North America 

During the last quarter of 2023, the C9 Solvent market in North America witnessed a decline in prices. The foremost factor contributing to this trend was a decrease in demand, primarily attributable to challenges within the construction industry, leading to diminished buying interest among end-users. 

Furthermore, the supply of C9 Solvent remained consistently high throughout the quarter, as manufacturers proactively produced the product in anticipation of future demand. However, the abundant availability of the product in the market exerted downward pressure on pricing. The United States, being the focal point of this analysis, witnessed a substantial downturn in C9 Solvent prices during the quarter. Specifically, the price of C9 Solvent in the USA decrease compared to the previous quarter. This decline was predominantly driven by the confluence of low demand and ample supply in the market. Additionally, the year-on-year comparison reflected a decrease in prices for the same quarter of the previous year.

 The prevailing pricing trend in the USA during this quarter was profoundly influenced by the aforementioned factors, collectively contributing to a bearish market sentiment. In summary, the market dynamics for C9 Solvent in North America during the fourth quarter of 2023 were predominantly shaped by low demand, ample supply, and a discernible downward pricing trend in the USA.

Europe 

Throughout the fourth quarter of 2023, the C9 Solvent prices in the European region displayed a downward or bearish trend. The market contended with weakened overall demand from the downstream paints and coating industry, supply chain disruptions in countries like Germany and Belgium, and a bearish pricing strategy adopted by manufacturers. Germany, being the largest market in the region, saw destocking activities impacting prices. Despite ample product availability, the market found support in expected economic improvements and increased demand from the construction sector. Comparing the quarter, there was a significant decrease in prices compared to the same quarter of the previous year and also a decrease compared to the previous quarter. The market continued to grapple with the trend of offloading inventories, as industry players strategically managed stock levels in anticipation of the upcoming winter holidays. Contributing factors to the market dynamics included the prevalence of cheaper imports of C9 Solvent from overseas, high production costs, and obstacles in trading activities attributed to the winter season. In summary, Europe's C9 Solvent market grappled with challenges in Q4 2023, balancing low demand and supply chain disruptions with glimpses of optimism in economic activities and increased demand in specific sectors.

APAC

In the fourth quarter of 2023, C9 Solvent market experienced a bearish trend in the APAC region. Firstly, the falling crude oil value has had a significant effect on the downstream derivatives, including C9 and C10 solvents. This decline in feedstock crude oil prices has led to a decrease in the price of C9 Solvent, resulting in a 2.3% decrease in price from the previous quarter. Furthermore, the demand for C9 Solvent is expected to decline as traders engage in destocking practices by the end of the year. This decrease in demand has further contributed to the price decline. In South Korea, the pricing of C9 Solvent has experienced a bearish trend. The price of C9 Solvent in South Korea has shown a negative percentage change of 8% from the previous quarter. This decline was attributed to factors such as the falling crude oil value and the decrease in demand for the product. However, specific details regarding any plant shutdowns in South Korea were not provided. The latest price of C9 Solvent FOB Busan in South Korea for the current quarter is USD 1010/MT. This pricing reflects the impact of the aforementioned factors on the market. Overall, the fourth quarter of 2023 has been characterized by a decline in C9 Solvent prices in the APAC region, particularly in South Korea, due to the falling crude oil value and decreased demand.

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MEA 

During the last quarter of 2023, there was a significant decrease in prices observed in the C9 Solvent market in the Middle East and Africa (MEA), spanning from October to December 2023. This downward trend was influenced by the influx of cheaper imports from overseas and a state of moderate to low demand within the region. The concurrent ease in global crude oil prices, a crucial feedstock for C9 solvent production, alongside continuous and cost-effective supplies, contributed significantly to the observed reduction in prices. Particularly, the United Arab Emirates (UAE) saw a substantial 7.5% decline in C9 Solvent prices in November 2023 compared to the preceding month. This decline was driven by competitive imports and a relief in cost pressures emanating from the global crude oil market. Despite the price decrease, the overall consumption of C9 Solvent remained stable in the UAE, and non-oil activities sustained a consistent pace. Notably, there were no reported plant shutdowns during this period. As the quarter concluded, the price of C9 Solvent in the UAE was recorded at approximately USD 1170/MT CFR Jebel Ali.

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