The first half of April xxxx witnessed prices of Stearic Acid (Rubber Grade) across the US market depreciate by approximately xx due to depreciating prices of the product across the exporting Indonesian market.
Prices of Stearic Acid across the Indonesian market was recorded to have depreciated by approximately xx during this timeframe leading to the arrival of inexpensive inventories in the US market.
The US Stearic Acid during this timeframe was primarily driven by low demand from the EV automotive sector and subdued demand from the summer tire industry. As a result of reduced demand from the EV automotive sector, major automotive manufacturers across the US market were recorded to have slowing production of EVs as consumer preferences shift to hybrid automotives.
In the first quarter Tesla produced over xxx,xxx vehicles and delivered approximately xxx,xxx vehicles, which was almost xx below the xxx,xxx it...
