For the Quarter Ending December 2023
In the fourth quarter of 2023, the Nitrosylsulphuric Acid market in the USA experienced a relatively steady pricing momentum. The US market grappled with prolonged economic uncertainties, characterized by the economic slowdown, exerting a significant influence on the pricing dynamics of the product.
Despite some sectors showing partial improvements, such as stability in the petrochemical industry and a slight seasonal rebound in automotive, these recoveries did not extend to chemical commodities due to the pivotal role of excess stocks and international demand in price fluctuations. Against this backdrop, the Nitrosylsulphuric Acid market in the USA maintained price stability, driven by reduced operational activities throughout the quarter in line with consistent demand in the downstream petrochemical industry, despite an overall economic slowdown.
Concurrently, destocking efforts persisted due to prolonged weak demand and cost considerations, prompting companies to continually reduce their purchasing activities amid elevated inflation. On the pricing front, manufacturers continued the trend of lowering factory gate charges, influenced by competitive pressures, and decreased input costs in the fourth quarter of 2023.
During the fourth quarter of 2023, the APAC region witnessed mixed trends in the pricing of Nitrosylsulphuric Acid. The petrochemical industry experienced a moderate increase in downstream demand, influencing overall market conditions in the latter half of the quarter. However, a lack of substantial growth in both domestic and regional inquiries played a pivotal role in causing a halt to Nitrosylsulphuric Acid prices in the Asian market in October 2023. Manufacturers and traders adopted a cautious approach, closely monitoring market dynamics amid supply chain challenges and anticipating low demand in the regional market due to concerns about excess supply. Further, recent ship attacks in the Red Sea prompted companies to reroute shipments via the Cape of Good Hope, South Africa, with expectations of a considerable increase in transit time, freight, and insurance costs. This redirection posed additional challenges for exporters in Asia. Despite government efforts to inject optimism through various policies, the economy struggled to gain momentum for several months. While some sectors received assistance from these policies, it was deemed insufficient to sustain the market over an extended period. Participants in the market anticipated a significant long-term rebound, expected to materialize in the New Year or during the Lunar holidays in the country. Meanwhile, Nitrosylsulphuric Acid prices continued to fluctuate based on availability and international demand in this quarter.
In the fourth quarter of 2023, Nitrosylsulphuric Acid prices experienced a decrease in the European market. The primary focus of European traders and manufacturers was on the diminished demand from the downstream industry, resulting in relatively minor price fluctuations despite concerns about disruptions in freight towards the end of the quarter. A noteworthy factor contributing to this scenario was the prolonged transit time for imports, as highlighted by a producer. Additionally, the ample availability of inventories exerted a negative impact on prices in the middle of the quarter. Germany witnessed the most significant price changes, following a bearish trend for the majority of 2023. Attempts to curtail operating rates as a strategy to safeguard profit margins for producers and traders proved ineffective, given the competitive pressures stemming from the import market. Despite efforts to reduce production, the Nitrosylsulphuric Acid market continued to encounter challenges due to low demand in the fourth quarter of 2023 in the line of slowed downstream market transactions and ample availability of stocks in the Eurozone.
For the Quarter Ending September 2023
In the third quarter of 2023, the Nitrosyl sulfuric Acid market in the United States remained stable, characterized by consistent demand and unfluctuating prices. Key sectors such as the electrical and automotive industries saw no significant shifts in demand, contributing to the market's steadiness. The market dynamics were influenced by multiple factors, including inventory levels, overall supply, and macroeconomic conditions, particularly interest rates. The automotive sector, heavily reliant on Nitrosyl sulfuric Acid for electric vehicle production, experienced steady demand, although interest rate considerations constrained its growth. July saw a notable price increase due to rising demand, reduced inventory levels, and a weakened US dollar, primarily driven by the renewable energy and automotive industries. However, prices decreased by the end of July as demand subsided and local inventory levels increased. August witnessed a price decline, influenced by the strengthening US dollar and global inflation pressures. Falling feedstock prices were the result of decreased demand and global economic conditions, along with considerations related to interest rates and housing starts. Stability was expected to persist in the near term, but some downstream industries engaged in stockpiling to ensure a secure supply, demonstrating the interplay of demand, supply, interest rates, and global economic factors in shaping the US Nitrosyl sulfuric Acid market during this quarter.
In the third quarter of 2023, the Nitrosyl sulfuric Acid market in Asia encountered a challenging environment characterized by a bearish price trend. Notably, the Indian market experienced a price decrease of approximately 5% during this period. Several factors contributed to this downward trajectory. One of the primary factors was the high inventory levels of Nitrosyl sulfuric Acid within the region, primarily due to reduced demand in overseas markets. This surplus of the product placed substantial pressure on prices. Additionally, increased inventories of raw materials further exacerbated the downward price pressure. The market was further weighed down by declining coal and electricity costs in the Asian region, which added to the prevailing sense of pessimism. Stagnant downstream consumption of Nitrosyl sulfuric Acid resulted in an oversupply of the product, compounding the price challenges. Competition from the electric vehicle industry within the automotive sector also played a significant role in shaping market dynamics. Despite the potential for growth in the Asian Nitrosyl sulfuric Acid market, driven by increasing demand in the automotive and battery sectors, the weak global economic conditions, particularly in the US and Eurozone, negatively impacted global import demand for Nitrosyl sulfuric Acid. In summary, the Nitrosyl sulfuric Acid market in Asia faced significant challenges in the third quarter of 2023, with multiple factors contributing to the bearish price trend, including global economic conditions, supply-demand dynamics, and industry competition.
In the third quarter of 2023, the Nitrosyl sulfuric Acid market exhibited a relatively stable performance. Key highlights included consistent inventory levels and subdued demand, particularly from sectors like the electrical and automotive industries. While the automotive sector experienced a dip in demand, the renewable energy sector showed signs of growth, contributing to a minor upturn in manufacturing and infrastructure projects, which had a slight impact on prices. Buyers, however, maintained a cautious approach due to concerns regarding rising interest rates. The supply of feedstock remained steady, with local mills operating consistently, and demand from the electrical sector played a vital role in preserving price stability. Unfortunately, the automotive and construction sectors did not experience significant demand growth, somewhat constraining price dynamics. On a global scale, factors like interest rate hikes, weak demand, and fierce competition in the automotive industry also influenced the market's overall performance. Government policies, including stimulus packages targeting construction and housing sectors, played a pivotal role in shaping market dynamics. In summary, the Nitrosyl sulfuric Acid market demonstrated stability in the third quarter of 2023, with a combination of domestic and global factors influencing price trends and market conditions.