In November 2023, the Hydrochloric Acid market in the USA demonstrated notable stability, primarily due to subdued demand from downstream industries. This resilience was further reinforced by a reduction in cost support from the upstream Chlorine market. Simultaneously, the decline in the Hydrochloric Acid market had a cascading effect due to the slowdown in the US construction sector, which faced a significant downturn marked by a sharp decline in housing projects. The decline in the construction activity further weakened the market for steel, thereby reducing the offtakes for Hydrochloric Acid from steel industries. Furthermore, the economic conditions in the United States market indicated a renewed deterioration in operating conditions in the manufacturing sector, with lower new orders weighing on the market.

Hydrochloric Acid manufacturers deliberately aim to maintain market stability as a strategic measure to protect their profit margins in the European market. The Purchasing Managers' Index (PMI) release for the European market revealed prevalent weakness in demand, particularly in Germany, becoming a central theme for the region. Most sectors witnessed reduced employment due to weak demand, leading to a decline in new orders. Construction activity experienced a sharp decline across all segments, especially in housing projects, resulting in additional layoffs and a substantial drop in demand for Hydrochloric Acid from steel industries. Eurostat projected that the annual inflation rate of the Euro area would decrease to 2.4% in November 2023, a drop from the previous month's rate of 2.9% in October 2023.

Meanwhile, in the APAC market, the price of Hydrochloric Acid dropped sharply by 42% during the first week of December 2023. The main reason behind this significant drop was the reduced cost support from the feedstock market, namely Chlorine. Additionally, Hydrochloric Acid demand in the region remained sluggish from downstream steel and wastewater treatment industries. From the economic perspective, manufacturing companies have indicated a lack of adequate market demand, which continues to pose a significant challenge to the ongoing recovery and growth of the manufacturing industry. The official manufacturing purchasing managers' index unexpectedly declined marginally to 49.4 in November, down from 49.5 in October, as the National Bureau of Statistics reported.

As a result, ChemAnalyst predicted that the market price for Hydrochloric Acid might continue to remain low in the region due to sufficient material availability. Furthermore, year-end discounts were expected, as Hydrochloric Acid manufacturers and traders in the global market were likely to continue destocking the material before the end of the year.