US Bromine Market Gains Momentum With Stable Prices and Increased Demand
US Bromine Market Gains Momentum With Stable Prices and Increased Demand

US Bromine Market Gains Momentum With Stable Prices and Increased Demand

  • 22-Nov-2023 3:52 PM
  • Journalist: Bob Duffler

Texas, USA: The Bromine market in the USA has exhibited an increasing trend, and the prices have been improving week-on-week this month. In the region, demand for Bromine from downstream industries such as flame retardant and other intermediates improved, driven by heightened domestic consumption and increased consumer spending.

As of November 17, 2023, Bromine prices FOB Houston were evaluated at USD 3198 per tonne. With the enhancement of business conditions in the region, there has been a favorable upturn in consumer demand for Bromine in the United States. The decline in Bromine prices has halted, and the overall market dynamics have achieved stability in the region. Furthermore, the imports of expensive goods from Israel and Jordan have also contributed to the firmness of Bromine prices in the US market.

The US Manufacturing Purchasing Managers' Index (PMI) for October 2023 has been officially verified at 50.0. This indicates a modest uptick from September's figure of 49.8 and suggests a stabilization in the overall condition of the manufacturing sector. Notably, new orders experienced growth for the first time in six months. Furthermore, the pace of output expansion, while only slightly accelerating, reached higher levels.

According to the Bureau of Economic Analysis's preliminary estimate, the United States' gross domestic product rose at an annualized rate of 4.9% in Q3 of 2023. On the demand side, the inquiries from the downstream industries also observed a further improvement this month. Notable progress has been observed in Canada, the primary consumer market for Bromine. The procurement of Bromine has risen, and the nation's heightened efforts to strengthen its financial institutions have positively influenced businesses in the region.

Moreover, consumer prices in the United States were steady in October due to decreased gasoline prices, according to the Labor Department's Bureau of Labor Statistics, following a 0.4% increase in September. Market players interpret this as a good signal, signaling that the Federal Reserve may be nearing the end of its interest rate rises. Furthermore, the traders have changed their forecasts in anticipation of the Fed reducing rates in the year's first half.

According to the ChemAnalyst pricing intelligence, the Bromine market in the USA is poised to demonstrate an uptrend in the fourth quarter of this year amid improved domestic consumption and further positive development in the nation's economic condition. According to market analysts, the anticipated ease in inflationary pressure and strong customer demand are expected to drive the Bromine market with further elevated export sales during Q4 2023.

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