For the Quarter Ending September 2023
North America
Taurine prices in the third quarter exhibited a diverse trend, registering an 11.24% decline in July and a subsequent drop of 10.86% in August. However, this volatility was followed by a noteworthy uptick of 6.09% in September. Economic activity in the United States contracted during the third quarter due to reduced demand both domestically and internationally. In August, inflation in the United States reached 3.7%, marking the first increase since June 2022. Elevated energy costs towards the end of the summer drove prices higher, intensifying the impact on consumer confidence. The inflationary pressures signify a departure from the Federal Reserve's 2% target rate, prompting policymakers to contemplate interest rate hikes later in the year. In response to persistent inflation, the Federal Reserve increased its key policy interest rate by 0.25% in July, the eleventh hike in 17 months. The Consumer Price Index for September rose slightly above predictions at 3.7%, with energy prices, including a 1.5% increase overall, contributing to the upward trend. Hindered Chinese shipments also contributed to sustained high Taurine prices, closing at USD 2090/MT CFR Los Angeles by the end of Q3.
Asia Pacific
Taurine prices saw declines of 11.21% and 5.56% in July and August, respectively, followed by a rebound of 6.15% in September. The Chinese economy faced challenges hindering its expansion, as evidenced by a July manufacturing PMI of 49.3, indicating contraction. Lower overseas orders and sales dampened business and industrial activities. Inflation and rising interest rates in the US, Europe, and key export markets continued to impact Chinese demand, with the export order sub-index declining for the sixth consecutive month in August. In response to economic concerns, China's central bank lowered its primary interest rate, boosting market spending and leading to a surge in Taurine prices. September witnessed an improvement in China's manufacturing PMI, signaling a positive economic comeback. As Q3 concluded, Taurine prices settled at USD 1985/MT FOB Shanghai.
Get Real Time Prices of Taurin: https://www.chemanalyst.com/Pricing-data/taurine-1166
Europe
Taurine prices followed a varied trajectory in the third quarter, declining in July and August but rebounding in September. In July, Germany's PMI fell to 41, indicating a sustained drop in new orders both domestically and internationally. Consumer confidence remained low in August due to ongoing rate hikes, inflation, the oil crisis, and geopolitical concerns. Persistent inflation, driven by high energy and oil prices, weakened consumer purchasing power, contributing to the decline in Taurine prices. However, in September, Germany's inflation rate saw a significant drop to 4.5%, the lowest level since the start of Russia's invasion of Ukraine. This decrease alleviated inflationary pressures and boosted consumer confidence, leading to a surge in Taurine prices in September.
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