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.
For the Quarter Ending December 2023
North America
The Triethanolamine market in North America witnessed a steady upward price momentum in Q4 of 2023, with moderate growth driven by demand from the construction, automotive, and personal care industries.
The market situation remained overall bullish, with moderate supply and high raw material prices that affected production costs. The prices of Triethanolamine in the USA witnessed a decent hike due to the announcement of LyondellBasell selling their Ethylene oxide and Derivatives, including the Bayport facility, to INEOS Oxide for 700 million dollars. The downstream construction sector's business confidence remained low, and significantly affected the demand for the product. Triethanolamine prices in the USA market also remained stagnant due to limited inventory availability resulting from reduced production rates.
Manufacturers and traders faced heightened pressure on profitability amid destocking enthusiasm and seasonal dullness in the US market, prompting adjustments to prices based on warehouse inventory levels. Additionally, for the second consecutive year, the Mississippi River in the United States has witnessed a decline in water levels due to a recent severe drought. The quarter-ending price of Triethanolamine CFR New York in the USA was USD 1052/MT. Overall, the moderate growth in the Triethanolamine market in North America was influenced by demand from various industries and raw material prices.
Asia
Triethanolamine prices in the APAC region during the fourth quarter of 2023 were low due to weak regional demand and ample stock availability. Firstly, the market experienced a bearish trend due to high supply levels and moderate domestic and international inquiries. The decline in TEA prices was observed in countries like India, China, and Malaysia throughout the quarter amidst the destocking sentiments across Asia in December 2023. Additionally, the Triethanolamine plant operated by Petronas Chemicals in Kerteh, Malaysia underwent a maintenance turnaround, impacting the supply of the product. On the other hand, Triethanolamine prices witnessed a substantial increase in South Korea throughout November, driven by various factors, including costly imports from Saudi Arabia and robust trading activities. The elevated expenses associated with Triethanolamine shipments from Saudi Arabia, a key supplier, significantly contributed to the uptrend in prices in the South Korean market. This limited access to more affordable alternatives, exerting upward pressure on domestic prices. On the economic front, the depreciation of the Korean Won against major currencies like the USD exacerbates the situation, making imported TEA even more expensive for Korean manufacturers and adding inflationary pressure to their production costs. The closing price of Triethanolamine CFR Busan in South Korea for the fourth quarter is USD 1135/MT.
Europe
The Triethanolamine market in Europe experienced a challenging quarter in Q4 2023, with several factors impacting prices. Firstly, the market was affected by a supply shortage of Triethanolamine due to plant shutdowns and maintenance turnarounds. Notably, BASF's Ludwigshafen plant in Germany experienced a force majeure event, leading to a significant reduction in Trithanolamine supply. Additionally, BASF's Ethylene oxide plant in Antwerp, Belgium underwent maintenance turnaround, further limiting the availability of raw materials. These supply disruptions, coupled with rising raw material costs, led to a price increase for Triethanolamine in the region throughout this quarter. Belgium, in particular, witnessed a spike in prices, with Monoethanolamine FD Antwerp reaching USD 957/MT. Increased import costs prompted market participants to lower inventory levels, relieving pressure on profitability and preventing inventory buildup. As a result, in December 2023, traders modified their quotes in response to the availability of warehouse stocks. Moreover, the Ethanolamine market in the Eurozone saw a potential upswing in December 2023 due to supply disruptions. A significant disturbance in the European Ethanolamine market, characterized by surging prices following BASF's announcement of an extended Force Majeure at its Ludwigshafen plant in Germany, catalyzed Triethanolamine prices while influencing the inventory situation in the German market.
