For the Quarter Ending June 2024
North America
In the second quarter of 2024, the North American Sodium Bromide market demonstrated an upward trend. Prices rose in the initial weeks due to increased consumer demand, particularly in the industrial and water treatment sectors, as well as the household sector in anticipation of the summer season. However, demand from the downstream textile and paper industries remained underwhelming. Despite a rise in costs from upstream markets, overall input costs eased due to a decline in crude oil prices, which was attributed to an unexpected surge in U.S. crude oil inventories.
By mid-Q2 2024, Sodium Bromide prices continued to climb due to heightened demand and supply constraints. Although the textile and paper industries showed limited demand, the influence of upstream raw material and crude oil prices remained significant. Global onshore oil inventories rose for the second consecutive month due to the imbalance between weak demand and strong supply. Moreover, the support from the Bromine market also rose due to the production constraints in Israel.
In the final month of the quarter, Sodium Bromide prices increased further due to persistent supply stress and strong domestic demand. Upstream prices continued to exert influence, while Bromine prices were driven higher by geopolitical tensions and supply concerns. The U.S. economy showed positive signs, with projections of high inbound cargo volumes despite ongoing supply chain challenges, leading to optimism among industry participants about the future.
APAC
In Q2 2024, the Sodium Bromide market in the APAC region exhibited a marked upward trajectory, driven by a confluence of factors that significantly influenced pricing dynamics. The quarter was characterized by increased manufacturing costs in exporting nations, predominantly due to a surge in natural gas prices, leading to elevated input costs. Concurrently, freight charges experienced a sharp ascent, compounded by capacity constraints and regional congestion owing to Red Sea diversions and unseasonal demand spikes. Furthermore, disruptions such as Houthi attacks in the Middle East and drought impacts on the Panama Canal exacerbated supply chain challenges, augmenting transportation costs and impacting overall market stability. Focusing on India, which experienced the most pronounced price fluctuations, the market demonstrated a robust bullish trend. Seasonal demand surged, particularly from the water treatment sector during the peak summer months, coupled with increased inquiries from downstream oil and gas drilling industries. The correlation between heightened industrial activities and positive consumer market sentiments underpinned the steady rise in Sodium Bromide prices. Comparatively, the second half of the quarter saw a significant escalation of 7% over the first half, reflecting intensified demand and constrained supply. Against the backdrop of a positive pricing environment, the latest quarter-ending price for Sodium Bromide in India was recorded at USD 1745/MT CFR JNPT Mumbai, underscoring the prevailing upward market sentiment.
Europe
In Q2 2024, the Sodium Bromide market in Europe experienced a notable upward trajectory. This quarter has seen significant price increases primarily driven by heightened demand from downstream industries, particularly in oil and gas drilling, and water treatment sectors. Elevated natural gas prices further strained production costs, compelling manufacturers to adjust their pricing strategies upwards. Another critical factor was the limited availability of upstream Bromine, contributing to the overall cost pressure. Additionally, logistical challenges, including increased freight charges due to disruptions in the Red Sea region and capacity constraints, compounded the supply chain difficulties. Spain, in particular, witnessed the most pronounced price changes. The local market faced intense competition from cheaper Asian imports, yet domestic demand remained robust due to ongoing restocking practices. Despite the influx of lower-priced goods, the price environment in Spain showed a consistent positive sentiment, reflecting the broader European trend of rising prices. Throughout Q2 2024, Sodium Bromide prices in Spain demonstrated a 6% increase between the first and second halves of the quarter, underscoring the persistent demand pressures. Concluding the quarter, the price of Sodium Bromide FD Barcelona stood at USD 1640/MT, indicating a stable yet positive pricing environment. Overall, the quarter has been characterized by a bullish market sentiment, driven by supply constraints, increased production costs, and firm downstream demand, thus solidifying the positive pricing trend in Spain and the broader European region.
For the Quarter Ending March 2024
North America
In Q1 2024, the Sodium Bromide market in the United States saw a downward trajectory, reflecting trends akin to those witnessed in Europe. Factors such as low production expenses and subdued demand contributed to this decline. Market sentiment leaned bearish, with moderate supply levels and sluggish demand, particularly evident in sectors like oil and gas drilling and water treatment. Industrial activities, measured by the manufacturing PMI, indicated a contraction, although there was a marginal uptick in new export orders.
The U.S experienced notable price fluctuations, with Sodium Bromide prices declining further. Domestic demand remained weak, compounded by sluggish inquiries from major importing nations including Mexico. Despite slight improvements in industrial activities, challenges persisted, including disruptions in trade routes due to events like the Red Sea crisis.
