For the Quarter Ending March 2025
North America
In Q1 2025, Triethylene Glycol (TEG) prices in North America followed a bullish trajectory, underpinned by persistent supply constraints and strong downstream demand across key sectors. The quarter commenced with a sharp price increase in January, driven by Winter Storm Enzo, which severely disrupted production across the Gulf Coast, shutting down major facilities and halting operations at key ports in Houston and New Orleans. This led to a steep supply shortfall, further exacerbated by rising feedstock Ethylene Oxide costs. Concurrently, early-year inventory restocking and increased automotive demand for TEG as an antifreeze agent supported price escalation, pushing prices up.
In February, bullish momentum continued as scheduled maintenance turnarounds at major plants—including Dow’s Seadrift and ME Global’s Oyster Creek—alongside a force majeure by Lotte, tightened supply further. Although crude oil and feedstock costs showed some softness, robust consumption from antifreeze, paints, coatings, and natural gas dehydration applications offset any downward pressure.
March sustained this upward movement, with operational disruptions and continued low inventories constraining supply. Despite easing Ethylene Oxide costs, the impact remained negligible due to high demand from the natural gas sector, where TEG is essential for dehydration. Additional support came from the paints and coatings industry, reinforced by a rebound in automotive production. By the end of Q1, TEG prices in the U.S. had reached USD 1500/MT FOB Houston, marking a cumulative increase of over 16% for the quarter, driven by tight fundamentals and seasonal demand resilience.
Europe
In Q1 2025, the Triethylene Glycol (TEG) market in Europe, particularly Germany, displayed a mixed price trajectory. In January, TEG prices surged, driven by tight supply conditions, low inventory, and a strong demand uptrend. Harsh winter weather accelerated demand in deicing and antifreeze applications, while higher automotive sales and increased gas-fired power generation boosted consumption in the natural gas sector. On the supply side, rising feedstock Ethylene Oxide and upstream Ethylene prices, coupled with a jump in Naphtha and crude oil prices due to geopolitical sanctions and extreme cold in North America, inflated production costs, supporting the bullish sentiment. However, during the second month of Q1, the market turned out to bearish. The market became well-supplied owing to smooth overseas imports, high operational rates by domestic producers, and lower production costs stemming from declines in feedstock, Ethylene Oxide and global crude prices. Meanwhile, downstream demand weakened amid declining automotive sales and sluggish activity in resins, coatings, and paints. Congestion at major ports like Rotterdam and Antwerp added logistical strain, although it failed to offset the supply glut. By March, prices rebounded by 4.16% to USD 1,680/MT CFR Hamburg due to tightened global supply, as operational disruptions in the U.S., Saudi Arabia, and Belgium curbed exports. Despite sluggish demand from the automotive and construction sectors and reduced heating needs, the constrained supply scenario outweighed demand softness, driving the market upward again.
APAC
In Q1 2025, the Triethylene Glycol (TEG) market across the Asia-Pacific (APAC) region displayed an overall declining trend, despite a bullish start in January. At the beginning of the quarter, prices in major APAC economies, particularly China, strengthened due to limited supply, logistical bottlenecks, and strong seasonal demand. In January, TEG prices rose, fueled by reduced domestic manufacturing ahead of the Lunar New Year, plant shutdowns (e.g., FPCL), and port congestion at key transshipment hubs like Shanghai and Ningbo. Demand surged in sectors such as antifreeze and automotive, supported by the growing output and sales of new energy vehicles (NEVs), which saw a 29.4% YoY rise in sales. However, February marked a turning point. As post-holiday demand remained subdued, TEG prices declined by 2.21%. Improved manufacturing activity, consistent imports, and elevated inventories led to an oversupplied market. Downstream sectors like coatings, resins, and construction showed weak consumption due to ongoing real estate sector struggles and procurement hesitation. Logistics costs eased, but persistent port congestion still disrupted flows. March continued the bearish momentum, with prices dropping a further 2.77% to USD 1160/MT CFR Qingdao. Despite global supply tightening from shutdowns in the U.S. and Saudi Arabia, the APAC market—especially China—remained oversupplied. While demand from paints, plasticizers, and autos improved, it was outweighed by weak consumption from the natural gas dehydration segment. Overall, Q1 2025 in the APAC TEG market closed on a negative note, shaped by excess supply and patching downstream demand recovery.
For the Quarter Ending December 2024
North America
In Q4 2024, the North American Triethylene Glycol (TEG) market experienced minor price fluctuations due to dynamic supply-demand conditions and economic influences.
At the start of the quarter, TEG prices saw a marginal dip as consistent demand from the oilfield sector balanced the impact of declining crude oil prices. Strong oil and gas production activity, supported by stable feedstock availability, helped maintain market equilibrium despite external pressures.