Middle East Asia
In the MEA region, the Triethanolamine market in the fourth quarter of 2023 experienced several key factors that influenced prices. Firstly, the market witnessed a surge in demand, driven by the construction sector and strong activity in the non-oil sector. This high demand, coupled with rising input costs, particularly in the downstream construction sector, led to soaring prices for Triethanolamine in the first half of the quarter. Additionally, the market saw limited supply due to increased production costs caused by rising feedstock prices, specifically for ammonia. This combination of high demand and limited supply put upward pressure on Triethanolamine prices. One country that experienced significant price changes during this quarter was Saudi Arabia. The prices of Triethanolamine in Saudi Arabia surged in November, despite the performance of the non-oil sector cooling compared to the previous month. Market uncertainty negatively impacted new orders, leading to a subsequent decrease in output. However, foreign sales underwent a substantial contraction over the last month of the quarter, attributed to diminished orders from vital export markets like Malaysia, Europe, and North America. On the feedstock side, the prices of Ethylene Oxide and monoethanolamine consistently remained low in the Saudi market, contributing significantly to the decline in product prices for December 2023. The manufacturing sector in the Middle East Asian region experienced a slowdown in the rate of input cost inflation for the first time in three months. The quarter ended with the price of Triethanolamine in Saudi Arabia at USD 1049/MT FOB Al Jubail.
For the Quarter Ending September 2023
North America
During the third quarter, the Triethanolamine market in the US marginally improved as compared to the second quarter. The unexpected surge in the market fundamentals was observed in July after witnessing an explosion at Dow’s Chemical plant in Louisiana inside its Glycol-2 unit. Dow is the major producer of Triethanolamine in the USA. Therefore, the accident resulted in the disruption of supplies of feedstock Ethylene oxide, which eventually hampered the production of Triethanolamine, and hence, market prices have surged during this timeframe. However, the manufacturing sector for the downstream cement industry has contracted in the USA along with the consumption of Triethanolamine in the domestic market amid the decline in sales of housing reported by the National Association of Home Builders of the US. As a ripple effect, the muted demand for the product declined the price trend for Triethanolamine during August. The bearish market sentiments have been carried forward by the US Triethanolamine market during September as no new inquiries for the product have been registered by the international as well as domestic markets.
Asia
The rate of increase of Triethanolamine prices in Asia during the second quarter was more than in the third quarter of 2023. However, the market values for Triethanolamine remained at a higher end during this timeframe. As per the recent assessment, cheaper imported cargoes of Triethanolamine from Malaysia to China decreased the price trend of the product during July as the Chinese Yuan appreciated by +1.96% against USD, which has opened the window of discounts on the imported cargoes for domestic trade. However, the Triethanolamine prices admitted a rebound after witnessing a marginal decline in the previous month amidst market adjustment in China. As per the NBS data, the Consumer Price Index has marginally inclined from 99.7 in July to 100.1 in August, which supports the price trajectory. Furthermore, to maintain profit margins, Indorama has announced an increase in the posted price of Triethanolamine effective from 8th September, which has changed the market dynamics of Triethanolamine prices in the Asian market to showcase an uptrend.
Europe
During the third quarter, Triethanolamine in the European market marginally performed better as compared to the first quarter. The European market experienced an uptrend during July under the influence of the current situation in the import market. Therefore, the surged prices in the USA due to the supply disruption by Dow’s Chemical affected the price trend of Triethanolamine in the European market, showcasing an uptrend. As per Eurostat, the German production index in construction stood up at 112.6 in July, which further supported the uptrend. However, the European Triethanolamine market has experienced a substantial decline of --4.4 % during August, on the verge of subdued demand from the downstream cement industry amid contraction in factory activities. Moreover, the service sector of the eurozone depicts lackluster growth amid the impact of higher interest rates and subdued external demand. Following August, the prices for Triethanolamine remained low during September amid persistent muted demand for Triethanolamine, which further deteriorated during this timeframe and supported the bearish trend.
MEA
During the H1 of the third quarter, the prices for Triethanolamine in Saudi Arabia remained at a lower end, while the prices admitted a decent rebound during the H2 of the third quarter of 2023. During July, the market for Triethanolamine faced a lash back from the importing countries, due to which the demand for the product declined marginally, followed by previous market sentiments, and eventually reduced the prices of Triethanolamine in the international market. However, the market of Saudi Arabia revived during August despite having a lower inflation rate. Few market players have slightly adjusted their offered quotations positively to maintain a profit margin in the international market. Moreover, the profit margin of Ethylene oxide to Triethanolamine has strengthened, which continued to operate the factory outlet at moderate capacity. As a ripple effect, high feedstock prices surged the production cost of Triethanolamine during this timeframe. Following that, the Middle East Gulf market was revitalized following the summer recess, with enterprises investing more to meet the healthy requirements of the Asian market, which further strengthened the price trend during September to showcase an uptrend.
