For the Quarter Ending December 2024
North America
In Q4 2024, Triethanolamine prices in the U.S. exhibited a gradual downward trend, influenced by subdued demand and eased manufacturing costs. Prices declined by 1.1% in early November, reflecting lower feedstock Ethylene Oxide prices and reduced upstream crude oil costs. Stagnant production costs and weaker demand from the construction sector, coupled with gradual restocking activities, contributed to the softening market. Supply chain concerns, including port congestion at East and Gulf Coast terminals and the potential for tariff hikes, added to logistical uncertainties, though these factors had limited immediate price impact.
Demand dynamics were primarily affected by a slowing construction sector, where material shortages and labor constraints delayed projects. Public infrastructure investments offered some support; however, a weak housing market and cautious procurement amid political uncertainty limited overall consumption. Additionally, industrial activity softened due to seasonal slowdowns and inventory management strategies.
By December, U.S. manufacturers faced thin margins due to subdued late-year demand, while global supply chain inefficiencies persisted. Despite these challenges, freight rate fluctuations had minimal impact on prices, and stable feedstock availability ensured adequate supply. Overall, the Triethanolamine market closed the quarter under downward price pressure, shaped by a mix of demand weakness, cost stability, and supply chain disruptions.
Asia
In Q4 2024, Triethanolamine (TEA) prices in Asia declined steadily, driven by oversupply and weak downstream demand. High operating rates and increased U.S. imports exacerbated inventory buildup while declining feedstock Ethylene Oxide and crude oil prices reduced production costs but failed to stimulate market recovery. The construction sector, a key consumer, showed mixed performance despite government stimulus efforts in China, as seasonal slowdowns in northern regions and limited new projects in the south dampened demand. Buyers adopted cautious procurement strategies, focusing on essential purchases due to uncertainty in market recovery. Several production facilities across Asia temporarily halted operations amid minimal trading activity and unsold stock. Although China’s real estate sector saw short-term improvement, broader demand remained below pre-slowdown levels, contributing to a bearish sentiment. Weak downstream consumption from sectors like concrete production and surfactants further limited price support. The market closed the quarter with a pessimistic outlook, with persistent oversupply and sluggish demand likely to continue into early 2025, pending stronger fiscal measures or significant downstream recovery.
Europe
In Q4 2024, Triethanolamine (TEA) prices in Europe exhibited a consistent decline, driven by weak demand and oversupply across key markets like Germany and France. The construction sector, a major downstream consumer, faced significant challenges, with reduced activity, limited new orders, and high material costs dampening TEA demand for cement grinding aids and coatings. The Eurozone construction PMI highlighted persistent contraction, with sluggish investment and staffing reductions further exacerbating the downturn. Meanwhile, personal care sectors also witnessed reduced consumption, as inflation constrained consumer spending on cosmetics and skincare products. On the supply side, stable upstream Ethylene Oxide prices helped maintain consistent production, while increased imports from the U.S. contributed to oversupply. Seasonal factors, cautious procurement, and lean inventory practices among buyers added downward pressure on prices. Freight rate fluctuations, particularly rising costs from Asia in December due to pre-Lunar New Year shipping demand, had minimal impact on European supply chains. By the quarter’s end, TEA prices had dropped by approximately 5% in major markets, reflecting subdued economic sentiment and bearish market fundamentals. A recovery is anticipated by mid-2025, contingent on government measures to stimulate construction and industrial activity.
Middle East and Africa
In Q4 2024, Triethanolamine (TEA) prices in Saudi Arabia followed a downward trend, driven by a combination of supply-demand imbalances and economic factors. The construction sector, fueled by Vision 2030 initiatives such as the Jeddah Tower, supported demand. However, labor shortages and global inflation tempered this growth. Lower crude oil prices in December, reduced production costs, further pressuring TEA prices. Regional manufacturers focused on destocking strategies, leveraging robust port operations at Yanbu and Al Jubail to manage surplus inventories. Despite improved logistics and increased container traffic, geopolitical disruptions in the Red Sea caused temporary bottlenecks, inflating shipping costs and complicating supply chains. Demand in the construction sector remained stable but subdued due to inflation and elevated costs in housing and utilities. Broader economic uncertainties, including fluctuating oil revenues and U.S. fiscal policies, dampened market confidence. Export activity to Asia declined as reduced offers and stable local consumption created a cautious procurement environment. By December, TEA prices had fallen marginally, reflecting oversupply and limited market momentum. The outlook for 2025 remains cautiously optimistic, with recovery expected as Vision 2030 projects gain momentum and logistical challenges stabilize.
