In Europe, the acrylic acid contract price in March rose by an average of 70 to 90 euros compared with February (ton price, the same below) and closed at 1890 to 1940 euros (FD, Northwest Europe). According to market sources, the increase in the cost of raw material propylene is the biggest driver of this price increase. In March, the price of propylene in Europe contracted at 1,195 euros. The price of propylene in the previous two months rose by 90 euros in a single month. On the other hand, demand is also steadily increasing. The market expects that demand from the paint industry will start to grow strongly in the second quarter. As the cost of propylene continues to rise and demand improves, global acrylic acid prices have risen. Market participants predict that prices of acrylates will continue to rise in the United States and Asia in April.
In the United States, as of March 19, although the acrylic acid contract price has not yet been fully determined, the two major manufacturers have confirmed that they will raise the price by 10 to 12 cents/lb. Most sellers stated that the current market is still soft, and it is expected that the supply will continue to expand, and spring paint demand will boost prices. The main reason for the rise in the price of acrylic acid in the United States was the soaring price of chemical grade propylene. In February, the price of the American chemical grade propylene contract rose by 16.5 cents/lb, an increase of 30%.
In Asia, export demand for the United States and Europe has pushed prices to rise. Most manufacturers in Asia have announced that the price of acrylic products will increase by 50 to 100 US dollars. Because of the scarcity of stocks, the prices of ethyl acrylate and methyl acrylate in China have increased by 200-300 yuan. Ethylene acrylate in Southeast Asia rose by another 30 to 50 US dollars to 1800 to 1900 US dollars (CIF, Southeast Asia).
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