For the Quarter Ending September 2023
In the third quarter of 2023, the North American silicone rubber market experienced a mix of sentiments in pricing trends. July witnessed a notable surge, driven by increased demand sentiments in the US market, particularly in response to a more than 20% rise in vehicle sales in June. Western Europe also contributed to the surge with a 19.6% increase in sales during the same period. Consequently, silicone rubber procurement spiked in July. However, August saw a stable market in the US, attributed to a balance between supply and demand, buoyed by positive developments in the global automotive sector. Despite consistent growth in automobile sales in the USA, Western Europe, and Eastern Europe, there was a significant decrease in raw material costs for silicone rubber in the previous month, impacting overall production costs. These fluctuations continued into August, offsetting potential price shifts. September witnessed a significant decline in silicone rubber prices in the US market, influenced by reduced raw material costs, specifically a notable decrease in feedstock silicone prices, leading to a substantial reduction in overall market value.
During the third quarter of 2023, the Asia-Pacific region experienced mixed momentum in silicone rubber prices. July saw a surge driven by increased downstream demand, particularly in the Asian market, as new vehicle sales significantly outpaced the previous year’s figures. The positive shift continued into August, attributed to the recovery from COVID-19 lockdowns and improved semiconductor availability, enabling increased automotive production. However, this surge in demand was counteracted by declining production costs, resulting in stable silicone rubber prices in August. The decline in silicone rubber prices in September was attributed to the continuous drop in the price of raw material silicone. Despite increased demand from downstream sectors, declining raw material costs exerted downward pressure on production expenses, leading to a drop in prices by the end of the quarter.
Get Real Time Prices of Silicone Rubber: https://www.chemanalyst.com/Pricing-data/silicone-rubber-1310
In the European market, silicone rubber prices exhibited mixed sentiments in the third quarter of 2023. The quarter began with a plunge in prices, followed by stability in August and a drastic decline in September. The initial price drop was linked to a significant reduction in production costs, driven by the prolonged decrease in the price of raw material silicone. Despite positive developments in the automotive sector, the European silicone rubber market continued to be influenced by ongoing cost dynamics tied to weakening raw material prices. August brought stability to prices due to minimal fluctuations in silicone costs, supported by consistent demand and production in the automotive sector. However, the overall downward trend in silicone rubber prices persisted due to the continued weakening of raw material prices, impacting the market’s value throughout the quarter.
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