Global Sodium Tetraborate Prices Rise in April, Takes Support from Rising Demand

In April 2024, the global Sodium Tetraborate market displayed an upward trajectory in the initial half of the month. While the US market maintained its upward trend, European and Asian Pacific countries experienced a decline compared to the previous month. This surge in Sodium Tetraborate price could be attributed to supply constraints and improved demand.

In Europe, the Sodium Tetraborate market continued to rise in the first half of April 2024, particularly by around 1.5% in the German market. Contrarily, the previous month witnessed a decline in Sodium Tetraborate prices across European nations, mainly due to reduced production costs and diminished demand of Sodium Tetraborate from agriculture and construction sectors. Moreover, the German manufacturing sector remained in contraction territory throughout the first quarter of 2024, with indicators such as output, new orders, employment, and purchase stocks showing a decline.

Similarly, the Sodium Tetraborate market in the US witnessed a hike of about 2% in the first half of April 2024. This trend mirrored the previous month's pattern. In March 2024, the US Sodium Tetraborate market experienced a bullish trend, with prices rising by over 9%. Several factors contributed to this increase, including heightened demand from downstream sectors, increased export orders, the impact of inflation on commodity prices, and tighter financial conditions. Additionally, rising Crude Oil prices during the month led to a renewed increase in input costs for manufacturers.

During the first half of April, the Asian Pacific market also saw an incline in Sodium Tetraborate prices. In the Chinese market, prices increased by approximately 1.5%, although stability prevailed in the previous month due to subdued demand in the domestic construction sector. Despite a slight increase in new house prices in March 2024, China's construction industry continued to face challenges, with housing sales declining significantly year-on-year in the first quarter of 2024 and new construction starts decreasing compared to the previous year.

Furthermore, both the European and US markets heavily depend on Turkish exports for Boron ore, as Turkey is the largest producer. Approximately 98% of boron ore imports into European nations originate from Turkey. The Turkish Ministry reported a surge in exports in March 2024, continuing a positive trend since the second half of 2023. In the first quarter of 2024, exports increased by 3.6% compared to the same period last year, with chemical exports valued at around 3 billion.

Considering these factors, ChemAnalyst anticipated that Sodium Tetraborate prices are likely to follow a similar trend throughout April 2024, driven by increased demand from downstream mainly in glass and ceramics industries, as well as a surge in household products like laundry detergents.