Since the third week of February, the crisis between Russia and Ukraine has created uncertainty in the global market. According to ChemAnalyst data, the global Silicate market is on the rise, owing to growing raw material costs and stable to firm offtakes from local markets. As according to market players, import delays are generating challenges in securing raw materials, and high freight costs are compounding the overall pricing dynamics in the global market.

Despite the fact that seasonal offtakes for the commodity have already concluded in a variety of markets, prices continue to rise due to solid market dynamics. Sodium Silicate costs have risen by 1.4 percent, 3.5 percent, 8.5 percent, and 3.8 percent in India, Germany, France, and China, respectively, according to ChemAnalyst data for January-February. According to the analysis of these data, the current escalation of the Russia-Ukraine war has put pressure on the entire European market, where manufacturers are concerned about another wave of natural gas shortages. Furthermore, key players are concerned about the growing price of crude oil, which is putting pressure on the global market. Due to Germany's reliance on Russia for natural gas supplies, the largest price increases have been witnessed in the meantime. Furthermore, the continuous confrontation between Russia and Ukraine is having a bad effect on the global economy.

According to ChemAnalyst, the global market for silicate is projected to see more price increases in the coming months. We expect more price improvement in the next months, with said Indian market remaining stable, while Germany and France are expected to climb by 4% to 4.5 percent by the end of March. Before projecting these statistics, current market dynamics and market participant statements were taken into account.