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.
