US Bromine Market Finds Stability with Strong Demand and Economic Growth
US Bromine Market Finds Stability with Strong Demand and Economic Growth

US Bromine Market Finds Stability with Strong Demand and Economic Growth

  • 30-Oct-2023 5:59 PM
  • Journalist: Sasha Fernandes

Texas, USA: The Bromine market has showcased a stable pricing trend throughout October as the key market fundamentals have been operating in an equilibrium. The demand from the downstream flame retardant and other intermediate industries improved in the region amid increased domestic consumption and higher consumer spending.

As the business conditions improved in the region, consumer demand for Bromine in the United States showed positive development. The prices of Bromine have stopped declining, and the overall market dynamics have stabilized in the region. Apart from this, the imports of higher-priced goods from Israel and Jordan have also led to stable prices of Bromine in the US market. As of October 27, 2023, the prices of Bromine FOB Houston were assessed at USD 3190 per tonne.

Additionally, the business conditions improved in the region as the data released by the Commerce Department's Bureau of Economic Analysis in the third quarter of 2023 exhibited robust growth. The Q3 Gross Domestic Product (GDP) increased at a rate of 4.9%, withstanding warnings of recession backed by increased wages from the tight labor market helped to power consumer spending, and the business operation in the region increased the restocking as the demand improved.

Moreover, the manufacturing PMI data rose to 50.0 in October from 49.8 in September, which is the highest reading in six months, reflecting stable operating conditions in the industrial sector. This month, the supplier's performance also improved; however, the region's domestic inventories were still moderate.

The major consumer market of Bromine, Canada, has shown further development this month. The procurement of Bromine increased whereas, as Canada increased its efforts to strengthen its financial institutions, loan guarantees to suppress the impact of the worldwide financial crisis have positively impacted the businesses in the region. According to the Bank of Canada, the global economic turmoil that has rocked international markets and slashed consumer confidence to historically low levels will push Canada's economy perilously near recession. To address the issues, a significant devaluation of the Canadian currency may assist in neutralizing the drop in commodity markets, helping manufacturing.

According to the ChemAnalyst database, the prices of Bromine are poised to demonstrate further increases in the upcoming months as in the fourth quarter of this year, positive development in the demand outlook is anticipated. As per the market analysts, with the ease in inflationary pressure and robust customer demand, the Bromine market in Q4 is presumed to increase consumption and further rise in export sales.

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