First Quarter of 2023 in North America Mineral Turpentine Oil Prices
North America
During Q1 2023, Mineral Turpentine Oil Prices kept on fluctuating in the North American market, where demand fundamentals remained low from the domestic downstream sectors, and prices were primarily driven by orders from the international market. Data reveals that the downstream industries like automotive, paints, and adhesives showed some improvement by the end of the quarter but remained below expectations due to prolonged inflationary pressure. Furthermore, the FED's frequent price revisions on domestic interest rates were contributing to concerns about the country's economy and affecting demand for the product.
Asia
The price of Mineral Turpentine Oil (MTO) in India decreased by 2.4% in March 2023 compared to the previous month, despite the seasonal increase in demand from downstream industries. The low demand in the international market also affected the prices of imported cargo. In February 2023, the product's price had increased by 3% due to high demand from downstream industries and the country's better economic performance compared to major economies. The market situation was bullish in February and bearish in March, with moderate supplies and low demand. It is expected that prices may rise further in the coming month due to high demand.
Europe
The European economy kept on underperforming due to the Russia-Ukraine war, which has put pressure on regional economic activities. As per data, demand for MTO from the domestic automotive sector has remained low, while other sectors, such as adhesive and paints, have also experienced a seasonal slowdown. Despite some disruptions in the supply chain caused by snow, supplies remained stable to firm, and the narrow demand-supply gap supported a downward price trend. The reduced risk of a recession generated optimism for future demand.
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