For the Quarter Ending September 2023
In the third quarter of October 2023, the North American Epoxy Resin market demonstrated a volatile performance. In the United States, Epoxy Resin prices followed a fluctuating trajectory. Initially and in the final months of the quarter, prices experienced declines of approximately 1% and 5%, primarily attributed to reduced demand from the construction sector, which was grappling with challenges. However, despite these challenges, the U.S. Construction industry reported the addition of 11,000 jobs in September 2023, with historically low unemployment rates leading to wage increases. In the second month of the quarter, Epoxy Resin prices rebounded, increasing by around 1.2%, driven by a 4% rise in upstream Glycerin prices. Supply and logistics disruptions during the quarter were exacerbated by a hurricane affecting the southeastern United States, causing disruptions at airports, cargo ports, distribution hubs, and centers. This impact cascaded across industries, particularly affecting parcel delivery companies, with facilities temporarily closing in affected regions. Consequently, ongoing delays and service disruptions were observed, particularly in Florida and Georgia.
In the third quarter of October 2023, the APAC region witnessed a diverse performance in the Epoxy Resin market. In the initial month, China experienced a significant price drop of around 3% due to an oversupply of products and reduced demand caused by typhoon weather and heavy rainfall. Construction activity in South and East China was hindered, leading to slow market demand and high manufacturer inventories, resulting in a weakened market. Extreme weather conditions further impacted the downstream construction industry, exacerbating the supply-demand imbalance. In response, manufacturers implemented price reductions and promotions. However, prices rebounded in the last two months of the quarter, increasing by approximately 1% and 1.8%, attributed to rising raw material costs. Major enterprises frequently adjusted their prices to accommodate these cost hikes, driven by increases in raw materials such as bisphenol A and ECH, influenced by the upward trajectory of dual raw materials phenol/acetone. Looking ahead, concerns about international crude oil supply constraints may lead to price hikes in downstream products, creating a shortage of circulating resources and an urgent need for replenishment as the festive season approaches. In the short term, bisphenol A is expected to maintain its strong position, and increased feedstock prices set a bullish trend for the Epoxy Resin market in China, influencing overall market dynamics.
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Throughout the third quarter of October 2023, the European region witnessed a bearish trend in the Epoxy Resin market. The German market, in particular, experienced a significant price decline of approximately 6% during the quarter. The demand for the product from the downstream construction industry remained almost stable despite the European Central Bank’s decision to raise its key interest rate to a historic high. This move by the central bank was part of its ongoing efforts to combat persistent high inflation impacting consumers. The manufacturing sector contracted, reflecting the challenging economic conditions at the close of the third quarter. Despite falling input costs, businesses continued their efforts to cut costs, as evidenced by ongoing reductions in employment, purchasing activity, and inventories. Consequently, many firms extended their production cutbacks throughout the quarter, reflecting a cautious and uncertain economic outlook. However, the price of feedstock ECH increased by around 1.2% in the German market but did not affect the product pricing.
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