For the Quarter Ending September 2024
North America
Throughout the quarter ending September 2024, the North American Triethanolamine market witnessed a notable uptrend in prices, driven by a combination of factors. Factors such as stable demand in the construction sector, limited supplies, and increased production costs contributed to the price surge. This quarter has been marked by stable demand and supply dynamics, with prices steadily climbing.
In the USA, which experienced the most significant price changes, the market saw a 17.3% increase from the previous quarter in 2024. However, the price comparison between the first and second half of the quarter showed a 2% decrease, indicating a consistent downward trend toward the end of the third quarter of 2024. The latest quarter-ending price for Triethanolamine CFR New York in the USA stood at USD 1572/MT, reflecting the negative pricing environment.
The Triethanolamine supplies were sufficient at the end amid adequate inventory availability of stocks in the US market. Moreover, the feedstock Ethylene Oxide prices were stable further impacting the Triethanolamine pricing dynamics. Overall, the market displayed a stable sentiment, with prices steadily rising throughout the quarter, driven by stable demand, limited supply, and increasing production costs.
Asia
In the third quarter of 2024, the Triethanolamine market in Asia faced mixed conditions, with a generally subdued price trend. By the week ending September 27, 2024, Triethanolamine prices in the South Korean market had declined, settling at USD 1297/MT CFR Busan. The primary factor contributing to this decline was an oversupply situation, driven by resumed production activities across key manufacturers in Asia. The market supply increased inventory pressure on producers, leading to a downward adjustment in transaction prices. On the demand side, the market experienced modest activity. While downstream demand initially showed signs of weakness, it later stabilized. However, consumption from the construction sector remained limited. This sector, in particular, grappled with challenges such as industry slowdowns, a record drop in employment, and extreme weather conditions, including heat waves that disrupted construction activities. Unfavorable weather, including Super Typhoon Yagi in the region, further exacerbated regional supply chain disruptions, affecting chemical transportation and port operations in China. Additionally, OPEC basket crude oil prices dropped to USD 71.34 per barrel in September, providing some relief on the cost side for production. Overall, Triethanolamine prices saw fluctuations throughout the quarter.
Europe
Throughout the quarter ending September 2024, the Triethanolamine market in Europe experienced a period of declining prices. This trend was primarily influenced by a combination of factors such as weak demand in the downstream construction sector, ample supply, and competitive pricing strategies in the region. The Eurozone construction PMI indicated a sharp decline in construction activity, with new orders decreasing significantly in September 2024. This led to a notable reduction in construction jobs, alongside declines in household consumption, business investment, and housing investment, reflecting weakened regional demand. The ongoing economic challenges and rising energy costs further added to the downward pressure on prices. France, in particular, witnessed the most significant price changes during this period, reflecting the broader market trends seen across Europe. Notably, the price of Triethanolamine in France decreased by 10% compared to the previous quarter, highlighting the substantial impact of market dynamics on pricing. The correlation between the first and second half of the quarter revealed a significant price drop of 11%, emphasizing the consistent downward trend in pricing. Ultimately, the quarter-ending price for Triethanolamine FD Lyon in France stood at USD 1884/MT, underscoring the prevailing negative sentiment in the pricing environment.
MEA
In the quarter ending September 2024, the Triethanolamine market in the MEA region experienced a period of decreasing prices, influenced by several significant factors. Market prices were primarily impacted by weakened demand, high inventory levels, and stable upstream Ethylene Oxide costs. The overall trend in the region indicated a bearish outlook, with prices steadily declining in the region. This quarter exhibited a challenging market environment in the Triethanolamine market. In Saudi Arabia, which witnessed the most significant price changes, the pricing dynamics mirrored the overall regional trend. The quarter saw a 0% change from the previous quarter, highlighting a stagnant market. A notable 9.8% price difference was observed between the first and second half of the quarter, underscoring the downward trajectory in pricing. The quarter-ending price for Triethanolamine in Saudi Arabia stood at USD 1163/MT, FOB Jeddah, emphasizing the sustained downward sentiment in the market. Overall, the pricing environment in Q3 2024 for Triethanolamine in the MEA region has been characterized by a negative trend, driven by various market forces impacting the industry.
For the Quarter Ending June 2024
North America
The second quarter of 2024 was marked by a significant uptick in Triethanolamine prices in North America, primarily driven by constrained inventories and heightened production costs. Several critical factors influenced this price surge, including natural disasters, supply chain disruptions, and increased upstream costs. The advent of the hurricane season and consequent flooding notably impaired production rates and industrial demand, while also disrupting supply chains. Additionally, surging crude oil prices, triggered by optimistic demand forecasts and reduced stockpiles, exacerbated inflationary pressures, further influencing Triethanolamine pricing dynamics.
