Iron Oxide Prices: During the second quarter of 2023 | ChemAnalyst
For the Quarter Ending June 2023 North America: Iron oxide prices experienced a decline of more than 19% in the North American market throughout the second quarter of 2023. The market sentiment remained bearish during this period. Demand from the downstream paint and coating industry remained weak as construction activities displayed muted performance. Key market players reported a decline in the sales of surface coating products. The prevailing uncertainties regarding the economic recovery persisted, with rising energy costs and a PMI depreciation of over 2 points in the second quarter. This challenging outlook dampened purchasing activities, further contributing to the depreciation of iron oxide prices. Reduced purchasing activities eventually led to the accumulation of excessive inventories amidst sluggish demand. In order to clear existing stocks, they had to be sold at negotiable prices and reduced profit margins, further exacerbating the decline in prices. By the end of the ...