Hexane Price Trend and Forecast

Hexane Regional Price Overview

Get the latest insights on price movement and trend analysis of Hexane in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Hexane Price Trend For the Q3 of 2024

Asia

During the said quarter, the Asian market exhibited a highly oscillating yet declining trajectory for hexane. Initially, the prices declined steadily given the falling spot prices of feedstock benzene and low downstream demand. Further, the ports were filled with inventories and the buyers opted for a wait- and-see attitude given the weak market confidence.
 

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However, the prices rebounded momentarily given the rising escalations in the Middle East. However, soon the tepid international and domestic demand outweighed these issues, and the prices of crude oil fell. This further impacted the upstream cost support as benzene spot prices fell continuously which negatively impacted the pricing fundamentals of hexane in the Asian domestic market.

Europe

A relatively similar trend in hexane prices was seen in the European markets. The weak demand coupled with excess supply amidst geopolitical conflicts affected the market fundamentals. The move of OPEC+ members to postpone the removal of additional production cuts to stabilize the market was countered readily via the excess production from the non-OPEC nations. This led to the accumulation of excess product in the market which along with subpar demand caused the hexane prices to decline throughout Q3’24.

North America

The US domestic market dynamics were in line with the global outlook. The falling prices of crude oil heavily impacted the petrochemical and allied sectors. Furthermore, the lowered prices of feedstock benzene coupled with tepid customer demands kept the hexane prices towards the lower end of the scale during the discussed period.

Analyst Insight

According to Procurement Resource, the price of Hexane is likely to continue a similar trajectory in the coming few months. The volatilities of the crude oil market and the persistent geopolitical tensions will drastically impact the market fundamentals.
 

Hexane Price Trend for the Q2 of 2024

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Asia

The hexane market exhibited conflicting trends throughout the second quarter of the year 2024. Hexane is a crucial product of crude oil distillation; because of its production from crude oil, its prices often showcase a close resemblance with the trend in crude oil markets. At the beginning of the second quarter, the hexane prices first slid momentarily from March to April as the crude oil prices fell in the international markets.

However, as hexane sustained demands in the global markets and trade sentiments remained stable, for the rest of the quarter, the prices were almost stable. In the South Korean market, hexane prices went from about 1595 USD/MT (FOB, 99%) in April’24 to about 1608 USD/MT in June'24. Overall, the markets were largely stable throughout the said period.

Europe

During the second quarter of 2024, hexane prices in the European markets exhibited a fluctuating price curve.  The markets in Europe remained anchored because of various driving factors throughout the said period. The supply and demand equation didn’t leave much room for the prices to grow. The degradation in crude oil prices was also exerting a downward pressure on the hexane prices in the European region. Curtailed supply chains were already posing many problems for the trade sentiments for the region. Overall, a varying price trend was observed for hexane during Q2’24.

North America

American hexane market closely resembled the pricing outlooks of its Asian and European counterparts during the said span of Q2’24. Heavy inventory volumes were driving the prices southward as the upstream dynamics dwindled consistently. With some occasional variations, the prices remained consolidated for the most part. The anticipated delays in the interest rate cuts kept the US Dollar strong throughout affecting the commodity prices negatively. A global dip in crude oil prices also influenced hexane’s price performance in the US markets.

Analyst Insight

According to Procurement Resource, the Hexane prices are likely to behave in a similar manner in the coming months; the market will take some time to regain its drive moving ahead.
 

Hexane Price Trend for the Q1 of 2024

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Asia

Building on to the performance of the previous quarter, the hexane price trend remained upward tilted for the most part of the fourth quarter as well. Hexane is capaciously consumed in pharma, chemical, and polymer industries, so their performance and the demands they pose also have a huge impact on the hexane price cycle. In the South Korean hexane market, the monthly average prices went from about 1575 USD/MT (South Korea, FOB) in January’24 to around 1612 USD/MT (South Korea, FOB) in March’24. This raised the price bar by about 2% in the Korean market.

These changes in prices came in the wake of the astounding hikes in crude oil rates. This surge in crude oil prices uplifted the prices for the entire petrochemical industry. The processing and production charges, too, increased as the energy prices rose along. However, the customer interest was a little bit on the colder side which balanced out the disparity between the supply and demand outlooks a little bit. Overall, positive market sentiments were witnessed.

Europe

In the European market, the situation was even more dire around this time. Ukraine attacked major oil refineries in Russia in order to crumble down the former’s money-making industry to stop it from further gathering funds for war. However, the region’s price dynamic was largely influenced by the situation in the Russian oil markets.

The country’s oil output declined by around 7%, which also drove the crude oil prices in Europe up. Since the hexane prices are closely linked with its feedstock crude oil costs, the hexane prices, too, remained on an upward trajectory for the first quarter of 2024.

North America

The hexane price trend in the American market was not any different from its Asian and European counterparts. However, the growing geopolitical uncertainties and shipping disturbances were curbing international trade a lot. A vessel transporting things from Saudi Arabia to Bulgaria was struck by missiles, marking the third cargo attacked by Houthi rebels in Yemen. These complications remained detrimental to the offshore trade of hexane as well. Domestically, a very stagnant performance was witnessed for hexane during the said quarter.

Analyst Insight

According to Procurement Resource, the price trends for Hexane are likely to get consolidated in the coming quarter since the crude oil prices are projecting a further incline.
 

Hexane Price Trend for the Second Half of 2023

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Asia

Hexane prices were observed to be oscillating in the Asian markets during the second half of the year 2023. Following the price pattern of its feedstock material crude oil, the Asian hexane prices too remained unsettled for the majority of the said period. Further, both the production costs and the downstream demands kept wavering, thereby impacting the market.

