North America
Cyclohexane prices in the North American market have demonstrated a bullish trend, despite encountering a substantial drop of approximately 20% in the prices of the feedstock Benzene.
The prevailing dynamics in the U.S. Cyclohexane Prices have been primarily influenced by constrained supplies of the product, resulting in a notable shortage. The demand for Cyclohexane remained robust, particularly driven by the Mexican market, contributing to the bullish market conditions. The flourishing automotive and construction sectors in Mexico continued to exert pressure on the paint and coating industry, generating heightened demand for exports in the U.S. market.
Towards the conclusion of December 2023, the U.S. automotive industry experienced a notable recovery, with sales witnessing an increase of almost 13%. Simultaneously, the construction sector showed signs of improvement, characterized by augmented funding injections and an upswing in hotel construction activities. These developments added further strain on the existing inventories of Cyclohexane.
Manufacturing activities in the U.S. maintained a subdued trajectory, posing challenges in meeting the demands for an adequate supply of Cyclohexane.
APAC
Cyclohexane prices in the APAC region exhibited a notable increase of over 10%, despite the feedstock Benzene experiencing subdued prices with a depreciation exceeding 10%. The significant rise in Cyclohexane prices can be attributed to immediate demand-driven purchases by Chinese traders, who displayed a keen interest in bolstering their inventories. Concurrently, the sustained contraction in manufacturing activities across China throughout the final quarter of 2023 contributed to a tangible deficit in Cyclohexane supplies. The prevailing demand for paints and coatings, stemming from the resilient performance of the construction sector, was an additional factor prompting suppliers to engage in procurement activities, notwithstanding the relatively subdued demand from the construction industry. However, the persistent weakness in export orders imposed a downward pressure on Chinese manufacturers, resulting in a 1.4% decline in Cyclohexane prices. This decline was further complemented by low production costs attributable to the depreciating prices of Benzene. As of the conclusion of the last quarter of 2023, Cyclohexane prices were assessed at USD 1043/MT FOB Shanghai.
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Europe
Cyclohexane prices in the European market experienced a predominantly bullish market scenario, demonstrating an increment of approximately 10%, despite the feedstock Benzene facing a bearish trend throughout the entire fourth quarter of 2023. The upward movement in prices was primarily propelled by constrained supplies of the product within the Eurozone. The overall contraction of more than 1.5% in industrial chemical production across the Eurozone contributed to a notable scarcity of Cyclohexane, exacerbated by modest demand. The primary demand from the paints and coatings industry within the construction sector reported weakness, as the construction industry underwent a period of retrenchment throughout the last quarter of 2023. All three segments of the construction sector, encompassing housebuilding, civil engineering, and commercial buildings, experienced substantial downturns. Housebuilding, in particular, emerged as the weakest-performing segment, evident from declining housing permits and canceled assignments. Job shedding persisted for the thirteenth consecutive month, while subcontractor availability eased for the eighth consecutive month. Overall sentiments toward investments reached historic lows in December 2023, as indicated by real estate firms reporting highly unfavorable demand conditions.
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