Nitro Benzene Prices: During the first quarter of 2024 | ChemAnalyst

North America:

Nitrobenzene prices in North America surged in the first quarter of 2024 due to the easing of downturns and stabilizing energy and gas supply contracts. Data from the US indicates a notable price improvement starting in January, with benzene supply contracts rising by 5% on a quarter-on-quarter basis. Spot prices rebounded as industrial production downturns eased by February with rising temperatures.

Nitrobenzene supply remains largely domestic in North American markets, with Korea being a major overseas supplier. Downturns in MDI production also eased, and newer orders for isocyanates improved, enlarging inventory pressure. Beginning in January 2024, new energy supply contracts showed significant reductions in premiums offered as gas prices remained relatively low. Eastman’s major Nitrobenzene plant in the US increased its output by the second month of the quarter, tightening supply lines further due to an Arctic blast in February. Despite subdued German domestic demand, exports of Nitrobenzene to Germany and Belgium increased due to improved conditions in European production.

Overall, prices showed a robust recovery after a weak Q4FY23-24, inventory adjustments, and subdued consumption due to higher interest rates and downturns in automobile and construction demand in the USA. Prices are expected to stabilize in the next quarter as shipping slows down, intensifying inventory pressure in both domestic and export markets. Rate cuts and market adjustments are anticipated as businesses shift to spot markets for higher deliveries.

Get Real Time Prices of Nitro Benzene: https://www.chemanalyst.com/Pricing-data/nitro-benzene-1139

Europe:

Nitrobenzene prices in Europe saw an upturn in the first quarter of FY24-25 due to easing downturns and stabilizing energy and gas supply contracts. Data from Germany indicates significant price improvements starting in January, with benzene supply contracts rising by 8% on a quarter-on-quarter basis. Spot prices rebounded as industrial production downturns eased by February with rising temperatures.

Nitrobenzene supply remains largely imported into European markets, with Japan, Korea, and the US being major suppliers. Downturns in MDI production also eased, and newer orders for isocyanates improved, enlarging inventory pressure. Beginning in January 2024, new energy supply contracts showed significant reductions in premiums offered as gas prices remained relatively low. Eastman’s major Nitrobenzene plant in the UK increased its output by the second month of the quarter, as supply lines for benzene from the Netherlands settled. Imports of benzene from the Netherlands and Belgium improved in Germany due to easing energy costs, despite subdued domestic demand.

Overall, prices showed a strong recovery after a weak Q4FY23-24, inventory adjustments, and subdued consumption due to higher interest rates. With England leading a strong discounted market for mortgages, other countries like Netherlands, Italy, and France followed suit, stimulating their construction sectors. However, demand for construction chemicals like polyurethanes remained lower than historical averages, although pending orders declined significantly.

Asia Pacific:

The first quarter of 2024 presented mixed sentiments for Nitrobenzene pricing in the APAC region. Market prices witnessed a significant 16% increase compared to the same quarter last year, followed by a 12% decline by the quarter’s end. Japan experienced notable price fluctuations, influenced by seasonality and factors such as Lunar New Year festivities and supply line disruptions from the Noto Earthquake.

The price change from the previous quarter indicates that the bullish sentiment at quarter-end offset the slump observed in February. Despite this fluctuation, prices remained 27% higher year-on-year due to increased input costs. In Japan, the quarter-ending price for Nitrobenzene was recorded at USD 1530/MT CFR Kobe, signaling a positive pricing environment despite the February slump.

Overall, the APAC region experienced mixed sentiments, with Japan witnessing the most significant price changes. Despite the late February and early March slump, stable pricing trends prevailed, influenced by seasonality and other market factors.

Get Real Time Prices of Nitro Benzene: https://www.chemanalyst.com/Pricing-data/nitro-benzene-1139

Contact Us:

ChemAnalyst

GmbH – S-01, 2.floor, Subbelrather Straße,

15a Cologne, 50823, Germany

Call: +49-221-6505-8833

Email: [email protected]

Website: https://www.chemanalyst.com