For the Quarter Ending June 2023
North America
During the second quarter, the Triethanolamine market in the US remained weak as compared to the first quarter. The Triethanolamine market continued to continue to decrease until the third week of May amid a steep fall in feedstock Ammonia and Ethylene Oxide. The 56.5% drop in feedstock prices from April to June was closely related to the markdown prices of Triethanolamine. Additionally, ample product availability and a falling US economy contributed to the slower product demand. As per the data, the Industrial Production Total Index fell from 103.1 (April) to 103 (May), causing trading activities to be low. Despite having soft feedstock prices, the cost of Triethanolamine has climbed amidst rising inflationary pressure on producers due to a minor shortage in the market and marginal improvement in consumer demand to settle at 1326 USD/tonne FOB Texas during the third week of June. Additionally, the application of Triethanolamine in the US construction and automotive sector has improved, significantly affecting the price trend.
Asia
During the second quarter, Asia's Triethanolamine market expanded compared to the first quarter due to boosted demand from downstream industries. The exponential rise in prices has been observed during the second quarter of 2023 amid accelerated demand in Asian cosmetic markets like China, South Korea, and Malaysia. Despite having weak feedstock Ammonia prices, the demand from the downstream industries, including the cosmetic and automotive sectors, kept increasing, affecting the overall pricing trend. South Korean won appreciated by 1.57% against USD during May 2023. Moreover, a marginal decline in product availability in the regional market due to plant turnaround by Taiwanese manufacturers affected the price trend. Some partial supply reduction due to minor import delays was observed during May. Disruption in supply and inadequate product availability hamper the prices to settle at 1040 USD/tonne Triethanolamine CFR Busan (South Korea) during the fourth week of May along with the 1013 USD/tonne Triethanolamine FOB (Malaysia). However, the pricing trend has been fluctuating in India due to the demand-driven of the product.
Europe
During the second quarter, Triethanolamine in the European market has remained weak as compared to the first quarter. A continuous decrease in prices of Triethanolamine has been observed for another quarter of 2023 amid a significant fall in feedstock Ammonia prices. The market situation has been bearish throughout the quarter due to consistently contracting economic activities amid weak demand in the European market. Moreover, the supply of the product remained ample enough to cater to the demand along with the stable freight charges, which has overall influenced the prices to show a downward trend. Enough stocks were available for a spot as well as contract procurement purposes, driving the prices to settle at 1183 USD/tonne Triethanolamine FD Antwerp (Belgium) during the first week of June. Despite having lower feedstock Ammonia prices in Europe during June, the rate of Triethanolamine surged as the production cut was announced by BASF, Ludwigshafen, Germany, due to maintenance turnaround. Squeezing Natural gas supplies for Europe and protracted inflationary pressure impacted the overall Triethanolamine market.
MEA
During the second quarter, Triethanolamine market in Saudi Arabia has exponentially grow compared with first quarter amid increasing demand for product and its salts. Despite the price drop of feedstock Ammonia in Saudi, continuous increase in prices of Triethanolamine has been observed for another quarter of 2023. After one year of decline, the Saudi Triethanolamine market was finally on rise. Exports from Saudi Arabia has been expanded to China, Belgium and Turkey. However, the regional demand remained stable. During this timeframe, the supply chain has improved at the sharpest pace. According to data, PMI indices for Riyad Bank Saudi Arabia has increased from 58.5 (May) to 59.6 (June) as the output rose the most with increasing sales amid boost in purchasing activity and growing stocks. Improved economic conditions affected the buying sentiments to grow, hampered the prices to settle at 1040 USD/tonne Triethanolamine CFR Busan (South Korea) during fourth week of May. Further contribution in uptrend due to partial shortage of the material, opportune middle eastern player to do the same.
For the Quarter Ending March 2023
North America
The Triethanolamine market in the USA has experienced several weeks of falling prices due to a decline in demand from both the domestic and international markets. This trend is primarily driven by the falling prices of feedstock, such as Ethylene Oxide and Ammonia, which are used to produce Triethanolamine. The oversupply of Triethanolamine, caused by stable supplies from domestic producers and cheaper imports from international markets, has further pressured prices in the US market. The bearish market situation has been exacerbated by the threat of an economic slowdown and issues with US banks, leading to a consistent decline in Triethanolamine prices.
