Ethyl Acetate Prices Set to Stay Bullish Amidst Rising Ethanol and Acetic Acid Costs
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Domestic manufacturers have increased the price of ethyl acetate by Rs 0.5/kg to Rs 67.00/kg on an ex-Supa basis, as offered by Accordd Organics on advance payment terms for September shipments. Other manufacturers in Pune are offering ethyl acetate in the range of Rs 66.50-67.50/kg, also on advance payment terms.
Chemical Price
- Domestic manufacturers have increased the price of ethyl acetate by Rs 0.5/kg to Rs 67.00/kg on an ex-Supa basis, as offered by Accordd Organics on advance payment terms for September shipments.
- Other manufacturers in Pune are offering ethyl acetate in the range of Rs 66.50-67.50/kg, also on advance payment terms.
- Bulk deals are being executed at Rs 67.00/kg and above on an ex-Pune basis with 60-day credit terms. Week-on-week, ethyl acetate prices have risen by Rs 1/kg.
- Future contracts for ethyl acetate for October and November shipments are trending higher, with prices ranging from Rs 68/kg and above to Rs 69/kg and above on an ex-plant basis with advance payment terms. This increase is attributed to the rising prices of ethanol and acetic acid.
Chemical Demand and Supply
- In August, ethyl acetate prices corrected due to weaker downstream demand, primarily caused by floods and heavy rainfall in Gujarat and Andhra Pradesh. In the first half of September, demand declined further due to the Ganesh Chaturthi festival holidays, leading most manufacturers to reduce production rates.
- The demand from bulk drug manufacturers has been subdued this month due to scaled-down production plans. However, the packaging and printing ink sectors are experiencing robust demand due to the upcoming Diwali season. Demand from herbal extraction and adhesives sectors has not met expectations.
- India's monthly demand for ethyl acetate stands at approximately 40,000 MT. The primary consumers include bulk drugs, packaging, inks, adhesives, extraction, paints, and coatings sectors.
Chemical News
- On the international front, crude oil benchmark WTI prices have decreased by 0.38%, standing at $71.29 per barrel. Ethanol prices in the US have risen by 0.64% to $1.57/gallon.
- INEOS Inovyn has reduced production at its Chlor-alkali Plants. The Plant is located in Rheinberg, Germany has a Caustic Soda production capacity of 246,000 dry MT/Year and Chlorine capacity of 220,000 Tons/Year while the Plant is located in Rafnes, Norway has a Caustic Soda production capacity of 314,000 Tons/Year and Chlorine capacity of 280,000 Tons/Year.
- Lotte-GS Chemical is planning to shut its Butadiene (BD) plant on 27th September, 2024 for maintenance work. The Plant is located in Yeosu, South Korea with a production capacity of 90,000 Tons/Year.
- Weilian Chemical has restarted its Paraxylene (PX) plant, which was shut in early-September, 2024 for maintenance work. The Plant is located in Dongying, China with a production capacity of 1 Million Tons/Year.
Expert Opinion
- It is anticipated that ethyl acetate prices will remain bullish post-September, driven by firm downstream demand from the packaging and printing inks sectors. Production plans in these sectors are expected to remain robust, supporting the bullish price trend through October 2024.
- Additionally, higher ethanol and acetic acid prices are likely to contribute to sustained price increases. Buyers are advised to explore inventory opportunities in light of these market dynamics.
Daily Market Report
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