Press release
Rising Paraffin Wax Prices Driven by Expanding Demand Across Multiple Industries
๐๐จ๐ซ๐ญ๐ก ๐๐ฆ๐๐ซ๐ข๐๐ ๐๐๐ซ๐๐๐๐ข๐ง ๐๐๐ฑ ๐๐ซ๐ข๐๐๐ฌ ๐๐จ๐ฏ๐๐ฆ๐๐ง๐ญ ๐๐๐๐๐ซ๐๐๐๐ข๐ง ๐๐๐ฑ ๐๐ซ๐ข๐๐๐ฌ ๐ข๐ง ๐๐๐:
By the end of Q4 2023, paraffin wax prices in the US fell to 1375 USD/MT. The influences lower demand from cosmetics and candle-making industries, combined with declining global crude oil prices. Other causes included restrictions on Venezuelan crude oil sales and changes in shipping routes. For instance, Maersk's rerouting from Red Sea routes means longer shipping distances, leading to higher ton-miles and increased port inventories. All these were contributory in creating a difficult market environment that led to a total paraffin wax price drop in the quarter.
๐ฅ๐ฒ๐พ๐๐ฒ๐๐ ๐๐ผ๐ฟ ๐ฎ ๐ฆ๐ฎ๐บ๐ฝ๐น๐ฒ ๐๐ผ๐ฝ๐ ๐ผ๐ณ ๐๐ต๐ฒ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐: https://www.imarcgroup.com/paraffin-wax-pricing-report/requestsampleย
๐๐๐ซ๐๐๐๐ข๐ง ๐๐๐ฑ ๐๐ซ๐ข๐๐๐ฌ ๐ข๐ง ๐๐ก๐ข๐ง๐:
In the fourth quarter of 2023, paraffin wax prices in China rolled up to 775 USD/MT, which indicated a weaker trend. The weak demand with falling global crude oil prices fueled this and added to the disruptions in the Red Sea trade route. An increase in Yemeni rebel attacks inflated ocean freight rates, delayed exports, and built stockpiles at ports in China. Thus, this has contributed to reducing the supply-demand gap that has been further weakening prices and solidifying the bearish market structure for paraffin wax throughout the quarter.
๐๐๐ซ๐๐๐๐ข๐ง ๐๐๐ฑ ๐๐ซ๐ข๐๐๐ฌ ๐ข๐ง ๐๐ฎ๐ซ๐จ๐ฉ๐:
The paraffin wax market in Europe, during the last quarter of 2023, recorded an overall decline in which prices fell to 1615 USD/MT. Reduced demand for potent candles and cosmetics, declining prices in the international crude oil market, and interruption of trade routes across the Red Sea due to Yemeni rebel attacks created more stockpiles especially in the European market, which further contributed to creating a scene of an all-time low for paraffin wax prices in that quarter.
๐ฆ๐ฝ๐ฒ๐ฎ๐ธ ๐๐ผ ๐ฎ๐ป ๐๐ป๐ฎ๐น๐๐๐: https://www.imarcgroup.com/request?type=report&id=22395&flag=C
๐๐จ๐ฐ ๐๐๐๐๐ ๐๐ซ๐ข๐๐ข๐ง๐ ๐๐๐ญ๐๐๐๐ฌ๐ ๐๐๐ง ๐๐๐ฅ๐ฉ
The latest IMARC Group study,"๐๐๐ซ๐๐๐๐ข๐ง ๐๐๐ฑ ๐๐ซ๐ข๐๐๐ฌ, ๐๐ซ๐๐ง๐, ๐๐ก๐๐ซ๐ญ, ๐๐๐ฆ๐๐ง๐, ๐๐๐ซ๐ค๐๐ญ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ, ๐๐๐ฐ๐ฌ, ๐๐ข๐ฌ๐ญ๐จ๐ซ๐ข๐๐๐ฅ ๐๐ง๐ ๐ ๐จ๐ซ๐๐๐๐ฌ๐ญ ๐๐๐ญ๐ ๐๐๐๐ ๐๐๐ข๐ญ๐ข๐จ๐ง,"ย presents a detailed analysis of Paraffin Wax price trend, offering key insights into global Paraffin Wax market dynamics. This report includes comprehensive price charts, which trace historical data and highlights major shifts in the market.
The analysis delves into the factors driving these trends, including raw material costs, production fluctuations, and geopolitical influences. Moreover, the report examines Paraffin Wax demand, illustrating how consumer behavior and industrial needs affect overall market dynamics. By exploring the intricate relationship between supply and demand, the prices report uncovers critical factors influencing current and future prices.
๐๐ผ๐ป๐๐ฎ๐ฐ๐ ๐๐:
IMARC Group
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๐๐บ๐ฎ๐ถ๐น: sales@imarcgroup.com
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๐๐ฏ๐ผ๐๐ ๐จ๐:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape, and benchmarking analyses, pricing and cost research, and procurement research.
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