Sodium Molybdate Exports Fall From Chile, Prices Remain Lacklustre Across the Globe

San Antonio, Chile: The global Sodium Molybdate market continued to follow a declining price trajectory in June 2023. However, the attitude towards the demand is still dubious, on the back, disrupted market sentiments from the downstream industries of the Sodium Molybdate. Additionally, reducing the consumption rate of Sodium Molybdate from the major Coating and Agriculture sectors added sufficient stocks in the regions for their further requirement. Furthermore, export activities have plunged from Chile's market as lackluster inquiries of Sodium Molybdate have been observed from the European and US markets in the last few months. All these factors are manipulating traders for further investment in the product, and subsequently, low bidding offers among the suppliers are observed.

In the European market, the prices of Sodium Molybdate continued to remain at the lower end. Because of the current market dynamics and conditions, the demand from the downstream coating, construction, and steel industries is still below average. In addition, the producers remain skeptical about increasing the prices for the domestic market as the region was well supplied with the product's availability. Also, significant manufacturing units have cut their production rate to avoid the further building of stocks, as buyers refrained from placing large orders. Furthermore, the energy crises, rising interest rates, and the slow global economy all tumbled the European region's economic growth rate.

In the US market, the price of Sodium Molybdate followed a downward trend similar to the European market. Much uncertainty is related to the demand outlook from the coating and construction sector in May 2023. Steel production in the US registered a fall of 2.3 percent, although Global steel production fell 5 percent in May. This signifies that the plants are being operated at a lower production rate. Additionally, the spot market continued to observe a slower pace, despite the lower spot price offers; petitions from the enterprises remained low as the manufacturers were seen under pressure with a declining demand situation and found to claim a lower consumption rate of Sodium Molybdate. Furthermore, Suppliers continued to receive fewer requests about the product, and ventures remain reluctant to increase the prices further for the regional and overseas markets.

As per ChemAnalyst database, 'The prices of Sodium Molybdate in the US and European market are anticipated to showcase declining market trends in the forthcoming months, as the downstream Coating and Construction industries are expected to operate at a lower pace which will directly impact the consumption of Sodium Molybdate. Additionally, trading activities of Sodium Molybdate from the US to European countries are anticipated to slump amid a lower purchasing environment and weak cost support among the end-users. Declining freight and transportation charges due to sufficient container availability and low trade volume are anticipated to support the feeble price trend.