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Strong demand growth meets the biggest supply dilemma in history
Strong demand growth meets the biggest supply dilemma in historyRecently, IHS Markit stated that the continued strong demand for acrylates in the European market, coupled with supply shortages due to large supply disruptions and low imports, will keep acrylates spot prices high for the rest of this year
.
In recent months, due to frequent supply problems in Europe and North America, the spot price of acrylic esters has been rising.
The prices of raw materials such as 2-ethylhexanoic acid (2-EHA) and butyl acrylate (BA) in Europe have become the highest in the world.
This also makes it a major target for potential exporters
.
However, as with many chemicals this year, despite the open arbitrage window, logistics and supply chain challenges, such as high freight rates and low availability, will continue to hinder the free flow of acrylic products into the region
According to the latest "Global Acrylic and Super Absorbent Resins Monthly Report" released by IHS Markit, in June, the spot freight index for trade routes from Asia to Europe exceeded US$10,000 per 40 foot equivalent unit (FEU)
.
It is reported that the freight rate for the route from Asia to Northern Europe is close to US$14,000 to US$15,000 per 40-foot equivalent unit (FEU)
"Since the beginning of this year, the European acrylic ester market has been in severe volatility, and it will not appear to return to a more stable and normal state
.
" The report pointed out
According to the report, the demand for acrylates is surprisingly strong
.
Since the new crown pneumonia epidemic first swept Europe, paint and coating manufacturers have continued to report record sales, mainly due to the continued growth in demand in the home improvement industry
Earlier this year, the two major acrylate producers in Europe, the Middle East and Africa had stopped operations.
BASF’s 200,000-ton/year plant in Ludwigshafen, Germany, and Sasol’s plant in Sasolburg, South Africa were suspended due to failures.
Announced force majeure
.
In Europe, BASF's butyl acrylate and butanol production accounts for half of Europe
As there is no new planned production capacity, acrylic esters need to be imported
.
However, few acrylate consumers in Europe can obtain supplies from Asia alone, instead relying on traders
In the second half of the year, Europe is expected to have multiple installations undergoing planned maintenance and demand will remain high.
The potential impact of the U.
S.
Gulf of Mexico hurricane or the Suez Canal->
.
"It is expected that spot prices in Europe will drop slightly, and contract prices will eventually drop with it
