For the Quarter Ending December 2024
North America
In Q4 2024, Zirconium Carbonate prices in North America showed moderate stability, with a slight increase in December, driven by recovering demand from the construction and automotive sectors.
Improved economic conditions, coupled with a rise in manufacturing output, supported a steady market for industrial materials. The construction sector saw increased activity in residential and commercial projects, fueled by government infrastructure investments and a year-end push to complete delayed projects. Automotive demand remained consistent, supported by a 6% year-on-year rise in vehicle production as manufacturers worked to meet backlogged orders.
On the supply side, North America maintained robust availability of Zirconium Carbonate, supported by steady domestic production and imports. Freight rates for intra-regional transportation remained stable, minimizing supply chain disruptions and ensuring reliable material availability. However, inflationary pressures and higher borrowing costs tempered demand growth, particularly in smaller construction projects and non-essential applications. Overall, the combination of steady supply, improving industrial activity, and resilient demand supported a stable to slightly upward price trend for Zirconium Carbonate in North America in December 2024.
APAC
In Q4 2024, Zirconium Carbonate prices in China increased by 1.6% in December, driven by a recovery in domestic manufacturing and strong demand from the automotive and construction sectors. Government stimulus measures and an improving economy boosted industrial activity, reflected in the NBS Composite PMI rising to 52.2, the highest since March. Supply levels remained stable, supported by a 10% year-on-year increase in cement production and consistent output in key industrial sectors. Domestic availability was unaffected by freight rate adjustments for export routes, ensuring a steady supply. Demand was fueled by the electronics and automotive sectors, with passenger vehicle sales rising 12% year-on-year due to expiring subsidies and year-end promotions. The construction sector presented mixed signals, with increased property sales in top-tier cities and rising infrastructure activity offset by high foreclosure rates in lower-tier cities, which tempered growth in construction-related consumption. Overall, the combination of robust supply, growing demand, and favorable economic conditions supported the upward trend in Zirconium Carbonate prices in China during December 2024.
Europe
In Q4 2024, Zirconium Carbonate prices in Europe experienced moderate growth, rising by in December, driven by recovering demand in the automotive and construction sectors. The automotive industry showed signs of improvement, with year-on-year increase in vehicle production as manufacturers capitalized on export opportunities and domestic market stabilization. The construction sector also contributed to demand growth, particularly in infrastructure projects supported by government green initiatives and EU funding for energy-efficient buildings. However, residential construction demand remained subdued due to high interest rates and inflationary pressures, limiting broader consumption. Supply of Zirconium Carbonate remained stable, supported by consistent imports and domestic production, with improved port operations across key European trade hubs ensuring smooth material availability. Declining energy prices toward the end of the quarter provided some relief to production costs, enabling manufacturers to maintain competitive pricing. While demand from smaller end-use sectors like ceramics and coatings remained relatively flat, the resilience of key industrial segments and a recovering economic environment supported the slight upward price trend in Europe by the end of 2024.