Comparing Q1 2024 to the same period last year, there was a substantial price increase, however, within Q1 2024 itself, prices experienced a decline. Overall, despite fluctuations, the quarter displayed no significant disparity in pricing between its first and second halves. In summary, the Sodium Bromide market in the U.S. during Q1 2024 characterized by bearish sentiments attributed to low production costs, weak demand, and global trade challenges.
APAC
During Q1 2024, the pricing environment for Sodium Bromide in the APAC region experienced a mix of positive and negative factors. Overall, market prices declined, influenced by factors such as weak demand, increased imports of cheaper goods, and lower manufacturing costs in exporting countries. The market demand for Sodium Bromide was moderate, with inquiries from downstream industries remaining stable. However, the market transactions were affected by high consumer inventories, leading to restocking instead of new purchases.
In India, the maximum price change was observed, with a decrease of -1.4% from the previous month. The market sentiment in India was bearish, driven by weak demand and imports of low-priced goods. The domestic market had sufficient supplies due to steady imports, and manufacturers lowered their prices in response to declining upstream bromine prices. The demand from downstream industries in India was low to moderate, as consumers had ample inventories and made purchases on a need basis.
Looking at the overall trends, the pricing environment for Sodium Bromide in Q1 2024 was characterized by bearish market conditions, with prices declining in most regions. The market was influenced by factors such as weak demand, low-cost support from upstream raw materials, and high consumer inventories. The pricing trend for Sodium Bromide in India is expected to remain bearish in the coming months, with a forecasted decrease of -1.4% in the next month.
In conclusion, the pricing environment for Sodium Bromide in Q1 2024 was negative, with prices declining due to weak demand and increased imports of cheaper goods. The market sentiment was bearish, and the outlook for the coming months suggests a continuation of this trend. The latest quarter-ending price for Sodium Bromide in India was USD 1655/MT CFR JNPT Mumbai."
Europe
In Q1 2024, the pricing of Sodium Bromide in the European region experienced a downward trend, influenced by factors such as low production costs and weak demand. The market sentiments were bearish, with supply being moderate and demand remaining low. The inquiries from downstream industries, particularly in the oil and gas drilling and water treatment sectors, were sluggish as the consumer market had sufficient material availability. The manufacturing PMI data indicated contraction in industrial activities, although there was a slight improvement in new export orders.
In the Netherlands, which saw the maximum price changes, Sodium Bromide prices decreased further during this period. The demand from the domestic market was weak, and the inquiries from the major importer, Germany, were also sluggish. However, there was a slight improvement in industrial activities, as indicated by the manufacturing PMI data. Trade between India and Europe faced challenges due to the Red Sea crisis, which led to freight transporters avoiding the Suez Canal route. The overall trading activities improved, but global headwinds and recessionary trends in countries like Germany and the UK impacted the market.
Looking at the price changes, there was a significant increase of 104% compared to the same quarter last year. However, in Q1 2024, the prices decreased by a certain percentage. The price comparison between the first and second half of the quarter showed no significant difference.
In conclusion, the pricing environment for Sodium Bromide in Q1 2024 in the European region, particularly in the Netherlands, was bearish due to low production costs and weak demand. The market sentiments were influenced by global headwinds and trade challenges.
For the Quarter Ending December 2023
North America
In the fourth quarter of 2023, the Sodium Bromide market in the USA showcased mixed sentiments due to various factors. In the first month, the prices declined due to a poor demand outlook and a reduction in offered quotations by the major exporting nations Israel, China, and Jordan. Additionally, the consumption rates remained on the lower edge due to surplus inventories in the domestic market.
In November, heightened consumer spending and enhanced market activities contributed to an overall improvement in economic conditions. Nevertheless, downstream industries encountered only modest demand. Despite apprehensions regarding a possible economic downturn, inflation, and geopolitical uncertainties, consumer confidence in the United States rose during both November and December. This uptick in confidence reflects a positive outlook on future business conditions.
Moreover, destocking practices were prevalent this month, driven by consumer reluctance to maintain surplus inventories. Concurrently, year-end holidays traditionally led to reduced industrial activity. As a result, manufacturing firms chose to either decelerate or temporarily halt operations, intensifying the drop in demand.
APAC
In the fourth quarter of 2023, the Sodium Bromide market in the APAC region experienced a mixed performance. The market was influenced by several factors that impacted prices and market dynamics. In the initial period, the market witnessed a moderate supply chain, with imports of the product being steady. Additionally, the demand for Sodium Bromide was moderate, with inquiries from various industries such as water treatment and pharmaceuticals. However, the overall demand was not as robust as expected, leading to a slightly bearish market trend. Additionally, the presence of sufficient inventories in the region further dampened the demand for Sodium Bromide. Apart from this, the market was affected by fluctuations in currency exchange rates, with the Indian Rupee depreciating against the US Dollar. This depreciation had an impact on the pricing of Sodium Bromide in India, which experienced a slight decrease in prices during this quarter. In this period, no plant shutdowns were reported during this period. In India, the prices of Sodium Bromide in the fourth quarter of 2023 witnessed a slight decrease compared to the previous quarter. The current quarter's price stands at USD 1705/MT CFR JNPT Mumbai. This represents a decrease from the previous quarter, indicating a bearish market trend for Sodium Bromide in India during this period.