Some changes in the hexane prices happened as the end of the year approached. The New Year holidays did play a part by raising the energy and manufacturing costs. The monthly average prices in the South Korean market went from about 1451 USD/MT in July’23 to around 1538 USD/MT in December’23, causing the hexane market to grow by about 5% during the said period.

Europe

The hexane price trend in the European market, too, was found to be fluctuating. The third quarter was more inclined than the fourth quarter. These price changes and price patterns were largely influenced by the oscillations in the region’s crude oil prices. However, as the new year season approached, the downstream demands started to take a backseat amidst holiday chaos. Overall, mixed market sentiments were witnessed.

North America

Compared to the global markets, hexane prices were more stable in the United States during the given span. The gap between the supply and demand outlooks was narrow, and thus, the input and output outlooks operated on more equal terms. Crude oil prices were also largely stable justifying the steadiness in the hexane market.

Analyst Insight

According to Procurement Resource, the Hexane price trends are likely to continue inclining in the coming months as the crude oil prices are expected to pick up again.
 

Hexane Price Trend for the First Half of 2023

Asia

Hexane prices showcased upward movement with occasional downward fluctuations. As the Chinese market started opening up after the pandemic restrictions, a surge in downstream demands was observed, especially from solvent, pharma, textile, and other industries. Gain in crude oil prices also contributed to these rising trend. As the upstream costs eased with supply chain restoration and improvement in the freight situation, some downward phases in the price trend were observed because demands too fluctuated. Overall rising and positive market sentiment was observed throughout the said period.

Europe

European region exhibited truly mixed price sentiments for Hexane in H1 2023. The market started very slow in the first quarter, primarily because of dull demands from the consuming sectors. But as the second quarter approached economic situation started to improve a little for the Hexane-consuming industries as the energy and crude oil prices started to stabilize.

As the situation started to improve, the consuming sector, like furniture and construction businesses, increased their offtakes, causing the hexane prices on an inclined trajectory in the second quarter. So, prices fell in the first quarter and rose in the second, exhibiting mixed trend.

North America

Contrary to the global trend, the American Hexane market started strong in Q1 2023. As the crude oil prices were mostly stabilized, the market demands were consistent and high, so the prices swung high and continued similar upward wavering patterns in the second quarter as well. But as the end of Q2 approached, demands started dipping, and the inventories got filled up again, so some decline was observed in the last two months of May and June in the American Hexane market. Hence, mixed price trend for Hexane were observed.

Analyst insight

According to Procurement Resource, the Hexane prices will continue oscillating with the uncertain market demands from downstream sectors and the fluctuations in crude oil prices.
 

Hexane Price Trend for the Second Half of 2022

Asia

Price trend for hexane in the second half of 2022 showed both a fall and a rise. Initially, during Q3 the prices fell because of a fall in feedstock crude oil prices in the Asian market.  And demanding industries, like textile, furniture, and other manufacturing sector reduced their production because of covid 19 restrictions in China so the demand was also reduced which combined with crude oil prices led to a fall in hexane price trend around Q3. But during Q4, demands returned, and both Chinese and Indian markets reported higher demands. Supplies were able to sustain the market demands, so the price trend normalized overall.

Europe

The Russia – Ukraine conflict brought an unforeseen energy crisis in the European region. Energy prices rose to an all-time high and inflation too was breaking records. As the manufacturing sector took a hit, the downstream units considerably cut down the yield. Upstream units too observed the same trend by cutting down the very expensive procurements of crude oil. So, prices started falling after rising for a very little period. As the end of Q4 approached the demands started returning to the market, but the suppliers were still hesitant to enhance capacities just yet, which resulted in supply constraints and a rise in price trend of hexane.

North America

North American price trend for hexane replicated its European counterpart for the said period. The crude oil situation curtailed the production capacities and though demands were also reduced for the manufacturing sector, other substitutes were also being used. So, the price trend witnessed a fall initially but at the end of Q4 a return in demand was noticed production couldn’t keep up with the pace of rising demands, so a rise in price trend for hexane started.

Analyst insight

According to Procurement Resource, the hexane price trend will continue to remain volatile considering the crude oil prices, availability and demands from the manufacturing sectors.
 

Hexane Price Trend for the First Half of 2022

Asia

The crude oil and gas prices reached an unprecedented high due to the economic meltdown unleashed by the Russia-Ukraine confrontation. Hence, these inflated oil prices directly impacted the petrochemical industry. Hexane prices surged throughout the Asian market during the first quarter averaging 1580 USD/MT. The prices continued swelling throughout April due to trade restrictions, port congestions, and supply shortages.

The prices stabilized slightly during May when the upstream crude oil prices relaxed. However, due to healthy demands from the downstream solvent and metal extraction industries, the price trend for Hexane strengthened towards the end of June 2022. In China, hexane prices averaged 9000 RMB/MT towards the end of June.

Europe

The European region suffered the direct consequences of the Russian invasion of Ukraine, triggering an acute energy crisis across Europe. With the European embargo on Russian oil and western sanctions against Russian exports, the prices of petrochemicals soared throughout Europe owing to the increased upstream operating costs and supply chain shortages. The robust demand from the chemical and metallurgical industries further worsened the situation. The price trend of Hexane soared throughout the first half of 2022, averaging 2158 USD/MT.

North America

The US domestic market followed a similar price trend as the global market. The raised prices of both Brent and WTI crude oil directly influenced the petrochemical industry. The hexane prices surged throughout the domestic market amid the robust downstream demand averaging 1734 USD/MT. The price trend remained strong throughout the second quarter due to booming consumer demand.

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