Get the latest insights on price movement and trends analysis of Paraffin in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).
Paraffin Price Trends for the First Half of 2023
The price trendss for Paraffin closely mimicked the fluctuations in crude oil prices. As the crude oil prices normalized at the beginning of the first quarter, Paraffin prices wavered around a similar price range. But as the quarters shifted, the surge in crude oil prices pushed the Paraffin prices up. However, with excess supplies, the momentum soon shifted south again. The availability of discounted Russian oil to both India and China kept the Paraffin prices in check for the region.
Crude oil prices rode exponentially high in the European continent after Russia invaded Ukraine in 2022. However, since the beginning of the year 2023, some normalizations were observed as the new trade routes and supply chains facilitated trade and transportation. Also, refined petroleum products like paraffin are usually imported by European countries, and cheaper Asian imports kept the prices down. Low market demands, especially from downstream cosmetic industries, owing to the negative consumer sentiment about using Paraffin in skin-related products, further hampered the demands. Overall, bearish market sentiments were observed.
Just like the European Paraffin market, the North American market also exhibited feeble price sentiments throughout the discussed period. Very limited downstream demands in the face of overflowing inventories kept the price trendss down as the market was under inflationary pressure as well.
According to Procurement Resource, the price trendss for Paraffin are likely to oscillate in the coming quarter, given the high stocks and declining market demands.
Paraffin Price Trends for the Second Half of 2022
The paraffin prices plummeted in the Asian Pacific region. The prices showed a downward trajectory as the demand from the market remained weak and the ripple effect of covid restrictions continued to affect the market. A major hit was taken by the cosmetics and candle industry as they decreased their inquiries significantly. The situation was further fueled by the rise in inventories and high inflation rates in the region which combinedly led to the decline in the price trends of paraffin.
The European region saw an uprising trends in terms of prices of paraffin as the production of the commodity was not ample concerning the inclining demand. This was, however, short-lived as the market uncertainties hovered over the region. The prices dropped as inflation rose and the natural oil and gas supplies from Russia were restricted. The reduced domestic offtakes, soaring inflation, high crude oil, and piling stocks led to the declining price trends of paraffin.
The plunging trends of paraffin seen in the European and Asia Pacific region was also observed in North America. The prices declined as a result of the crude oil uncertainties, disruption in supply chains, and sanctions issued by the West on Russian imports all significantly affected the market amid the fear of recession in the market. This all led to the declining trends in paraffin prices in the North American region.
According to Procurement Resource, the price trends of Paraffin is expected to remain on the lower side in the upcoming quarter. The increasing market uncertainties, low demand from the end-user industries, and ripple effects of covid restrictions will lead to a decrease in paraffin prices.
Paraffin Price Trends For the First Half of 2022
The price of paraffin surged globally owing to inflated crude oil, coal, and shale oil prices. With the western sanctions against Russian exports, the prices of oil rose to unprecedented levels. Thus, the petrochemical industry suffered, and the prices of paraffin surged. The price of paraffin averaged 1650 USD/MT in the Chinese market whereas it averaged 156380 INR/MT Ex Delhi NCR in the Indian domestic market. However, during the second quarter, the price trendss for paraffin stabilized as the upstream crude oil prices relaxed.
The political struggle which unleashed in the East-European region tremendously impacted the economic conditions worldwide giving way to runaway inflation. With the European embargo on Russian oil, petrochemical prices surged throughout the region. The paraffin prices recorded an average hike of 7.5% in its prices. However, these raised prices soon caused the market demand to dwindle thereby causing the prices to stabilize slightly.
During the first quarter, the paraffin prices averaged 2250 USD/MT in the US domestic market. The inflated crude oil prices, complex logistics and lack of skilled labour contributed to these high prices. However, the price trendss for paraffin staggered in the second quarter owing to the phenomenon of demand destruction amid high-cost inflation and contractionary policies announced by the central bank.
Procurement Resource provides latest prices of Paraffin. 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.
Paraffin, composed of a mixture of hydrocarbon molecules, is a soft colorless solid, obtained from petroleum, coal or shale oil. At room temperature, the substance is solid, but begins to melt above approximately 37 °C (99 °F). Its boiling point is over 370 °C (698 °F).
|Industrial Uses||Lubrication and hot melt adhesives, Agriculture, Electrical insulation, Food, Candles, Rubber and plastic processing aids|
|Synonyms||Paraffin wax, Petroleum wax|
|Supplier Database||Paraffinwaxco, Inc., Sinopec, PetroChina Company Limited, Chennai Petroleum Corporation Limited, Numaligarh Refinery Limited, UNICORN PETROLEUM INDUSTRIES PVT. LTD.|
|Region/Countries Covered||Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand
Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece
North America: United States and Canada
Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
Africa: South Africa, Nigeria, Egypt, Algeria, Morocco
|Currency||US$ (Data can also be provided in local currency)|
|Supplier Database Availability||Yes|
|Customization Scope||The report can be customized as per the requirements of the customer|
|Post-Sale Analyst Support||360-degree analyst support after report delivery|
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Slack wax, a mixture of oil and wax, is a byproduct from the refining of lubricating oil. While preparing Paraffin from slack wax, the oil is removed (de-oiling or de-waxing) from the slack wax and it is further crystallised and then filtered to produce Paraffin.
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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