For the Quarter Ending September 2024
North America
In Q3 2024, the Nitrosylsulfuric Acid prices remained relatively stable within a narrow range, influenced by various concurrent factors. The U.S. economy displayed mixed signals, with underlying resilience offset by persistent inflation worries and geopolitical instability. Supply conditions were driven by steady manufacturing output and shifting trade patterns.
The Producer Price Index (PPI) for manufacturing industries dipped slightly from 249.624 in Q2 to 248.383 in Q3, indicating modest cost savings for producers. Inventory replenishment after significant drawdowns earlier in the year supported economic recovery, with Q2 GDP growth reaching 3.0% and forecasted annual growth at 2.7%. Consumer activity and business investments, propelled by initiatives like the CHIPS Act, sustained demand, while inflation eased below 3.0% in July.
Nevertheless, ongoing geopolitical tensions, such as conflicts in Ukraine and the Middle East, alongside potential import tariffs, posed risks to supply chains and trade flows. Although the Fed’s planned interest rate cuts are expected to boost spending and growth, uncertainties in labor markets and trade policies could influence the supply outlook moving into 2025.
Asia
The third quarter of 2024 for Nitrosylsulfuric Acid in the APAC region saw a notable increase in prices, driven by various factors influencing the market dynamics. Robust industrial activity, growing demand in key sectors, and rising infrastructure developments played a significant role in pushing prices upwards. Despite a slowdown in certain segments, overall economic indicators remained positive, fueling demand for chemicals used in manufacturing and construction. Additionally, increased export orders in sectors like textiles further boosted the demand for Nitrosylsulfuric Acid. In India, the market experienced the most significant price changes, with prices steadily increasing throughout the quarter. Overall trends indicated a positive pricing environment, with seasonality and correlation in price changes showcasing a consistent upward trajectory. The quarter-ending price for Nitrosylsulfuric Acid Ex-Mumbai in India stood at USD 220/MT, reflecting a 6% increase from the first half of the quarter. No disruptions or plant shutdowns were reported during this period.
Europe
During Q3 2024, Nitrosylsulfuric Acid prices in Europe fluctuated within a narrow range, influenced by economic uncertainties linked to the ongoing conflict in West Asia and sluggish growth in both Europe and the U.S. Rising freight costs, container shortages, and logistical issues were prominent. Shipping giants such as MSC and CMA CGM raised FAK rates to as high as $6,500 per container, driven by space limitations and added operational fees. Delays due to Red Sea disruptions and Singapore port congestion further complicated the situation. Air freight rates from Northeast Asia to Europe also spiked, fueled by booming e-commerce and semiconductor demand, with spot rates rising 40% year-over-year. Despite efforts to expand capacity, the imbalance between outbound and return loads persisted. With rising geopolitical tensions and seasonal demand, freight market volatility is likely to extend into Q4. Economically, Europe experienced stagnation in Q3, as Germany’s industrial sector struggled with weak output, high energy costs, and falling exports, contributing to broader challenges across the eurozone.
For the Quarter Ending June 2024
North America
In Q2 2024, the US Nitrosylsulfuric Acid market experienced a volatile landscape across North America. Initially, prices showed a bullish trend driven by heightened purchasing needs in the downstream textile sector, spurred by shifting seasonal demands. However, this positive momentum was short-lived. As the quarter progressed, demand conditions deteriorated significantly.
The broader US chemical sector struggled with low production levels, particularly affecting the demand for intermediate products like Nitrosylsulfuric Acid. This was compounded by mounting uncertainties surrounding the upcoming presidential elections and rising interest rates, which dampened consumer sentiment and led to minimal procurement activities, which acted as a catalyst for the depreciation in the prices of Nitosylsulfuric Acid
Although production in the US remained positive, the growth was only marginal. This limited expansion translated into a stagnation in procurement activities, leaving the market with little to no improvement. Overall, despite an initial uptick, the second quarter ended with subdued market conditions, reflecting a broader trend of cautious consumption and restrained industrial activity.
APAC
In Q2 2024, the pricing environment for Nitrosylsulfuric Acid in the APAC region faced significant downward pressure due to several key factors. Despite unseasonal demand spikes and rising global freight charges, the market remained weak, driven by a well-supplied market and tepid demand. Furthermore, the drop in global crude oil prices added to the downward pressure on Nitrosylsulfuric Acid and other commodities.
Focusing on India, where the price changes were most pronounced, the market experienced a sharp decline. An oversupply situation, marked by high inventory levels and balanced supply, led to a notable -7% drop in prices from the previous quarter. Seasonal factors, such as the start of the monsoon season, further reduced demand, exacerbating the decline. Prices in the latter half of the quarter fell by -19% compared to the first half, reflecting ongoing bearish sentiment.
The market showed resilience in terms of supply chain stability, with no major plant shutdowns or disruptions reported. By the end of the quarter, Nitrosylsulfuric Acid was priced at USD 204/MT Ex-Mumbai, India, continuing the trend of decreasing prices driven by oversupply and subdued demand.
