian market during the first two months amidst the stable demand from the automotive sector. The demand dropped in March after disrupted supply chain due to the war between Ukraine and Russia. However, feed Butanediol and PTA prices steadily increased during Q1.
Europe
Prices of Polybutylene Terephthalate were stable to firm till first half of the quarter. The feed PTA prices dropped in January and rose in March. PBT prices in Europe fluctuated in the range between USD 2600-2900 per MT in Q1-2022. The demand from the downstream automotive and electronics sector remained stable throughout the period. Limited supply of feedstock impacted the production rates towards the end of Q1. Shortage of crude oil during the second half of Q1 due to war in the East European region caused limited supplies of raw material which increased the production cost of PBT in the market towards the end of the quarter.
For the Quarter Ending December 2021
North America
Limited imports of PTA from Mexico along with consistently rising costs of 1,4 butanediol curtailed production rates while keeping downstream PBT prices on an incessant uptrend throughout the last quarter. On demand side, volume intakes from electrical and electronics sector remained robust while consumption intakes from automotive sector were sluggish due to hampered vehicle production. Snug supply amid healthy demand from downstream industries increased prices of the available material in the last quarter of 2021.
APAC
Increased prices and limited availability of feedstock butanediol and Purified terephthalic Acid (PTA) resulted in curtailed production rates of Polybutylene terephthalate during H1 of Q4. Demand of PBT remained strong throughout the quarter as PBT forms staple for electrical and electronic goods. China has one of the largest consumer electronics markets and consequently, consumption of PBT remained robust throughout the quarter. Snug supply amid healthy demand from downstream industries kept an upward pressure on the available materials. Therefore, prices rose during first two months. Indian PBT market depends heavily on exports from China and other Asian nations and production disruptions in China resulted in tightened supply fundamentals in Indian domestic and hence prices rose consistently from INR 301000 per MT in October to INR 314850 per MT in November on Ex-location basis. China PBT market eased towards H2 of Q4 as feedstock prices eased which translated into cheaper exports and consequently, PBT prices dropped in India to INR 280450 per MT on Ex-location basis in December.
Europe
In Q4, European PBT prices remained on an uptrend owing to healthy demand from downstream industries, rising cost of production and snug supply of feedstocks. Demand fundamentals were robust stemming from improved consumption from electronics sector. Skyrocketing energy cost culminated in increased cost of production along with rising cost of feedstocks. PBT faced competition from PET for PTA availability as both polymers require PTA in hefty quantitates for production. Butanediol availability also remained short due to limited production and curtailed imports.
For the Quarter Ending September 2021
North America
The overall market outlook of PBT strengthened during the third quarter in the North American region backed by the firm demand from the downstream electronic and automotive industries. Increased construction activities across the US propelled the demand for PBT throughout the quarter. After the occurrence of Hurricane Ida in September that made landfall in Louisiana, a large number of manufacturing units went offline which disrupted the production of PBT on a large scale. Plunge in raw material prices remained a key concern of the regional producers during the quarter.
Asia Pacific
Prices of PBT rose effectively in the Asia Pacific region in the third quarter of 2021. Since PBT is majorly imported from China, its prices observed a consistent increment throughout the quarter due to soaring freight rates and disrupted supply caused by the Delta variant related port restrictions. As the demand from the downstream automotive industry actively rebounded after the resumption in market activities, it further supported the hike in PBT prices during the last week of August. In India, prices of PBT Injection Moulding grade escalated from USD 3690/MT to USD 3832/MT from July to September.
Europe
The European PBT prices noted an upward trajectory during the third quarter of 2021. Increased prices of upstream butanediol (BDO) in the region led to the increment in the prices of PBT in Q3 of 2021. The demand remained bullish throughout the quarter from the downstream automotive industry and electronics sector. Increase in construction activities further supported the demand for PBT across the region.
For the Quarter Ending June 2021
North America
During the second quarter in 2021 PBT supplies in the North Americas region were balanced due to the pickup in the industrial manufacturing after the petrochemical industry faced a major operational setback due to winter storm disruptions in Q1. As the North American region increased the construction activities amid the peak demand season, PBT demand proportionally surged in Q2. Offtakes were also constant from the automotive and electronics industry as the buying sentiments rose with vaccine optimism. As a repercussion of high demand in the downstream market, PBT prices continuously rallied upwards with FOB Texas offers trading at USD 5240 per tonne in June.
Asia Pacific
Polybutylene Terephthalate (PBT) market outlook varied in different parts of the Asia Pacific in the second quarter of 2021. Despite several turnarounds at major producing facilities in China, supplies remained balanced owing to ample availability of feedstock BDO in Q2 2021. However, demand slumped in India in the first half of the quarter as the demand was severely impacted by the second COVID wave which pressured the production rates along with restricted market movement. Hence traders were reluctant to keep the inventory levels high. As a ripple effect, PBT pricing trend in the Indian market stabilized with Ex-Works Kandla offers in June assessing at USD 4144 per tonne. The ease in semiconductors shortages helped in pushing the automotive manufacturing, thereby supporting demand from the automotive sector.
Europe
PBT supplies in the European region witnessed a gradual improvement, but the overall market outlook remained tight in the second quarter in 2021. The shortages of the upstream BDO restricted the production by certain margins. Furthermore, the situation was exacerbated due to the declaration of force majeure by several manufacturers and delayed imports. PBT demand was exceptional in the second quarter due to seasonal hike in the construction activities further supported by spike in the automotive production.
For the Quarter Ending March 2021
North America
The US PBT production stood restrained due to low availability of feedstock BDO during Q1 2021. LyondellBasell declared force majeure at its propylene oxide (PO) plant at Texas, that curtailed the production of its derivative BDO across the region. This force majeure tightened the supply of feedstock BDO which ultimately affected the production of PBT. Meanwhile, price increase in BDO and its derivatives by BASF during December 2020 which became effective from 1st January prompted consumers to pay more. In addition, BASF further announced positive revision in its BDO prices of its derivatives PBT.
Asia
The Asian market saw upward trend in demand for PBT during Q1 2021. Consistent rise in the Indian demand enhanced the market sentiments that pushed up the prices of PBT during the quarter. CFR JNPT price of PBT rose to around USD 1353 per MT in March 2021. Container shortage and congestion at several Europe-Asia routes forced the prices to shoot up consistently in the past few months. Lunar New Year holidays in China created low availability for PBT, firm demand from the domestic market supported the price curve.
Europe
Europe had to face low PBT availability during Q1 2021. Feedstock BDO supply remained tight in the European countries that supported its prices. LyondellBasell’s PO manufacturing unit at Rotterdam faced forced majeure due to some technical issues, that reduced the availability of feedstock PO which ultimately restrained the PBT supply. Demand remained robust, with rise in automotive manufacturing across the region.
