Due to successive failures of multiple sets of acetic acid units since the end of last year, the supply in European and Asian markets has been tightening, and the spot price of vinyl acetate monomer continues to rise. Since late April, the supply of vinyl acetate monomer in the US has also begun to tighten, and some manufacturers have announced that they will increase the VAM price.
In early March of this year, Celanese announced that its Nanjing Acetyl Plant, including a 300,000-ton/year vinyl acetate plant, encountered force majeure, and quantified 40% of the acetic acid and vinyl acetate customers in China and Taiwan Province of China. Since then its influence has expanded to other Asian countries as well as Europe. Celanese announced that VAM supply in these regions will be guaranteed 50% in May and only 30% in June.
Prior to the United States VAM supply stability, but Celanese on April 18 announced that its VAM plant in Bay City, Texas, United States encounter force majeure, the company immediately according to the past six months of the purchase of 65% of the supply of rations to customers, resulting in tight market supply. The LyondellBasell Acetyl Plant announced to customers in mid-March that due to production failures and rising raw material costs, 100% product rations were implemented. Dow Chemical’s two-week overhaul of its VAM unit in early April further strained VAM supply in the United States.
According to the ICIS news, a U.S. company has announced on April 18 that the company decided to increase the VAM price by 5 cents/pound based on the current "supply tight" situation. On April 19, LyondellBasell announced that it will raise the price of VAM products in North America, South America, and Central America by 5 cents/lb from May 1. Last week, Celanese also announced a similar price increase plan.
In Europe, the price trend of VAM is still uncertain, causing the second-quarter contract discussion to stagnate. Most sellers are reluctant to determine specific prices, mainly because of concerns that supply may deteriorate further. At the end of April, some buyers stated that they had accepted the contract price to increase by 170-180 euros (t price, the same below) from the first quarter, and rose to 1000-1050 euros/ton (the north-western European CIF price). During the same period, the spot price in Europe also rose by 50 to 100 euros, rose to 1150 to 1250 euros (western Europe CIF).
Asian VAM prices have hit a three-and-a-half year high, with prices in Northeast Asia rising by US$50 to US$1350 to US$1400 (CFR) and China’s main port prices reaching US$1230 to US$1300 (CFR). Producers in Northeast Asia said that because of the shortage of stock, the target price of goods produced in May may reach 1,500 to 1600 US dollars (CFR, Asia). Market analysts believe that as the Celanese Nanjing plant resumes production, the price of acetic acid may weaken, but the rising trend of VAM prices will continue for some time.
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