Europe
In Q2 2024, the European Nitrosylsulfuric Acid market grappled with a predominantly bearish trend. Persistent weak demand from downstream sectors, particularly in organic chemical manufacturing, continued to drag down prices. The sluggish demand environment compelled European suppliers to take measures to streamline their inventories of chemical intermediates, including Nitrosylsulfuric Acid. This strategic move led to an oversupply of the product in the market, with excess inventories circulating and boosting supply levels. As a result of this surplus, the market experienced increased competition, which further pressured prices downward. The heightened availability of Nitrosylsulfuric Acid, due to the larger inventory levels, was not met with a proportional increase in procurement activities. Chemical manufacturers, facing low demand across the board, displayed minimal interest in acquiring additional stock. The only factor offering some relief from the persistent downturn was seasonal demand shifts. At the start of the quarter, seasonal changes briefly spurred purchasing activities in the downstream textile industry. However, this temporary boost was insufficient to alter the overall market sentiment or significantly impact procurement levels for Nitrosylsulfuric Acid. Overall, the quarter ended with a market characterized by excess supply and low demand, creating a challenging environment for both producers and suppliers. This situation underscored the ongoing struggle within the European Nitrosylsulfuric Acid market to find balance amidst a backdrop of persistent price pressure and subdued industrial activity.
For the Quarter Ending March 2024
North America
The pricing dynamics for Nitrosylsulfuric Acid in North America during the first quarter of 2024 displayed fluctuations. Initially, prices experienced a downturn but later recovered around mid-quarter. Numerous factors contributed to this market movement within the USA.
Firstly, there was a moderate to low demand for Nitrosylsulfuric Acid, influenced by seasonal patterns such as the subdued activity during winter due to harsh weather conditions, particularly the Arctic blast. On the supply side, there was a mix of high and moderate to low levels of product availability. Some traders encountered supply disruptions due to internal factors, resulting in minor adjustments to prices.
However, most traders had sufficient product stocks. These fluctuations can be ascribed to the shifting equilibrium between supply and demand and broader market dynamics. With the transition from winter to summer anticipated to boost demand for Nitrosylsulfuric Acid alongside potential market shifts, prices saw a resurgence. In summary, the pricing scenario for Nitrosylsulfuric Acid in North America during Q1 2024 exhibited stability with intermittent fluctuations.
APAC
The pricing environment for Nitrosylsulfuric Acid in the APAC region during Q1 2024 has been fluctuating initially declining but increasing in the last month of the quarter. In India, which experienced the most significant price changes, the market trended downwards at the beginning of the quarter before rebounding slightly towards the end. Several factors influenced market prices in India during this period. Firstly, there was a moderate to low demand for Nitrosylsulfuric Acid, which can be attributed to seasonal factors such as winter dullness. Additionally, economic activities in the country declined, further impacting demand. On the supply side, there was a mix of high and moderate to low supplies of the product. Some traders experienced irregular supplies due to internal factors, leading to marginal price revisions. However, most traders had ample product availability. Looking at the overall trend, prices declined in December 2023 before increasing in January and then declining again in February. This fluctuation can be attributed to the changing balance between supply and demand and market dynamics. In terms of seasonality, the shift from winter to summer is expected to increase demand for Nitrosylsulfuric Acid in the coming months. This, coupled with potential market fluctuations, may lead to a rebound in prices. In conclusion, the pricing environment for Nitrosylsulfuric Acid in the APAC region during Q1 2024 can be characterized as stable with some fluctuations. While India experienced the most significant price changes, the overall trend was influenced by factors such as seasonal demand, economic activities, and supply chain dynamics. The latest quarter-ending price for Nitrosylsulfuric Acid in India was recorded at USD 245/MT Ex-Mumbai.
Europe
In the initial quarter of 2024, Nitrosylsulfuric Acid prices in Europe underwent notable fluctuations, with Germany experiencing the most pronounced effects. Throughout this period, there was a prevailing downward trend in Nitrosylsulfuric Acid pricing, marked by depreciation. These price drops can be attributed to several factors, including decreased demand from downstream industries like Chemical Synthesis and Petrochemicals. Germany, facing particularly challenging economic circumstances, encountered hurdles. Moreover, geopolitical tensions in the Middle East, disruptions in the supply chain, and transportation issues arising from Houthi attacks in the Red Sea further complicated market conditions and influenced dynamics. Analyzing the quarterly price shifts reveals a substantial decrease compared to the same period in the previous year. Specifically in Germany, the pricing dynamics were characterized by bearish sentiment, driven by abundant supply and subdued demand. However, as months progressed, prices continued to decline due to reduced consumption and economic deceleration. In summary, the Nitrosylsulfuric Acid market in Europe, especially in Germany, encountered pricing obstacles during the first quarter of 2024. The prevailing trend was negative, with prices decreasing due to diminished demand and economic uncertainties. Nevertheless, there were indications of stabilization towards the quarter's end.
For the Quarter Ending December 2023
North America
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.
Asia
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.
Europe
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
North America
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.
APAC
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.
Europe
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.