Asia
The price of Triethanolamine (TEA) in the Chinese market fell in January 2023 due to lower demand, while the marginal ease in feedstock ammonia prices also affected pricing dynamics. The oversupply of TEA globally contributed to a bearish market. The market situation in February and March 2023 remained bearish, with ample supply and low demand, although the pace of falling prices slowed down. In March 2023, the unexpected rise in demand from the domestic downstream industry led to a bullish market, and Taiwanese manufacturer OUCC’s plant turnaround remained the major driving factor for price trends. The Indian market saw a bearish trend in January and February 2023 due to lower demand and cheaper imports, but prices rose in March due to an improvement in domestic demand.
Europe
Triethanolamine prices in the European market have experienced steep falls over the past three months, with a total decline of around 23%. The market situation has been bearish due to consistently low demand from the domestic downstream industry and falling feedstock prices. An oversupply situation and uncertain market fundamentals have also contributed to the pricing dynamics. Despite the reduced risk of an economic recession, demand has remained moderate to low. The market has experienced stable to firm supplies, with a relatively narrow demand-supply gap contributing to the current price trend. However, prices declined unexpectedly during the month due to an oversupply situation.
For the Quarter Ending December 2022
North America
Triethanolamine prices maintained an overall downtrend throughout the quarter in the American market. As per the market sources, demand for the product remained low under the influence of a pessimistic outlook in the market, as global uncertainties have been dragging the world into a recession. Furthermore, feedstock ammonia value has also seen a plunge of around 13% during this quarter, affecting all of its downstream derivative markets at the same time. Additionally, inflationary pressure is observed to be falling as a repercussion of multiple hikes in interest rates by the country's federal bank. As per the data, the Triethanolamine price hovered around USD 1877/MT on CFR basis after witnessing a plunge of more than 20% during the quarter.
Asia
A steep fall in the price of Triethanolamine was observed in the Chinese market during this quarter. Triethanolamine prices have been keeping their downtrend continue since the last month of the second quarter of 2022. The prices have fallen by around 33% as the country has seen a steep demand fall due to the rise in pandemic cases in the country and the implementation of China's aggressive zero covid restrictions. As per the data, Triethanolamine prices were assessed at around USD 1105/MT during November 2022. On the other side, the Indian market witnessed a hike in demand during festivities in the country, while the prices kept on falling throughout this timeframe due to cheaper imports from the international market.
Europe
Ample product availability in the region led to a consistent fall in the price of Triethanolamine in the market. As per the market sources, demand remained dull for the product from the downstream paints & coating and construction sector, while the cosmetic sector maintained overall firmness in the meantime. Furthermore, Europe was preparing for another energy crisis. Thus, the region managed to sustain an ample inventory level to prevent another steep price rise. Upstream Natural gas prices eased down throughout the quarter, providing calm to feedstock ammonia manufacturers. As per the data, Triethanolamine prices hovered around USD 2112/MT during December on FD Hamburg, Germany basis.
For the Quarter Ending September 2022
North America
Triethanolamine prices have declined during the third quarter of 2022 in the US market, owing to diminishing offtakes from the downstream buyers. Previously, the central bank of the country raised the loan interest rate in order to calm fuming inflation in the country, which was hovering at a 40-year high value. Consequently, the country's economic activities had to decline, and thus demand fundamentals slipped in the US market during the quarter. Additionally, feedstock Ammonia prices fell by around 5.7% during August 2022, supporting this price downtrend for Triethanolamine in the country. Triethanolamine prices heard hovering around USD 3176/MT on a FOB basis.
Asia
As per the price assessment, China's Triethanolamine price remained dull throughout Q3 2022, owing to low offtakes from the domestic market and cheaper imports from neighboring Asian countries, including Saudi Arabia, Malaysia, and Singapore. However, the conflict between China and Taiwan has started bothering domestic players, as the country imports a fair amount of Triethanolamine from Taiwan. Nevertheless, demand has not improved since the first week of July, which eventually led the prices to trace a downtrend. Additionally, the slow economic activities of the country also remained a major factor behind this fall in prices, which eventually settled around USD 1323/MT in September 2022.