During the mid-quarter, prices witnessed a slight increase, driven by stable demand from the textiles and automotive sectors and adequate production levels. However, the broader market softness was evident as crude oil prices fell, and rising economic pressures, including an increase in the Consumer Price Index (CPI), restrained downstream activities.
Towards the end of the quarter, prices followed a bearish trend, declining by 1.02%, particularly in the U.S. market, and settling at USD 1256/MT. Weakened demand from antifreeze and automotive sectors, coupled with destocking activities, placed further pressure on prices. A decline in vehicle sales exacerbated reduced consumption in key applications. Despite logistical challenges and subdued market sentiment, strategic inventory management and stable feedstock costs ensured supply stability, minimizing disruptions.
Europe
In Q4 2024, the European Triethylene Glycol (TEG) market exhibited varied price trends influenced by regional demand dynamics, feedstock costs, and economic factors. The overall market faced downward pressure during the quarter, primarily due to oversupply and subdued demand from key sectors such as antifreeze and industrial applications. Lower Ethylene Oxide (EO) prices, driven by weaker upstream Ethylene costs, further contributed to a bearish sentiment in the market. Despite stable production rates, manufacturers faced logistical challenges, including port congestion and extended waiting times at major terminals, which slightly disrupted supply chains.
While deicing and antifreeze applications typically drive seasonal demand during the colder months, milder weather across Europe limited the anticipated consumption increase. Additionally, the automotive and industrial sectors displayed weaker procurement activity, compounding the challenges faced by TEG producers and suppliers.
In Germany, TEG prices showed a bullish trend in December 2024, rising by 1.2% to USD 1688/MT CFR Germany. This increase was supported by higher logistics costs, including elevated freight rates and anticipated U.S. port strikes, alongside robust demand from oilfield production and deicing activities. Seasonal requirements and steady industrial demand contributed to the positive price movement in the German market.
APAC
In Q4 2024, the Asian Triethylene Glycol (TEG) market faced persistent bearish pressure due to weak downstream demand, ample supply, and low-cost imports from key exporting regions. Market sentiment remained subdued throughout the quarter, with oversupply from domestic production and an influx of cheaper overseas imports saturating the market. Seasonal demand for antifreeze and coolant applications was limited due to unseasonably mild weather across several regions, further dampening consumption. Additionally, sluggish industrial and automotive activity, compounded by broader economic uncertainties, contributed to weak demand for TEG in Asia.
Manufacturing activity across the region remained stable, but rising inventory levels pressured producers to adopt aggressive pricing strategies to compete with lower-cost imports. Feedstock costs, including Ethylene Oxide, showed minimal fluctuations, while falling crude oil prices further reduced production costs. However, these factors failed to offset the weak demand environment, leading to steady price declines in key Asian markets.
In the late quarter, China, a major player in the Asian TEG market, experienced a sharp price drop, with prices settling at USD 1180/MT CFR Qingdao. The bearish trend was driven by low-cost imports from the overseas market, rising domestic production, and weak downstream demand, particularly from the paint, coating, and automotive sectors. Year-end destocking activities and subdued market sentiment further pressured prices, highlighting the challenges faced by the Asian TEG market in Q4.
For the Quarter Ending September 2024
North America:
In Q3 2024, the North American Triethylene Glycol (TEG) market experienced a notable decline in prices, driven by several interrelated factors. Limited procurement activities and subdued demand from key downstream sectors, particularly in antifreeze and resin production, exacerbated the negative pricing environment. This situation was further complicated by disruptions in production facilities caused by severe weather events and hurricanes, which led to operational inefficiencies and reduced offtake of TEG.
The USA exhibited the most significant price fluctuations within the region, with TEG prices decreasing by 3.5% compared to the previous quarter. This downward trend reflected broader market challenges, including difficulties in the construction sector, elevated interest rates affecting homebuilders, and a slowdown in chemical exports. Notably, despite this quarterly decline, TEG prices rose by 22% compared to the same quarter last year, indicating underlying volatility within the market.
By the end of the quarter, Triethylene Glycol prices settled at USD 1216/MT DEL Texas, highlighting the prevailing negative sentiment and illustrating the complex dynamics shaping the current pricing environment in North America.
APAC
In Q3 2024, the APAC region witnessed a substantial decline in Triethylene Glycol (TEG) prices, with China experiencing the most pronounced fluctuations. This bearish market sentiment was primarily driven by weak demand from downstream industries, particularly in resin production and the end use construction sector, which faced a notable downturn. As these sectors struggled, an oversupply in the market emerged, further exerting downward pressure on TEG prices. Additionally, lower feedstock costs compounded the challenges faced by manufacturers and suppliers. This reduction in input costs did not stimulate demand, as buyers remained cautious, opting to reduce inventory levels rather than make new purchases. In China, a key player in the APAC TEG market, prices dropped by 12% compared to the previous quarter, reflecting the prevailing market conditions. However, on a year-on-year basis, TEG prices remained elevated, showing an 18% increase compared to the same quarter last year. The quarter concluded with TEG priced at USD 1380/MT CFR Qingdao, highlighting the ongoing difficulties in the pricing environment.
