In the fourth quarter of 2023, Fluorspar prices in Mexico exhibited a volatile pattern. Initially, heightened demand from the construction sector and US market inquiries drove the market. Additionally, limited availability of finished Fluorspar stocks further fueled price increases.
Mexico experienced a notable impact, with increased inquiries from the construction and Hydrofluoric Acid industries. Fluorspar availability in Mexico met demand from manufacturing firms, yet low operating rates and a year-end slowdown in mining activities escalated supply-side pressures.
Subsequently, Fluorspar prices in the Mexican market dropped. Reduced demand from the construction sector contributed to this decline. Furthermore, insufficient inquiries from refrigerant industries during the winter season failed to support price increases. Consequently, suppliers were compelled to lower prices to stimulate demand and clear excess stock. By the end of the quarter, the price of Fluorspar in Mexico stood at USD 440/MT.
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In the MEA region during Q4 2023, Fluorspar pricing was influenced by various factors. Initially, limited mining activities led to a gap between supply and demand, driving prices upwards. Moreover, heightened inquiries from the downstream construction sector bolstered market sentiment, prompting manufacturers to increase prices. The availability of finished stocks was also constrained, adding to the upward pressure on prices.
South Africa, in particular, witnessed significant price changes. Decreased mining production in the country affected Fluorspar supply in the domestic market. Concurrently, ongoing issues with load-shedding impacted the manufacturing sector, reducing profitability. Additionally, in December, as businesses adjusted their inventory levels to match lower demand during the destocking season, an oversupply situation emerged, intensifying competition among suppliers and leading to price reductions to maintain competitiveness.
Nevertheless, prices in South Africa experienced a 6% increase compared to the same quarter last year, despite a 4% decrease from the previous quarter, reflecting market fluctuations. Moreover, comparing the first and second half of the quarter, there was a 6% decrease in prices. Overall, the latest price of Fluorspar Ex-Durban in South Africa for Q4 2023 stands at USD 455/MT.
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