During the last quarter of 2023, Phenolic Resin price in North America showed a downward trend, mainly due to subdued demand from sectors like adhesives and coatings. With adequate material supply domestically, consumer interest remained tepid, prompting a decline in prices. Notably, the USA saw the most pronounced price shifts, with Novolac Phenolic Resin FOB Louisiana settling at USD 3100/MT.
In the USA, the trend for Phenolic Resin during this period was bearish, exhibiting a -45% change compared to the same quarter of the previous year and a -33% change from the preceding quarter. The price difference between the first and second half of the quarter in the USA stood at -17%. Weak support from upstream Phenol and Formaldehyde costs primarily drove the price decline throughout the quarter.
Furthermore, elevated market inventories, slowed procurement, and consumer destocking of inventories also contributed to the overall bearish sentiment. In summary, Phenolic Resin pricing in North America during Q4 2023 was bearish, with the USA witnessing the most significant price fluctuations.
In the fourth quarter of 2023, the European Phenolic Resin market witnessed a bearish trajectory, marked by declining prices throughout the region. The supply of Phenolic Resin remained constrained due to subdued downstream demand and sluggish import rates. Manufacturing activities operated at a sluggish pace, leading to tepid domestic consumption and subdued overseas demand. A primary driver of this bearish market was the deceleration in manufacturing operations, which curtailed the availability of Phenolic Resin. Moreover, weakened cost support from upstream markets exacerbated production challenges.
In Belgium, the price of Phenolic Resin experienced a notable decline of 6.4% compared to the previous quarter. When considering the year-on-year comparison, the price of Phenolic Resin in Belgium plummeted by 31% in the fourth quarter of 2023 compared to the same period in the previous year, indicating a sustained downward price trend over time.
Overall, the European Phenolic Resin market in the fourth quarter of 2023 displayed a bearish trajectory, with prices diminishing across the region. Belgium notably witnessed a significant price decrease, mirroring the broader market conditions. The latest price of Novolac Phenolic Resin FOB Antwerp in Belgium for the fourth quarter of 2023 stood at USD 3420/MT.
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