In the USA, the price escalation was particularly pronounced. Production constraints, coupled with a force majeure declared by a key supplier, further tightened the market. Export demand remained robust, causing domestic availability to dwindle, thus fueling the price hike. Seasonality also played a pivotal role, with the hurricane season causing significant upheavals in supply and logistics, thereby inflating prices. The overall trend was bullish, reflecting an increasingly positive pricing environment.
The first half of the quarter showcased a 10.5% price hike over the latter half, illustrating the continuous pressure on supply chains and production. Concluding the quarter, Triethanolamine prices settled at USD 1557/MT CFR New York, epitomizing the quarter's overarching theme of escalating costs and constrained supply. Despite the challenging circumstances, this period underscored a predominantly positive pricing environment driven by sustained demand and limited availability.
APAC
In Q2 2024, the Triethanolamine market in the APAC region experienced a pronounced upward trajectory in prices, driven by multifaceted factors. The most significant influences on market prices included reduced product availability and diminished production rates, exacerbated by heightened export inquiries and logistical challenges. A severe container shortage and skyrocketing ocean freight rates further strained supply chains, compelling major suppliers to postpone shipments. Additionally, elevated upstream crude oil values exerted additional cost pressures on Triethanolamine producers, reinforcing the bullish pricing environment. Demand dynamics remained robust, particularly in the construction sector, where seasonal procurement sentiments and ongoing infrastructural developments bolstered consumption. South Korea witnessed the most considerable price fluctuations within the APAC region. In the first half of Q2 2024, the market saw a further 4% price elevation, driven by tight inventory levels and increased procurement activity. The latest quarter-ending price in South Korea reached USD 1323/MT CFR Busan. This consistent increase indicated a robust and positive pricing environment for Triethanolamine in the region, marked by heightened demand, constrained supply, and rising upstream costs. The quarter's overall sentiment was decidedly positive, reflecting a stable yet progressively bullish market outlook.
Europe
In Q2 2024, the European Triethanolamine market experienced a pronounced upward trajectory, reflecting a consistent increase in pricing dynamics. The primary drivers include heightened production and import costs within the Eurozone, fluctuations in upstream crude oil prices, and surging container shipping costs from Asia. These factors converged amidst seasonal demand fluctuations, complicated by an uncertain economic outlook and logistical disruptions due to severe weather events, notably flooding in central Europe. Focusing on Germany, which has witnessed the most significant price adjustments, the overall trend has been notably bullish. The region's price volatility has been fueled by constrained production rates and supply chain bottlenecks, further exacerbated by maintenance shutdowns at key production facilities. The correlation between these factors has led to a steady increase in prices, with a recorded 8% price differentiation between the first and second halves of the quarter. The pricing environment in Germany has been predominantly positive, reflecting robust market demand against a backdrop of limited stock availability and high input costs. Conclusively, the latest quarter-ending price for Triethanolamine in Germany stood at USD 2369/MT, underscoring the sustained upward pressure on prices throughout Q2 2024.
MEA
In Q2 2024, the Triethanolamine market in the MEA region experienced a marked upward trajectory in pricing. This quarter was particularly influenced by several critical factors that led to increased costs. The primary driver was the sharp rise in crude oil prices, which directly impacted the cost of production for Triethanolamine. Additionally, ongoing geopolitical tensions exacerbated logistical disruptions, leading to container shortages and elevated freight rates. These factors collectively resulted in constrained supply chains, further tightening the market. Focusing on Saudi Arabia, which witnessed the most significant price fluctuations, the overall trend was decisively bullish throughout Q2. The seasonality of demand from the downstream construction sector, coupled with an ongoing reduction in production rates and inventory levels, compounded the upward price pressure. A comparative analysis between the first and second halves of the quarter revealed a 9% price increase, underscoring the consistent upward momentum. The quarter-ending price was recorded at USD 1319/MT for Triethanolamine -FOB Al Jubail, highlighting a positive pricing environment driven by strong fundamental factors. Overall, the pricing sentiment for Triethanolamine in Saudi Arabia during Q2 2024 was overwhelmingly positive, marked by sustained demand and supply-side constraints.
For the Quarter Ending March 2024
North America
The Triethanolamine market exhibited an upward trend in the quarter ending March 2024 amidst tight supplies in the North American region. Additionally, the Triethanolamine market in the US was prepared for a potential increase in March 2024 due to supply disruptions. A significant disruption in the US market, coupled with soaring prices and an extended Force Majeure declared by Dow Chemicals, catalyzed Triethanolamine, affecting inventory levels in the USA.