Europe
In the fourth quarter of 2023, the Sodium Bromide market in Europe experienced a challenging period. In the first month, there was a decrease in demand from the downstream water treatment and oil drilling sectors, leading to sluggish inquiries and lower consumption of Sodium Bromide. Additionally, the production costs of Sodium Bromide increased due to fluctuating natural gas prices and an uptick in the upstream Hydrobromic acid market. These higher costs put pressure on the pricing of Sodium Bromide. In this period, the overall market sentiment remained bearish, with limited inventories and low manufacturing rates, indicating a lack of confidence in the market. In the Netherlands, one of the major countries in the European Sodium Bromide market, the pricing trend reflected the challenges faced in the industry. The price of Sodium Bromide in the country declined by 6% compared to the previous quarter of 2023. Additionally, there was a 5% decrease in price between the first and second halves of the quarter. This decline can be attributed to the weak demand, increased production costs, and low market sentiment experienced in the region. The quarter ended with a price of USD 1580/MT of Sodium Bromide FD Rotterdam in the Netherlands.
For the Quarter Ending September 2023
North America
In Q3 2023, the Sodium Bromide market in the USA showcased mixed sentiments due to various factors. In the initial weeks, the prices declined due to a poor demand outlook and a reduction in offered quotations by the major exporting nations Israel and Jordan. The manufacturing PMI rose to 49.0 in July from the previous month signaling the softest decline in operating conditions in the manufacturing sector, new orders fell once again as local and overseas demand remained subdued. August saw a further plunge in prices as higher interest rates and ongoing summer vacations in most of the European nations weigher upon the demand outlook. Albeit, September observed slight improvement in the market situations and new orders came in, though at a slower pace. Additionally, the demand conditions in the downstream water treatment and other end-use industries saw further development as inquiries from the European market also arose, post the vacation month. However, the market transactions were low and purchases were mainly on a need basis.
APAC
In the third quarter of this year, the dynamics of the Indian Sodium Bromide market exhibited notable fluctuations. The prices witnessed a decline in the first month due to the influx of low-priced imports and reduced production costs among the manufacturers in the exporting nations. Imports in India also fell compared to the previous year, primarily due to weak domestic demand, particularly in the downstream oil and gas drilling, water treatment, and pharmaceutical industries. August brought about a reversal in the trend as prices of Sodium Bromide rebounded. This resurgence was attributed to the imports of high-priced goods and an increase in offered quotations by major producing nations, driven by heightened demand in downstream water treatment and related industries. The shift in market sentiment turned positive as demand improved. September continued the upward price trend due to sustained imports of high-priced goods and further price increases from major producing nations. The positive market sentiment was supported by the increasing demand in downstream markets. However, manufacturing operations lagged, resulting in slightly constrained supplies. Therefore, the discussions for Sodium Bromide CFR 1820/MT as of September 2023.
Europe
In the third quarter of 2023, the Sodium Bromide market in Europe demonstrated mixed sentiments and the prices fluctuated throughout this period. In the initial weeks of Q3, the inflationary pressure impacted the business activities in the region and the consumer demand remained weak amid uncertain economic conditions as high interest rates took a toll on the business conditions. August marked a slight improvement in market sentiments, as there was a modest price increase, attributed to a boost in demand from the downstream industries. However, the supply side was lacking amid low operating conditions among the manufacturing firms. Come September, Sodium Bromide prices in the domestic market increased slightly. This was due to steady demand and rising production costs driven, in part, by fluctuating natural gas prices in Europe. The manufacturing activities were slow in the region as post the vacation season, the rebound in the market activities was poor due to which, the inventories of the product were low in the domestic market. Thus, the offered quotes for Sodium Bromide FD Barcelona settled at USD 1729 per tonne at the end of this quarter.
For the Quarter Ending June 2023
North America
During Q2 2023, the US Sodium Bromide prices experienced a bearish trend, with prices declining for a major part of the quarter. In June, the prices of Sodium Bromide dropped slightly, reflecting the overall market sentiment. The decline in prices was driven by several factors, including reduced demand from the downstream industries and increased imports of low-priced goods. The demand from the downstream industries, such as water treatment and oil drilling, remained sluggish throughout the quarter. This slow demand led to reduced purchases and a lack of strong market support. As a result, suppliers faced challenges in maintaining price levels. Furthermore, imports of low-priced Sodium Bromide goods contributed to the bearish pricing trend in the US market. The availability of cheaper imports put pressure on the domestic market and impacted the price dynamics. The US market for Sodium Bromide also faced economic challenges during this period, with uncertainties in the global economic conditions. The overall demand outlook remained weak, and consumers were hesitant about new purchases, further impacting the market sentiment. After Q2 2023 ended, Sodium Bromide prices in the US were assessed at USD 1950 per MT on a FOB basis.
