Resorcinol Prices, News, Monitor
In the second quarter of 2023, Resorcinol (m-dihydroxybenzene) prices in the US market experienced a significant decline, primarily attributed to erratic fluctuations in supply and demand dynamics. Retail sales saw a decline due to high inflation, with retailers grappling with bloated inventory levels ordered to meet demand surges during the pandemic, despite stagnant consumer demand. Additionally, reduced travel fares added to the deceleration in economic growth. Weak demand and high inventory levels adversely affected market trading fundamentals. Furthermore, the global drop in phenol raw material prices exerted additional downward pressure on Resorcinol prices. Import figures dwindled as US companies grappled with the challenge of reducing their sizable inventories. The country's largest container port also witnessed a decrease in import volumes. Despite demand plateauing, retailers faced inflation-related concerns as they maintained their inventory levels to address heightened pandemic-related demand and potential future shortages.