Quotations for Sodium Sulphate increased due to soared feedstock prices

The current outgrowth in the market dynamics strengthened the sentiments for Sodium Sulphate in the Asia Pacific region due to the geopolitical turmoil in the Eastern Europe. Further, this inflation in prices of Sodium Sulphate is supported by high freight charges and elevated feedstocks costs. However, market sentiments in April remained bearish for Sodium Sulphate in the USA.

In India, the market price of Sodium Sulphate witnessed an upward growth in the spot dynamics after witnessing persistent drops previously. Moreover, this hike in prices of Sodium Sulphate is primarily backed by the rebound in the market dynamics as the freight charges observed an increment of more than 3% since the hostilities broke out in the Eastern European nations. Although, it has a marginal impact on the offered quotations. However, the soaring offers of crude oil indirectly impact the prices of feedstock Sulphuric Acid. Thus, cost support from upstream remained high, where the CFR discussions for Sodium Sulphate settled at USD 129 per tonne in March 2022.

In the Chinese domestic market, Sulphur prices remained bullish in March, backed by curtailing refining activities in China due to the resurgence of COVID. The application of Strict COVID-related policies decelerated the onloading and offloading activities at major ports. Moreover, the upstream Sulphuric Acid market is also persistently soaring. The spot price of Sulphuric Acid strengthened by nearly 40% by March alone. Furthermore, the downstream manufacturing sector of Sodium Sulphate observed a consistent fluctuation amidst the festival holidays followed by the winter Olympics, which directly impacted China’s overall (Purchasing Managers’ Index) PMI in March 2022. Although, the demand from downstream sectors remained healthy, and the FOB Shandong discussions for Sodium Sulphate settled at USD 100 per tonne in March 2022. Whereas in Germany, market players are claiming that market of Sodium Sulphate fell persistently for the sixth month in March, imposing a direct impact on the domestic demand of Germany. Additionally, the soaring crude and energy prices forced domestic players to lean toward overseas deliveries.

As per ChemAnalyst, “The Sodium Sulphate market will showcase an upward trend on the backdrop of the soaring price of feedstock Sulphuric Acid and supply chain disruption caused due to extended hostilities between Eastern European nations. “