APAC
The Indian Sodium Bromide market witnessed a bearish trend in Q2 2023, with prices declining throughout the quarter. In June, the prices dropped further due to imports of low-priced goods and reduced production costs. Import volumes fell by 17.1% compared to the previous year, primarily driven by weak domestic demand. The downstream industries, such as oil and gas drilling, water treatment, and pharmaceuticals, exhibited weak demand for Sodium Bromide, contributing to the overall bearish market sentiment. The supply chain operated at a moderate pace, with imports of the product declining due to sufficient material availability in the domestic market. Despite a slight increase in factory activity indicated by the India Manufacturing Purchasing Managers' Index, the overall demand remained low to moderate, as inquiries from end-use consumers were slow. The reluctance of downstream industries to procure Sodium Bromide further dampened the demand outlook. In May, declining prices of upstream Bromine and low-priced imports impacted the market, leading to bearish sentiment. The supply chain remained resilient, and the overall supply of Sodium Bromide was moderate to high in the domestic market. However, the sluggish demand persisted, as the downstream industries showed reluctance to procure the product due to ample material availability. As of June 2023, Sodium Bromide prices in Asia were assessed at USD 1760 per MT on CFR basis.
Europe
The Sodium Bromide market in the Netherlands experienced a bearish trend in Q2 2023, with prices declining further in June. The drop in prices was driven by a contraction in industrial activities in the region, accompanied by weaker downstream demand. The manufacturing PMI slipped to 43.8 in June from 44.2 in May, reflecting a worsening demand outlook amid uncertain economic conditions. The eurozone faced a technical recession as the GDP of major economies declined in each of the last two quarters. Additionally, inflation rates in the eurozone rose due to higher energy prices. The demand from the downstream water treatment and oil drilling industries remained sluggish, leading to moderate purchases mainly based on demand requirements. At the same time, the production costs declined as the cost support from upstream Bromine decreased. The supply chain operations operated smoothly, with no major congestion or constraints observed. In May, the market sentiments for Sodium Bromide also declined due to a further contraction in manufacturing activities and subdued downstream demand. The manufacturing PMI dropped to 44.2, and new orders and export orders declined at a faster pace. The demand from the downstream industries remained suppressed, leading to lower purchases and a "wait-and-see" consumer attitude. After the conclusion of Q2 2023, Sodium bromide prices in Europe were assessed at USD 1680 per MT on an FD basis.
For the Quarter Ending March 2023
North America
In the North American market, the Sodium Bromide market observed a mixed pricing trend in the first quarter of 2023. The market sentiments for the product were in positive territory in the first month of Q1 2023 amid increased production rates and a surge in demand from the downstream oil and gas drilling industry. In the next two months of Q1, the market prices of Sodium Bromide plummeted owing to weaker demand in the downstream oil and gas drilling industry and suppressed inquiries from domestic as well as international market participants. Amid looming inflationary pressure, uncertainties regarding the economy and the collapse of two banks in the US resulted in a weaker consumer demand outlook.
APAC
In the first quarter of April, the Sodium Bromide market in India showcased mixed pricing trends. The prices remained on a bullish trajectory in the first month of Q1 amid increased procurement of higher-priced Sodium Bromide from the European markets in the region. In the second month, the market prices plummeted due to moderate demand from the downstream industries in the domestic region. In March, the prices dropped slightly owing to weaker cost support from the upstream Bromine. The market prices fell primarily due to built-up inventories and moderate demand from the downstream oil and gas drilling industry in the domestic region. Thus, the market prices of Sodium Bromide CFR JNPT settled at INR 1829.53 per ton at the end of Q1 2023.
Europe
In the first quarter of April, the Sodium Bromide markets in the European region exhibited mixed pricing trends. The market prices observed a bullish argument at the spot market in the first month of Q1 owing to higher energy prices that directly constrained the availability of the material in the region. In February, the prices fell drastically, and the market fundamentals remained bearish in the region as the overseas inquiries dropped and the major manufacturers had ample inventories of the product. The prices continued to drop in March amid built-up inventories and sluggish demand outlook from the downstream water treatment and oil drilling industries. Thus, the offered quotes for Sodium Bromide FD Barcelona settled at USD 1780 per tonne at the end of Q1 2023.
