In March 2024, the global market for Zirconium Silicate encountered fluctuations,  as the prices surged in Europe while stability prevailed in the Asian market, notably in China. Europe saw a price surge in Zirconium Silicate due to a supply shortage, alongside a downturn in manufacturing output and new orders, marking a setback for the region's industrial sector by the end of the first quarter. Consequently, Zirconium Silicate prices in European nations like Germany, Poland, Spain, and Italy dipped by 5% this month. Meanwhile, the Asian Zirconium Silicate market, particularly in China, remained steady with no significant price shifts during this period.

During this period, the Zirconium Silicate market in Europe experienced a price escalation primarily due to a supply shortage as the disruptions in the Red Sea led to longer transit times, exacerbating the situation.  Further, the decline in manufacturing activities has affected product availability in the region. Moreover, consistent weak demand from the downstream construction industry has made sellers cautious, resulting in lower inventory levels and consequent price surges. Furthermore, volumes have decreased as both individual homebuyers and companies show reluctance to invest in new construction projects due to economic fragility, elevated interest rates, and increasing building expenses. Weak demand across various supply chains has continued to put pressure on input costs, thereby influencing Zirconium Silicate pricing.

Conversely, the Asian Zirconium Silicate market, especially in China, witnessed consistent prices throughout March. Demand from downstream industries like ceramics and construction remained moderate. On the supply side, there was an ample supply to meet both domestic and international market demands, bolstered by improvements in the manufacturing sector. However, adverse weather conditions, such as late spring cold spells resulting in heavy rainfall and low temperatures in East China, initially disrupted operations at mixing plants and construction sites, affecting the market. Nonetheless, demand started to recover gradually by the end of the month. As a result, the stable equilibrium between overall supply and demand prompted traders to keep Zirconium Silicate prices unchanged in the Chinese market.

According to ChemAnalyst, the Zirconium Silicate market is expected to continue its downward trend in April in both regions, although a rebound is forecasted in May 2024 in China. The projected price decrease in the European region is primarily due to subdued demand from downstream industries, along with a reduction in freight rates, which could push market prices downwards. Similarly, the Chinese Zirconium Silicate market is anticipated to remain bearish due to moderate demand and potentially high inventory levels.