Europe
Since input costs have increased throughout Europe, regional economic activity has slowed, which has had an impact on the fundamentals of demand for a number of commodities, including Triethanolamine in the region. According to the data, low domestic demand has helped the German market see a 1.5% decline over the past few months. According to the pricing trend, the price of Triethanolamine had been rising up to the last month of the previous quarter. It then had its first decline in July. Conclusively, Triethanolamine prices in July 2022 were estimated to be around USD 3257/MT.
For the Quarter Ending June 2022
North America
The US market has long been under intense inflationary pressure, and the government has responded by taking the required action to reduce inflation. Analysis reveals that the nation began moving toward stagflation conditions, which would be bad for the nation's economic growth. According to ChemAnalyst statistics, the price of triethanolamine increased by 0.5% in the middle of Q2 2022. Additionally, the US has begun to increase its natural gas shipments to Europe due to Russia's supply-side announcement. As a result, amid rising natural gas exports, the price of ammonia feedstock rose on the domestic market.
Asia
Due to shifting market dynamics, this quarter saw various ups and downs in the Asian market. Due to trade disruptions and expensive imported cargoes, triethanolamine prices in China showed a considerable increase of almost 2.3 percent in April. However, the product's core demand dynamics remained range-bounded because of the prolonged COVID crisis, where millions of people were subject to severe lockdown restrictions throughout the nation. Additionally, a sizable price increase was noted in the Indian market due to increased upstream chemical costs and steady offtakes from niche consumers. As a result, the pricing dynamics for triethanolamine in the Asian market remained positive throughout the quarter.
Europe
Throughout this quarter, triethanolamine prices continued to rise on the German market. Germany has been severely impacted by the rapid escalation in the Russia-Ukraine war because it relied on Russian natural gas imports. Triethanolamine's price continued to rise due to high natural gas prices, increased inflationary pressure due to high crude oil prices, and trade disruption. According to the data, triethanolamine prices increased by about 1.7% and 1% in Germany and France, respectively, in May. Russia recently declared that it would be reducing its natural gas supply to Europe, which has already destabilised the market mood and boosted the pricing dynamics of many commodities.
For the Quarter Ending March 2022
North America
Rising inflationary pressure-induced anxiousness among US-based manufacturers of Triethanolamine, as the prices of raw materials kept rising under the influence of fuming crude oil value. The geopolitical conflict between Russia and Ukraine turned into a war that stirred demand-supply dynamics with harsh diplomatic decisions taken by major economies, including the USA. As a consequent effect, upstream prices started tracing an uptrend across the global market, compelling manufacturers to revise their offers to sustain their margins. Meanwhile, construction activities in the country were also stable since the first week of January, which bolstered the overall pricing dynamics for the product in the country. Thus, post witnessing a consistent hike, triethanolamine price assessed around USD 2850/MT CFR basis during February.
Asia Pacific
Despite ongoing war between Russia and Ukraine and rising crude oil value, Triethanolamine prices declined marginally during January and February in India and China on the back of ample availability of the product amid modest to stable demand from the domestic market. As per market source, pricing dynamics for the product maintained overall stable throughout the month of February and a marginal fall in price trend was observed due to tough negotiations on bulk purchases. Meanwhile, in China, Triethanolamine prices kept on tracing downtrend throughout the quarter, owing to wavering demand fundamentals for the product from the domestic market coupled with rising pandemic related restrictions in China. China started facing pandemic since 2020, making it hard for domestic players to maintain offtakes from domestic as well as international buyers. Thus, under the influence of low demand amidst ample inventories, Triethanolamine price was assessed around USD 1490/MT in China during February.
Middle East
On the back of modest demand fundamentals for the product from downstream sectors, the Triethanolamine price declined consistently in January and February in Saudi Arabia. Furthermore, a decline in raw material cost also remained a major reason behind the shortfall, which allowed producers to revise their offers on spot purchases. In addition, apart from domestic purchases, demand fundamentals from India also remained dull during this timeframe. Therefore, post witnessing a decline, Triethanolamine price was assessed around USD 1270/MT FOB basis during January. Meanwhile, Monoethanolamine prices also traced a similar trajectory due to ample availability in the country. However, demand fundamentals for the product maintained overall stability on the back of firm offtakes from the domestic detergent and personal care segment. Thus, post witnessing a marginal decline, Monoethanolamine price hovered around USD 1440/MT FOB basis in January.
