The plunge is expected in Sodium Tetraborate prices across Asia during the second half of August 2024 resulting from the significant market turmoil caused by an imbalance between supply and demand. The decline in demand has resulted in a rapid accumulation of Sodium Tetraborate stocks. Thus, the total inventory of Sodium Tetraborate manufacturers exceeded in the APAC region. The aggressive pursuit of market share at reduced prices has intensified competition in the region, creating a scenario where businesses are increasingly engaging in price wars to maintain their foothold. The upstream, OPEC basket crude oil prices also dipped to USD 77.51 per barrel further easing the cost pressure on the Sodium Tetraborate manufacturers in the APAC market

In July 2024, China's Sodium Tetraborate experienced significant turbulence, marked by a steep decline in market demand in the construction sector that has exacerbated the existing supply-demand imbalance. This downturn has led to a pervasive environment of continuous decline in demand, low price fluctuations, and sustained losses signaling deep-seated challenges for the Sodium Tetraborate during August 2024.

On August 6th, the Guizhou Building Materials Federation released a stark warning through its "Guizhou Province New Building Materials Industry Strengthening Self-Discipline and Preventing 'Internal Rolling' Malignant Competition Initiative." The initiative highlighted the mounting pressures on Guizhou's new building materials industry, stemming from a contraction in demand, supply shocks, and weakening market expectations. The situation has led to a severe erosion of industry confidence, with enterprises resorting to low-quality production and pricing strategies to secure limited market resources. This has resulted in the weakening of the downstream consumption of Sodium Tetraborate in the construction as well as in the glass manufacturing sectors.

In India, Sodium Tetraborate demand was low across all end-use industries such as the construction and glass sector. Heavy rains disrupted multiple markets, further impacting business. Above-average rainfall in parts of India is negatively impacted demand for pipes later in July, with further weakening anticipated when August shipment offers are announced. The onset of the monsoon season has kept additional demand for PVC sluggish, while concerns over the ample stocks by most global Sodium Tetraborate producers could further hinder the growth of the Sodium Tetraborate market.

According to ChemAnalyst, Sodium Tetraborate prices in the Asian market are projected to decline in August 2024, driven by anticipated weak demand from the glass industry and the ongoing slump in the construction sector. Additionally, the market is expected to face further downward pressure due to low downstream demand in the glass industry and rising inventory levels. The imbalance between supply and demand in the Sodium Tetraborate market is likely to remain a significant challenge in the region in the near term.