North America:

Throughout the second quarter, the prices in the North American region experienced a continuous decline, primarily due to weak demand from downstream industries such as agriculture, pharmaceuticals, dyes, paints, and resins. Market participants also reported rising inventories, compounding the downward pressure on prices. The drop in crude oil prices from early April to June contributed to reduced production costs of benzoyl chloride, further affecting market prices. Demand for the downstream product Benzoyl Peroxide also decreased, particularly in the polymer industry, leading to a significant price decrease and an unfavorable market outlook. Additionally, a decline in freight charges in the American market had a slight dampening effect on cost pressures. Increasing inventories of Benzoyl Chloride, coupled with reduced procurement from the pharmaceutical and dyestuff industries, negatively impacted market sentiments. Consequently, excessive stockpiling prompted traders to lower prices. Furthermore, the market value of Benzoyl Chloride was influenced by fluctuations in the global petrochemicals sector.

APAC:

In the Asia Pacific region, the prices of benzoyl chloride displayed an overall bearish trend, particularly in Indian markets, where they witnessed a significant decline. Although prices briefly revived in the second week of May, they subsequently declined through late June. This decline was primarily driven by weak demand from end-use industries, including pharmaceuticals and fertilizers. Additionally, a decrease in China's PMI, falling unexpectedly from 50 to 49.5, further validated the downward price trend, reflecting contracting manufacturing activities in the Chinese market. The prices of Benzoyl Chloride did see an increase during the second week of May 2023 due to limited inventory availability and rising prices of feedstock Benzaldehyde. However, in the latter half of the quarter, prices reverted to their original bearish trend due to weak demand from downstream sectors, such as Benzoyl Peroxide and the feedstock carbonyl chloride, used in benzoyl chloride production. Inventory levels remained sufficient, as production rates remained stable with fewer inquiries from downstream pharmaceuticals and agrochemical industries. Freight charges also declined in the Indian market, contributing to slight cost relief. Prices as of June 23, 2023, were assessed at USD 1547.32/MT CFR JNPT.

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Europe: 

In the European market, benzoyl chloride prices saw a continuous decline throughout the entire second quarter of 2023, primarily due to weak demand from various end-use industries, including agriculture, dyes, perfumes, pharmaceuticals, and resins. The moderate supply of raw material "pure Benzene" in European markets also played a role in price reduction. During the second week of May 2023, Benzoyl Chloride prices briefly increased due to limited inventory availability and falling prices of feedstock Benzaldehyde, driven by pessimistic demand from the downstream pharmaceutical industry. However, in the presence of moderate and stable inventories reported by traders and increasing product consumption, Benzoyl chloride prices decreased in the European markets. Rising interest rates due to inflation also contributed to the price decline. Additionally, the underperformance of the construction industry and the influx of cheaper imports from neighboring countries such as Italy, Germany, Belgium, and other Asian nations further exacerbated the price decline.