For the Quarter Ending December 2021
North America
Market remained bullish in last few months as prices of Triethanolamine increased on the back of increasing cost of raw materials and lack of significant inventories. Supply has improved since last quarter as feedstocks availability has risen after the lag in Q3. Demand from downstream sectors has been stabilized in comparison with previous quarters where market participants remarked that strengthening supply fundamentals have restored the balance of market dynamics. Furthermore, USA has been facing huge pressure of inflation due to rising crude oil value, which is not letting most of the commodity prices to ease down in the country. Conclusively, Triethanolamine price remained firm throughout the quarter in USA, which assessed around USD 3170/MT FOB during December.
Asia
Asian market showcased mixed sentiments for Triethanolamine during this quarter, which varied country over country. Downstream construction and surfactant sectors maintained stability throughout the quarter across most of the major economies of Asia. Later during December, significant hiccups was observed, as rising omicron threat was resisting traders from further procurements and prices started to see downtrend by the end of this quarter. Furthermore, in India, muted demand from the construction sector remained a major concern for producers, as construction activities remained dull during monsoon season. However, steep rise in freight cost and consistently rising raw material prices induced buoyancy to Triethanolamine price in India, which assessed around USD 1602/MT during December.
Europe
European market has been witnessing huge setbacks during this quarter due to several reasons. Unprecedented hike in energy cost remained a major event during fourth quarter in Europe. However, rebound in industrial activities was also remained a major reason behind any change in pricing dynamics across European market. Demand for Triethanolamine remained firm from the domestic downstream sector of UK and Germany, while high energy cost pushed producers to raise their prices on contract as well as spot purchases. Furthermore, high raw material cost coupled with significantly high freight charges also exacerbated the overall price trend for the product across European market.
For the Quarter Ending September 2021
North America
During the third quarter of 2021, the prices of Triethanolamine rose significantly across the North American region. A hike in the prices of upstream Ethylene Oxide due to volatility in Ethylene supported the prices for Triethanolamine which were already volatile since the 2nd quarter. Demand fundamentals remain strong for TEA in Q3 with robust consumption volumes from the detergent segment. Furthermore, the construction sector along with the household sector formed the key application areas for TEA across the region. As of the 1st week of August, the price of Triethanolamine was settled at USD 2415 per MT FOB Texas.
Asia Pacific
The pricing trend of Triethanolamine witnessed a steep rise in the 3rd quarter of 2021 across the Asia Pacific region. Demand for Triethanolamine remained muted from Northeast China in Q3 due to tightened environmental controls by the Chinese government and the lack of downstream demand due to lower operational capacities. In other Asian countries, demand was still strong on tightened supply especially for the grade used in the personal care sectors. In the Indian market, prices kept on rising during the month of July, taking support from firming demand from the domestic market under limited availability. Upstream Ethylene Oxide and Ammonia prices were heard rising in the country during Q3 due to high demand under crippled supply activities, which supported Triethanolamine price. Thus, the price of Triethanolamine was last assessed at USD 1652 per MT during August.
Middle East Africa
In Q3 of 2021, the demand for TEA was slightly lower as buyers side-lined amidst surges in container freight in Middle Eastern countries. On the raw material front, the market of ethylene was collectively lowered while ammonia settled on an upper hand. FOB Jebel Ali offers were assessed at USD 1231/MT, down by about USD 56/MT over the levels seen in August. Triethanolamine shipments (for non-medicinal use) from Saudi Arabia exceeded 150 MT to India since the beginning of September. It was noted that shipments were priced lower over the August settlements.
For the Quarter Ending June 2021
North America
Prices of the Triethanolamine remained bullish in the North American region throughout the second quarter, taking cues from firm upstream Ethylene Oxide and Ammonia. The restoration in the industrial activities improved the supplies of Triethanolamine (TEA) while the raw material tightness persisted even in Q2 leading to marginal constraints in the availability of Triethanolamine. Dow increased the prices of its amine products multiple times in the second quarter of 2021. The company increased TEA offers by USD 60 per tonne in Q2. Triethanolamine demand was persistent from the downstream derivatives and offtakes surged for the household and construction sector as the economy revived. The monthly average of Triethanolamine surged to USD 2200 per tonne FOB Texas in June.
