North America 

In Q4FY23, benzyl chloride prices in the USA market experienced a decline throughout the quarter due to weak support from feedstock toluene and subdued demand from downstream industries. The decrease was influenced by eased cost pressure from toluene and crude oil, with high inventories reported by the American Petroleum Institute in October contributing to a reduction in manufacturing costs.

Demand remained moderate from downstream sectors like paints, coatings, and solvents, but faced challenges amid geopolitical tensions, high interest rates, and a strong US dollar affecting exports. Strength in the US dollar against the Euro reduced the exports to the European countries like Netherlands.  Sluggish demand for feedstock toluene from industries like paint and coating, led to rising inventories and downward pressure on benzyl chloride prices.

Additionally, the paint and coating industry experienced sluggish demand during the off-season winter period. As of December, Benzyl chloride prices in USA were assessed at USD 994/MT (FOB Texas). 

APAC

In Q4FY23, benzyl chloride prices in the APAC region showed mixed sentiments. The decline in October, influenced by weak cost support from upstream toluene, was compounded by Reliance's decreased earnings and oversupply in the global market. High supply, driven by low toluene prices, met low demand in the agrochemicals sector, reflecting a challenging global agrochemical market. November saw a dip in Indian prices due to China's downturn, weak toluene cost support, and oversupply globally. A "wait and see" approach characterized the market with low downstream activity. In December, despite weak cost support, benzyl chloride prices in India rose due to increased demand from construction, festive alcohol sales, and a thriving pharmaceutical sector. Alcohol sales witnessed a remarkable surge, with some industry players experiencing a demand increase of over 20% compared to the previous year. Simultaneously, the pharmaceutical sector in India displayed robust demand, recording a value growth of more than 9% in December Ongoing infrastructure projects fueled demand in paints, coatings, and solvents, while rising freight charges from the USA to Asia added pressure. The surge in India's benzyl chloride prices was driven by robust demand from downstream sectors, particularly construction and the alcoholic industry, with a notable 20% increase during the festive season.  As of December, Benzyl chloride prices in India were assessed at INR 91100/MT CFR JNPT 

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Europe 

In Q4FY23, benzyl chloride prices in the European market witnessed a decline throughout the quarter, primarily due to weakened support from feedstock toluene and subdued demand from downstream industries. This decline was influenced by the alleviation of cost pressure stemming from toluene and crude oil, aided by high inventories that contributed to reduced manufacturing costs. The inquiries from domestic downstream sectors, particularly paints and coatings industries, remained at low levels. The market has been operating with diminished activity as economic conditions continue to negatively impact business sentiments in the region. The persistent introduction of new production capabilities in China and the Middle East, combined with sluggish demand growth and shrinking profit margins, is prompting chemical companies to contemplate the permanent closure of older facilities. Additionally, according to Dow's 3Q23 report, the Construction Chemicals business reported a net sales decrease compared to the same period last year. Local prices experienced an 18% year-over-year decline, affecting all operating segments and regions, primarily attributed to lower feedstock and energy costs. Sequentially, local prices decreased by 7%, primarily reflecting lower prices in Europe, the Middle East, Africa, and India (EMEAI). As of December, Benzyl chloride prices in Netherland were assessed at USD 931/MT, FD Amsterdam. 

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