Fluoroelastomer Prices, Pricing, Demand & Supply
North America
In the North American region, Fluoroelastomer prices saw a decline in the fourth quarter of 2023, aligning with the reduction in Crude Oil prices in the U.S. market. Despite a positive upswing in U.S. vehicle sales, with a noteworthy month-on-month increase surpassing expectations in December, economic challenges endured.
The overall economic landscape indicated a resurgence of declining output, accompanied by heightened declines in new orders, revealing vulnerabilities in both domestic and external demand. The decrease in crude oil prices contributed to reduced production costs for Fluoroelastomer, with industries maintaining ample inventory and operating with moderate supply levels. However, challenges arose in the Panama Canal, where significant vessel draft limitations resulted from unusually low water levels in Gatun Lake, leading to traffic buildup. This situation prompted companies to adapt their input procurement strategies.
Fluoroelastomer prices supply levels remained elevated. The contraction in the European automobile market had a substantial impact on Fluoroelastomer exports, contributing significantly to the quarter's price decline. The quarter concluded with Fluoroelastomer priced at 34840 USD/MT FOB-USGC, reflecting a decline of 1.23%.
APAC
At the close of the fourth quarter in 2023, Fluoroelastomer prices in the Asia-Pacific (APAC) region displayed a bearish trend, primarily driven by an excess of supply despite substantial demand from the automotive sector across Asian countries. Notably, the aerospace industry, particularly in India, reported strong sales. However, this bearish trend persisted amid varied economic conditions and fluctuations in the global market's supply and demand dynamics, with suppliers maintaining sufficient inventories. The decrease in crude oil prices and an imbalance in the demand and supply chain among various suppliers contributed to the overall price decline. Suppliers responded to lower bids for fresh accumulation by reducing their ex-quotation prices. Given the prevailing downtrend where there is likely probability for the price incline, suppliers adopted a cautious "wait-and-watch" approach for fresh inventory accumulation, leading to a decline in prices during this quarter. As of this quarter's conclusion, the Fluoroelastomer price stood at 23250 USD/MT FOB - Tokyo, marking a decline of 4.95%.
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Europe
As the Fourth quarter of 2023 concluded, Fluoroelastomer prices in Europe demonstrated a bullish trend, primarily influenced by low supply, and subdued demand from the automotive sector. While the continuous decline in crude oil prices helped manage production costs, heightened geopolitical tensions across the Red Sea significantly contributed to increased importing costs during the period, exacerbated by major shipping companies rerouting their routes and resulting in port congestion this quarter. Despite maintaining a well-balanced supply and demand, leading to limited material availability, the market experienced minimal price fluctuations throughout the quarter. Germany's long-term interest rates declined to stabilize retailer consumption, impacting not only the automotive sector but also various other industries. However, the anticipated rise in energy and other utilities costs globally during the winter, combined with the overall economic contraction in Europe and lower inventory stockpiles, resulted in a price increase this quarter. The Fluoroelastomer MV 30 FD in Antwerp, Belgium, concluded the quarter at USD 50200/MT, reflecting a rise of 7.09%.
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