Dimethylformamide Prices, Pricing, Demand & Supply
North America
The market for Dimethylformamide saw a rise in comparison to the previous quarter, which was mostly caused by higher freight costs in the fourth quarter. The favorable conditions in the feedstock market, coupled with cost-effective production, were influenced by the tensions between the international markets.
The increase in the freight charges at the respective routes, and the tension between the Middle East and the Panama Canal low-level issue also contributed to a surge in price in the US market. Moreover, the high production costs were attributed to the inclination in the Dimethylformamide Prices during October. Additionally, an increase in utility costs during November across various manufacturing industries has fueled the price surge for this month. The Industrial Purchasing Managers' Index (PMI) has seen a noticeable decrease compared to October.
However, due to high market participant stocks and weak local and regional demand, dimethylformamide prices in the US market declined in December 2023. During this time, destocking attitudes among the players and a decline in downstream consumer sentiment affected the price of dimethylformamide in the US.
APAC
The APAC Dimethylformamide market witnessed a bearish trend in Q4 of 2023 due to the high supply of the product over low demand. The market remained stable during December due to the smooth operation of the supply chain without any disruptions. The demand for Dimethylformamide remained low to moderate due to reduced consumption from vital sectors like textile and adhesive. The value of the product was under pressure due to poor demand for Dimethylformamide from both domestic and foreign markets in the textile and coating sectors. Because of the current abundant stocks and weak market environment, buyers were cautious when making large commitments. Because of this cautious approach, the trade dynamics became more muted, which forced sellers to entice buyers with discounts in order to stimulate interaction. The percentage change in prices in last year's Q4 was -46%, while the percentage change from the current to the previous quarter was -18%. The price percentage comparison of the first and second half of the quarter was -7%. The current quarter-ending price of Dimethylformamide FOB-Nanjing in China was USD 688/MT.
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Europe
The Dimethylformamide market in Europe witnessed a mixed market sentiment during the fourth quarter. However, comparatively, the market showcased a significant incline during Q4 relative to the third quarter. During October, the price of Dimethylformamide in Germany witnessed a surge in price due to an increase in the price of feedstock like Methylamine in the market. The macroeconomic outlook remains extremely uncertain in the current interest rate policy environment and in view of increasing geopolitical risks. Rising raw materials prices were weighing on the demand and margins of the major industries in Germany. Furthermore, the European Union's statistical body, Eurostat, has released flash data that indicates the October 2023 inflation rate for the Euro area was 2.9%, a decrease from September's 4.3% rate. According to the German Statistics Agency's latest recent data, the inflation rate was recorded as 3.8 positive in October 2023. However, Dimethylformamide has remained widely available in the German market during December, with suppliers maintaining substantial stockpiles. The price fall has been attributed in part to China's dumping effect. The oversupply scenario has caused the price of Dimethylformamide to decline, which was attributable to the adequate availability of inventories.
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