North America
In the fourth quarter of 2023, the North American Dioctyl Phthalate (DOP) market experienced a decrease in prices. This quarterly decline was influenced by diminished demand from downstream industries using DOP and abundant supplies.
The limited DOP demand in the USA's manufacturing plasticizer sectors was a result of a slow economic recovery and stagnant trading conditions in relevant segments. In anticipation of a price hike due to a new import tariff, buyers temporarily suspended their purchasing activities during this period. Additionally, international factors, such as the Russia-Ukraine war and a drought affecting the Panama Canal, added complexity to the USA's international container logistics in the final quarter of the year.
In response to a substantial drop in spot export prices compared to contracted prices, US buyers were engaged in active discussions regarding potential reductions in DOP prices. The disruptions in US shipping caused by Panama Canal issues and the ongoing decline in crude oil values also played a role in influencing pricing dynamics in the North American DOP market during this time frame.
APAC
The Dioctyl Phthalate (DOP) Prices in the APAC region during the fourth quarter of 2023 experienced various factors that influenced prices and market dynamics. One significant factor was the overall weak demand from key industries such as construction and automotive, which led to reduced consumption and downward pressure on prices. Additionally, the presence of competitive pricing strategies from China further impacted the market, making it challenging for South Korean DOP manufacturers. Another factor was the temporary plant shutdown of SK Geo Centric's feedstock Propylene plant in South Korea, which disrupted the supply chain and limited the availability of raw materials for DOP production. In South Korea specifically, the DOP prices fluctuated marginally due to market adjustments. The stable supply and demand forces kept the prices intact, and South Korean traders maintained their offered quotations to remain competitive. The maintenance turnaround of SK Geo Centric's Propylene plant further affected the availability of raw materials, creating a gap in the supply chain. The rise in South Korea's manufacturing sector and the slight increase in buying activities within the domestic region contributed to the overall demand for DOP for this quarter. However, the high Consumer Price Index and weak economic situation dampened consumer spending, impacting downstream demand for plasticizers like DOP. The latest price of Dioctyl Phthalate (DOP) FOB Busan in South Korea for December 2023 is USD 1500/MT.
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Europe
The DOP prices in the European market exhibited an overall decline in the fourth quarter of 2023. European DOP traders and manufacturers were primarily focused on the reduced demand from the downstream Plasticizer and construction industry. This emphasis resulted in only modest price fluctuations, despite concerns about disruptions in freight at the end of the quarter. The extended transit time for imports was a significant factor, as highlighted by a producer. Another noteworthy factor was the sufficient availability of inventories, further negatively impacting prices. Germany witnessed the most substantial changes in prices, following a bearish trend for most of 2023. The strategy of reducing operating rates to protect profit margins for producers and traders proved inadequate for suppliers to boost margins, given the competitive pressures from the import market. Despite production cutbacks, DOP supplies consistently faced challenges due to low PVC demand in Q4 of 2023. The disruptions in US shipping caused by Panama Canal issues and the ongoing decline in crude oil values also played a role in influencing pricing dynamics in the European DOP market as well during the terminating quarter of 2023.
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