The market for Magnesium Sulphate has sustained its firmness, exhibiting a persistent upward trajectory in prices in April 2024. It recorded a significant increase of 12.5%, reflecting a steady and gradual ascent driven by robust demand outpacing supply. The Magnesium Sulphate market experienced substantial demand from personal care product manufacturers driven by a thriving cosmetic sector. In late April, Beiersdorf exhibited strong performance in Q1 2024, with surge in sales by 7.3%. At the same time, the US and European pharmaceutical markets saw growth rates of 19% during Q1 2024. Novartis reported a net sales increase of 11% year-on-year, totaling 11.829 billion USD. At the same time, the market experienced inadequate availability of Magnesium Sulphate stocks, caused by the affected operating rates at manufacturing facilities primarily attributed to limited supplies of feedstocks.

The Magnesium Sulphate manufacturing rates were affected by inadequate availability of feedstock Magnesium and Sulphuric Acid supplies. Shaanxi Zhongxin, in exporter China, with a Magnesium production capacity of 28,000 tons per year, halted magnesium smelting on March 26, 2024, for maintenance on semi-coke-making and desulfurizing equipment, aiming to resume operations by April 21. It produced 7.5 kilotons in Q4 2023 and 7.3 kilotons in Q1 2024 and currently holds no inventory. At the same time, the feedstock Sulphuric Acid market witnessed inadequate availability of supplies due to reduced production rates during the past weeks and improved demand from agrochemical industries.

Orders for Magnesium Sulphate were robust from Personal care product manufacturers. Beiersdorf demonstrated strong performance throughout the first quarter of 2024, showcasing robust growth and positive results. Beiersdorf's Q1 2024: Sales surge to Euro 2.6B, up 7.3% organically. Strong growth across Consumer brand portfolio: NIVEA (+12.6%), Derma (+10.2%), La Prairie (+1.0%). Consumer Segment sales reach Euro 2.2B, up 10.0% organically. Derma and luxury segments also show solid growth, indicating recovery from the 2023 challenges. At the same time, Magnesium Sulphate inquiries were firm from the Pharma sector. The pharmaceutical industry performed well. Roche's total revenue for the first quarter amounted to 14.399 billion Swiss francs (approximately 15.7 billion US dollars), marking a 2% year-on-year increase (at constant exchange rates). Within this, revenue from the pharmaceutical business was 10.921 billion Swiss francs (approximately 11.9 billion US dollars), up by 2% year-on-year (at constant exchange rates). However, Magnesium Sulphate inquiries were sluggish from the food sector amid an estimated increase of regional food inflation by 7.7%. 

At the end of April 2024, the Magnesium Sulphate FOB Hamburg quotations witnessed USD 405/MT.

As per the estimation, the Magnesium Sulphate offtakes may drop in the market during the mid-quarter as demand is estimated to decline from the beauty and wellness sector. Simultaneously, the expectation of increased availability in feedstock Magnesium supplies is poised to alleviate production costs, potentially leading to a decrease in Magnesium Sulphate prices in the European market in the weeks ahead.