March 2024, Global Sodium Tetraborate Market Sees an Incline Post Previous Month Dullness

In March 2024, the global market of Sodium Tetraborate observed a price increase due to significant influences from both upstream and downstream sectors, unlike the trends seen in the previous month. While Sodium Tetraborate prices declined in the United States market, the European and Asian Pacific markets saw price hikes in February 2024.

In the US market, Sodium Tetraborate prices saw an improvement of approximately 2% in the first half of March 2024. This improvement can be attributed to improvement in feedstock prices, production costs, and increased demand from downstream sectors. In February 2024, Sodium Tetraborate prices deflated by approximately 4.1% due to reduced Boric Acid prices, a crucial raw material, leading to decreased production costs. Additionally, slow purchasing activity in downstream sectors like agriculture and construction further contributed to the decline in Sodium Tetraborate prices during the last month.

Similarly, the German market witnessed an improvement of around 2% in the first two weeks of March 2024, following a notable increase of approximately 10% in Sodium Tetraborate prices in the previous month. This upward trend was primarily driven by constrained raw material supply and heightened production costs. The limited availability of soda ash, a key feedstock for Sodium Tetraborate production, resulted in increased raw material expenses for manufacturers. Furthermore, sustained demand from sectors such as healthcare and laundry further fuelled the market's upward trajectory, showcasing the complex interplay between supply and demand dynamics.

In the Asian Pacific region, particularly in China, Sodium Tetraborate prices surged by around 1.5% in the initial two weeks of March 2024 after an 8.5% surge in February 2024. This upward trend can be attributed to tight supply conditions, stemming from lower production activities during the Lunar New Year Holiday. Many manufacturers faced manpower shortages during this period, leading to reduced operational activities or planned preventative maintenance, contributing to the supply constraints. The National Bureau of Statistics of China reported a slight decrease in the Purchasing Managers' Index (PMI) for China's manufacturing industry, indicating a contraction in industrial activities during February 2024. These factors collectively contributed to the heightened demand-supply imbalance, resulting in the observed surge in Sodium Tetraborate prices in the Chinese market.

During the month, the trade landscape saw advantageous conditions in terms of marine shipping costs. There was a decrease of around 2% in freight charges for the East Asia to North America route while for routes from China to North Europe witnessed a drop of about 14% in February 2024 compared to the previous month.

In conclusion, ChemAnalyst predicts an upward trend in the Sodium Tetraborate market across all regions. This projection is based on several factors, including fluctuations in raw material prices, variation of downstream demand, and supply constraints.