Asia Pacific
During the second quarter of 2021, TEA supplies in the Asia Pacific region was balanced to firm to meet the end user enquiries as the downstream operational rates rose significantly to meet the industrial rebound. Furthermore, the market situation was supported by improved exports to the overseas market. Market sentiments were robust from the pharmaceutical companies as the industry ramped up manufacturing amidst rising COVID-19 cases across the globe. Supply constraints heard across Asia further gave operating leverage to several Middle Eastern manufacturers.
Europe
In the European region, Triethanolamine (TEA) supplies were tight after the leading producer BASF announced turnaround at its Amines facility which is likely to last till first half of the next quarter. Some production hindrances were seen from the major producers in Russia. Market easiness was observed as imports volumes improved from the US as the suppliers improved operational rates amidst restoration in production. Demand was resolutely high as the offtakes observed a seasonal hike from the construction and household sector. Plant outages in the Middle East and in Asia affected the import availability.
For the Quarter Ending March 2021
North America
The Triethanolamine market in the North American region was severely hampered as the unavailability and surging pricing of the feedstock hampered the domestic production of Triethanolamine as the plants were shut down amid the severe freeze weather conditions in the USA Gulf region. Firming Ethylene Oxide further added to the cost pressure. Demand surged as enquires from the personal care industry improved. Amid macroeconomic factors supporting the price uptrend, the price of Triethanolamine rose from USD 1750/MT in January to 1860/MT in FOB Texas in March.
Asia-Pacific
Margins of almost all ethanolamine manufacturers increased by manifolds since the start of this quarter mainly due to surging demand from both the local and export markets. Strong gains in raw material EO pricing and some upstream plant turnarounds scheduled for maintenance have pushed up the price curve. Market sentiments were upbeat with rising enquiries from the pharmaceutical companies as the industry ramps up manufacturing amidst rising COVID-19 cases across the globe. Supply constraints were heard across Asia amid the bad weather conditions causing plant outages in US. Furthermore, logistic disruption along with hampered trade routes concerned compelled buyers to purchase cargoes even at high premium prices to abate the demand from the downstream sector. Due to the demand-supply gap widened Triethanolamine prices in India by USD 336/MT withing the quarter.
Europe
The European Triethanolamine market was severely impacted during the first quarter of 2021, as a couple of major suppliers to the region in Middle East were on a turnaround, followed by the reduced imports from the USA amid winter storms. Further tightness was uplifted due to low operating rates at one of the major production facilities in the region. Demand segment was balanced throughout the quarter as the resurgence of COVID made people more cautious about the regular hygiene which led to the strong offtakes from detergent segment and strong consumption from the cosmetics sector.
For the Quarter Ending December 2020
North America
Triethanolamine availability in the domestic market remained low during Q4 2020, due to several trade barriers and scheduled turnaround in several plants of feedstock Ethylene Oxide in US1w. Meanwhile the exports of Triethanolamine were hampered due to the supply disruptions caused by spate of hurricanes in the Gulf region. In December, net purchases of TEA and its salts reached USD 560 thousand amidst its favorable demand from downstream industries.
Asia
With major manufacturers like Xian Lin Chemical & Jiangsu Yinyan Specialty Chemicals in China operating at maximum plant efficiency, supplies of the Triethanolamine remained healthy, throughout the fourth quarter of 2020. Meanwhile, the demand witnessed a significant improved uptrend economy started to recover after the wase in Covid-19 restrictions followed by the increased industrial and commercial activities across the region. With TEA being a major industrial solvent, traders and buyers were heard mounting up their inventories amid supply concerns and surging downstream demand. All the sectors re-opened fully or partially including construction.
Europe
During the Q4 of 2020, supplies remained constrained, as the imports in the region were hindered by planned outage caused due to spate of hurricanes in the US Gulf region. BASF’s Ethylene Oxide (EO) plant in Antwerp (Belgium) underwent a scheduled turnaround which resulted in its shortage in the regional market. Meanwhile remained mixed in Europe, with imposition of a partial lockdown to curtail the stress of new coronavirus. Although the construction industry witnessed an uptrend with improved consumption of TEA.
