For the Quarter Ending September 2023
In the third quarter of 2023, Diisopropyl Ether prices experienced a range of sentiments in the North American region. Initially, demand for paint thinners decreased due to sluggish activities in the construction sector. Concurrently, logistical challenges arose as US shipping and freight routes were impacted by declining water levels in the Mississippi and Ohio rivers, leading to delayed shipping activities through the Panama Canal. Midway through the quarter, tight supply conditions persisted as suppliers grappled with reduced production rates stemming from disrupted supplies of upstream Propylene, linked to a global decline in Crude oil inventories. The Federal Reserve Bank’s decision to raise interest rates in an effort to curb rising inflation contributed to a decline in buyer demand, resulting in a slowdown in the region’s economic growth, with offtakes remaining moderate. Hurricane Idalia, making landfall on August 30, 2023, further hindered supply rates. However, production rebounded towards the end of the quarter, leading to increased export rates and a marginal drop in prices in the region.
In the Asian region, Di isopropyl Ether prices underwent fluctuations in the third quarter of 2023. Initially, prices saw a noticeable increase due to consistent orders from buyers and constrained supplies. Concurrently, disruptions in the supply chain caused by regional storms and typhoons such as Doksuri, coupled with heavy rainfall, extended logistical timelines. Prices continued to rise marginally in the mid-quarter, influenced by average demand from cleaning agents and paint manufacturers. Typhoon Soala, hitting the region in early September 2023, maintained moderate operating rates amidst a weak availability of upstream Propylene supplies, linked to production cuts in upstream Crude Oil by OPEC+ and Russia. Supply rates remained average, and demand waned from cleaning agent manufacturers. Procurement activities were subdued ahead of festivals and holidays in the region, leading to a decrease in prices towards the end of the quarter. Simultaneously, production costs eased due to stabilized Crude Oil prices and robust IPA production rates in the region.
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Similar to North America, Di isopropyl Ether prices fluctuated in Europe during the third quarter of 2023. At the quarter’s outset, suppliers marginally reduced prices amid low buyer demand and stable supply rates, coinciding with moderate logistics activities during the summer holidays. High energy prices and a rise in bank interest rates by European banks contributed to a decline in buyer demand, resulting in a slowdown in Eurozone growth. Mid-quarter, prices increased marginally due to decreased production rates of Isopropyl Alcohol, influenced by limited availability of feedstock Propylene and Acetone supplies due to upstream Crude Oil production cuts by OPEC+ and Russia. Subsequently, Isopropyl Alcohol production rates increased, improving the supply rates of DIPE towards the quarter’s end. However, the hike in bank interest rates by the European Central Bank led to decreased buyer demand, causing a drop in product offtakes and supplier quotations at the end of the third quarter of 2023.
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