Updated to mid-November 2009
Asian market review by Cheong Su Yeen, ICIS pricing
Spot prices peaked in end-August at $1,315/tonne CFR (cost and freight) East Asia, mainly fuelled by rising feedstock propylene values. Although market sentiment in the downstream dioctyl phthalate (DOP) sector remained languid, buyers had little choice but to accept these prices with limited 2-EH cargoes and net short in China.
However, in September, further falls in DOP prices coupled with sliding propylene values prompted domestic sellers to reduce domestic 2-EH prices. Buyers showed little interest for imports due to the upcoming Chinese holidays in early-October.
Prices fell to its lowest in the quarter at $1,120-1,150/tonne CFR East Asia for cargoes subjected to import duty and $1,200-1,220/tonne CFR East Asia for cargoes exempted from import duty.
Demand from the key China market recovered after the holidays. With rising propylene values and lean inventories, buyers emerged to secure cargoes. Spot prices to East Asia on CFR basis rebounded to $1,150-1,190/tonne for cargoes subjected to import duty and $1,250-1,270/tonne for cargoes exempted from import duty.
European market review by Carl Roache, ICIS pricing
In mid-August 2009, 2-EH spot prices were assessed at €895-925/tonne FD (free delivered) NWE (northwest Europe). By mid-September this had jumped to €985-1,010/tonne FD, following the €93/tonne increase of key feedstock, propylene, under the September contract.
Scheduled maintenances and the force majeure of an NWE supplier supported the upward price movement seen.
By mid-October prices had softened to €975-1,000/tonne FD, following a €28/tonne decline in the October propylene price. By mid-November, prices had declined further to €965-990/tonne FD, on the back of weaker propylene prices and slowing demand.
European producers were looking to Asia Pacific as a possible outlet for European 2-EH.
US market review by Leela Landress, ICIS pricing
The US 2-EH domestic contract prices increased in the three months to mid-November, due to tighter supply and surging feedstock propylene values.
2-EH contract prices rose by 12 cents/lb, or 14%, to 96-101 cents/lb, while 2-EH domestic spot prices hovered at 68-71 cents/lb. Published ranges represent delivered prices paid before discounts for customers buying 1-3m lbs/year.
Record-high unemployment rates and a sputtering economy, continued to plague the plasticiser sector during the three months to mid-November. Amid lacklustre downstream demand due to an uncertain housing market, 2-EH prices were expected to remain steady through the end of 2009.
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2-Ethylhexanol
Uses and Outlook
The main outlet for 2-ethylhexanol (2-EH) is the production of phthalate plasticisers such as di-octyl phthalate (DOP). DOP is produced by combining oxo alcohols with phthalic anhydride. Plasticisers are used in the manufacture of PVC, so markets are linked to PVC, although DOP has also been losing market share to other plasticisers.
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2-Ethylhexanol
Process Technologies
The industrial production of 2-ethylhexanol is by a three-step process involving the aldol self-condensation of n-butyraldehyde followed by dehydration and hydrogenation. The n-butyraldehyde was originally obtained from acetaldehyde via ethylene but this has been superseded by the oxo process from propylene.
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