Triethanolamine enterprises in the US market struggled with modest stock availability and restricted regional supplies. Elevated input costs prompted market participants to reduce inventory levels to alleviate pressure on profitability. Consequently, Dow Chemicals in the USA declared Force Majeure for two consecutive months in 2024, resulting in a significant shortage of Triethanolamine inventories globally.
In February 2024, Dow Chemical Company at Seadrift (USA) declared Force Majeure, with a total production capacity of 5417 TPM, lasting for 26 days amidst sub-freezing weather conditions. Moreover, Indorama, a leading Triethanolamine producer in the USA, raised prices in February 2024. Thus, the price of Triethanolamine was assessed at USD 1449/MT DEL Texas (USA) during March 2024. The traders adjusted their quotations based on the availability of stocks in warehouses.
APAC
Triethanolamine prices in the APAC region for Q1 2024 have experienced an upward trend. Overall, prices have been influenced by factors such as constrained supplies, limited stock availability, and elevated production costs. The TEA prices in the Chinese market elevated in January 2024, amidst constrained supplies and an elevated cost of inflow of regional supplies. By the end of the quarter 2024, the TEA industry continued to grapple with supply pressure, as several regional companies were compelled to reduce production. The rise in feedstock prices also caused concern about heightened cost pressure on the producers in the region. TEA enterprises operated at lower capacity, and the market supply tightened in Asia, gradually digesting inventory. Despite no immediate improvement in the company’s margins, the pressure on the supply side showed signs of improvement in the TEA price momentum. Since January 2024, major TEA end-users, including downstream factories in the construction industry, exhibited modest enthusiasm for stocking. As the Spring Festival approached, downstream enterprises intensified holiday preparations, leading to weakened procurement activities. Despite challenges, midstream shipments at high prices and average spot circulation contributed to stabilizing the market in March 2024. The performance of the upstream raw materials of TEA remained relatively strong, reinforcing cost support in February 2024. On the demand side, consumption remained moderate, and TEA merchants reported higher prices due to supply contraction and upstream increases throughout the quarter.
Europe
In the first quarter of 2024, the Triethanolamine market in Europe experienced an upsurge in the price trend. A limited supply of Triethanolamine in the region led to increased purchasing activity and low inventory levels. This was primarily due to logistical challenges and production delays, resulting in constrained supplies. Additionally, disruptions in shipping caused by the Red Sea crisis further impacted the availability of Triethanolamine. These factors, coupled with multiple shutdowns and disruptions in the market, contributed to increased prices. In terms of demand, the construction industry in Europe showed moderate growth during the quarter, which had a positive impact on the overall market sentiment. The extended Force Majeure at BASF's Ludwigshafen plant in Germany also caused disruptions and affected inventory situations. The Triethanolamine market in France saw a price increase of 1.2% in the first quarter of 2024, with the quarter-ending price being USD 2060/MT of Triethanolamine FD Lyon. This represents a significant change compared to the same quarter in the previous year. However, there was no significant price change from the previous quarter. Overall, the Triethanolamine market in Europe faced challenges such as supply constraints, weak demand, and disruptions in logistics during the first quarter of 2024. These factors resulted in price fluctuations multiple shutdowns and disruptions in the market, ultimately leading to increased prices.
Middle East Asia
In Q1 2024, the Triethanolamine (TEA) pricing in the Middle East Asian (MEA) region underwent a mixed performance. The analysis revealed that the surge in TEA prices in the Middle East region was significantly bolstered by supply-related factors that aligned with the increased upstream crude oil prices and reduced production rates during the quarter. In Saudi Arabia, the Saudi Kayan Petrochemical (SABIC) at Al Jubail (Saudi Arabia) with a total capacity of 2667 TPM underwent maintenance turnaround for 15 days in February 2024. Market participants in the TEA sector adjusted prices based on warehouse inventory availability to maintain sales amid rising new orders from downstream sectors. In conclusion, supply remained low due to constrained production rates. Saudi Arabia had increased the official selling prices of its crude for Asian buyers in response to the extension of the OPEC+ production cut agreement until the end of the first half of the year. The price for the country's leading Arab Light grade had been raised by USD 0.20 per barrel above the Oman/Dubai average during February 2024. This adjustment meant that April deliveries would cost USD 1.70 per barrel more than the Oman/Dubai average, up from USD 1.50 per barrel the previous month, significantly impacting TEA production costs in February 2024. This price hike occurred despite some expectations within the oil industry that the Saudis would maintain April prices at the same level as March.