Europe
Throughout Q3 2024, the Triethylene Glycol (TEG) market in Europe experienced a significant decline in prices, with Germany facing the most pronounced fluctuations. Several key factors contributed to this downward trend. Reduced demand from downstream industries, particularly in the automotive and construction sectors, alongside a general softening of market sentiment, played a crucial role in exerting downward pressure on prices. Additionally, a surplus in supply, bolstered by steady production rates, further intensified the price decline. The quarter also observed a notable correlation between lower crude oil prices and diminished TEG offtake, which adversely affected the overall pricing environment. In Germany, TEG prices recorded a substantial decrease of 11.5% compared to the previous quarter. Interestingly, despite this decline, TEG prices surged by 10% compared to the same quarter the previous year, highlighting the inherent volatility in the market dynamics. Ultimately, the quarter concluded with TEG priced at USD 1650/MT CFR Hamburg, reflecting the ongoing negative pricing sentiment that permeated the region throughout the period.
For the Quarter Ending June 2024
North America
In Q2 2024, the North American Triethylene Glycol (TEG) market witnessed a marked downturn in pricing, driven by a confluence of factors that fostered a bearish sentiment throughout the quarter. A significant oversupply scenario, aggravated by robust inventory levels and efficient production rates, predominantly influenced the market. The upstream influence of stably priced Ethylene Oxide feedstock further exerted downward pressure on TEG prices. Weak demand from crucial downstream sectors, notably the gas and automotive industries, compounded the price decline. This was underscored by a notable contraction in factory activity and broader economic headwinds.
Focusing on the USA, the epicenter of these price fluctuations, TEG prices consistently trended downward. The quarter experienced a pronounced negative pricing environment, exacerbated by seasonal factors such as reduced heating needs and lower antifreeze demand.
Compared to the same quarter of the previous year, the prices for the Tri ethylene Glycol increased by 35%. The overall trend indicated a -1.5% change from the preceding quarter, showcasing the sustained bearish market conditions. Conclusively, the quarter ended with TEG prices at USD 1348/MT FOB Houston in the USA, underscoring the negative pricing environment that characterized Q2 2024.
Europe
In the second quarter of 2024, the Triethylene Glycol (TEG) market in Europe showed varied pricing trends. Early in the quarter, prices in Europe increased, driven by factors such as strong downstream demand and supply disruptions, including planned maintenance shutdowns at INEOS Group Limited's Cologne and Dormagen plants. These localized disruptions had a temporary impact on supply chains, but effective inventory management helped mitigate major price fluctuations. However, in the latter half of the quarter, TEG prices began to decline slightly due to insufficient cost support from feedstock and lackluster demand in downstream manufacturing.
Germany experienced the most notable price changes within the region. Despite moderate supply levels, demand for TEG from automotive and oilfield sectors remained subdued, influenced by broader economic conditions and specific downturns in these sectors. This stability was reflected in a modest 1.5% decrease from the previous quarter, with consistent pricing across both halves of the quarter.
Seasonal trends, including reduced activity in downstream industries and slowdowns in construction, also contributed to stabilizing price movements, following historical patterns typical for this period.
Overall, the pricing environment for TEG in Germany was mixed, with the market settling at USD 1892/MT CFR Hamburg by the end of the quarter. This indicates a pricing landscape that, despite facing challenges in supply chains and varying demand, maintained overall stability without significant volatility.
APAC
In the second quarter of 2024, the Triethylene Glycol (TEG) market in the APAC region underwent a significant downturn. This was driven by substantial price decreases resulting from an oversupply and declining demand. Factors contributing to this decline included high inventory levels and reduced usage in key industries like plasticizers and antifreeze. Fluctuating global crude oil prices added further downward pressure on TEG prices. Despite several manufacturing units undergoing maintenance, operational efficiencies and consistent production rates maintained ample supply.
China experienced the most pronounced price fluctuations during this period due to reduced consumption downstream and the impact of competitively priced imports. The country's manufacturing sector also contracted, evident in the Purchasing Managers' Index falling below 50%. This decline highlighted a broader slowdown in industry, intensifying pessimism within the TEG market. The latter part of the quarter saw a sharper decline, with prices decreasing by 9%, indicating a sustained weakening trend.
Overall, the pricing environment for TEG in APAC, especially in China, was notably negative throughout the quarter. As of the quarter's end, the price for Triethylene Glycol CFR Qingdao in China stood at USD 1514/MT, underscoring the ongoing challenges and bearish conditions prevailing in this sector.
