Maleic Acid Price Trend and Forecast

Maleic Acid Regional Price Overview

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

Maleic Acid Price Trend for the Q2 of 2024

Asia

The Chinese market witnessed a pronounced surge in maleic acid prices during Q2 2024. A key factor was the appreciation of the Chinese yuan against the U.S. dollar, which made Chinese exports more competitively priced on the global stage. This currency shift spurred Chinese suppliers to capitalize on export opportunities, leading to increased maleic acid shipments. Additionally, geopolitical tensions and disruptions in cargo availability created supply constraints, further driving up prices.
 

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The situation was compounded by maintenance shutdowns at several maleic acid manufacturing plants, exacerbating the supply shortage. The cost of maleic anhydride, a crucial raw material for maleic acid production, also surged due to rising feedstock benzene prices, which were themselves influenced by strengthening crude oil prices. This supply-side pressure, coupled with robust domestic and international demand, sustained the upward price trend in China throughout the quarter.

Europe

In Europe, maleic acid prices were similarly impacted by global supply chain disruptions and the knock-on effects of price increases in China and other major exporting regions. The continent, relying heavily on imports, faced challenges related to increased shipping costs and extended delivery times. European markets also contended with a tight supply situation as geopolitical tensions and reduced vessel capacity strained global trade routes. The combination of these factors contributed to a steady rise in maleic acid prices across the region throughout Q2 2024.

North America

In the United States, maleic acid prices followed a similar upward trajectory, driven primarily by the cost increases in major exporting nations like China. As a major importer heavily reliant on Chinese maleic acid, the U.S. market was directly impacted by the global supply chain disruptions that emerged in Q2 2024. The ongoing challenges in global logistics, including the drought affecting the Panama Canal and reduced vessel traffic, led to capacity constraints and heightened transportation costs, which were passed on to importers.

The implementation of a General Rate Increase by shipping carriers in May added another layer of cost pressure, further escalating maleic acid prices. Freight rate surges, container shortages, and extended lead times also contributed to the challenges faced by U.S. importers, creating a tight market for maleic acid and sustaining higher prices through the quarter.

Analyst Insight

According to Procurement Resource, the price of Maleic Acid is expected to continue its northward momentum in the future quarters as well with the help of consistent demand from the downstream industries and strong support of feedstock commodities.
 

Maleic Acid Price Trend for the Q1 of 2024

Asia

The maleic acid price trend was found to be depreciating throughout the said period in the Asian markets. This downfall is a direct consequence of rapidly falling customer interest in maleic acid. The manufacturers were struggling to keep up the supplies unrestricted in both domestic and international markets. The production costs were mounting which forced suppliers to limit the production volumes and observe the procurement more carefully.

The feedstock benzene was inching up in the region while the crude oil prices also inclined after OPEC+ announced a decline in their oil output at the time. Polymer and textile industries were facing a downfall of their own, which rippled the downfall in maleic acid prices as well. Supply chain curtailments were another factor that hindered international trade for the majority of the said period.

Europe

The maleic acid prices were seen falling in the European markets as well. Regional trade was subjected to economic stability and downstream consumption of maleic acid. However, the depreciation of the Euro against the US Dollar has already trampled customer behavior. The heightening of upstream rates and a downfall in end consumer purchases forced the maleic acid price curve down.

In Germany, the manufacturing sector saw major manufacturing shutdowns, some for maintenance purposes and others because of unsustainable supply and demand dynamics. The lackluster customer interest forced these manufacturers to shut down as the profit margins kept reducing. The various complex geopolitical and economic problems disturbed the complete trade balance of the region.

North America

The North American maleic acid prices were found to replicate the price trends of its Asian and European equivalents. The domestic trade still handled the market exchanges briefly in the early days of the quarter. However, the latter phase of the quarter witnessed a steep downfall in the American markets. This was a result of the overburdened inventories, which accumulated unsold stocks. Overall, variations were seen in the price trend throughout the said period.

Analyst Insight

According to Procurement Resource, the market situation for Maleic Acid is not likely to improve anytime soon since the market demands will take time to pick up again.

Procurement Resource provides latest prices of Maleic Acid. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.