For the Quarter Ending December 2024
North America
The North American sodium tetraborate market experienced notable price fluctuations in Q4 2024. Prices rose by 2.8% in October, driven by tight supply following hurricane-induced disruptions at major production facilities, such as Olin Corporation’s Texas plant. Quick repairs and temporary operational measures helped stabilize supply, while moderate imports further bolstered availability. Demand remained stable, supported by a rebound in the automotive sector and year-end stocking by key industries.
In November, prices fell 2.8% as supply recovered, aided by robust inventory levels and stable soda ash production. The glass and detergent sectors provided consistent demand, but seasonal construction slowdowns and cautious purchasing limited significant growth. Inflationary pressures further restrained consumption, despite stable performance in key downstream markets.
By December, prices rebounded with a 2.5% monthly increase, underpinned by supply chain disruptions, including port congestion at Gulf Coast ports. Year-end inventory replenishments, holiday stocking, and potential anti-dumping duties on imports drove short-term demand strength. However, subdued construction activity tempered significant demand spikes. Overall, sodium tetraborate prices in North America rose marginally in Q4, reflecting a balance between steady industrial demand and supply chain challenges, with notable contributions from the automotive and glass sectors.
Asia
In Q4 2024, sodium tetraborate prices in the APAC region exhibited mixed trends, reflecting supply-demand imbalances and seasonal market dynamics. In October, prices declined as weak demand in the glass and construction sectors persisted. Despite steady production and rising inventory levels, sluggish downstream activity and cautious purchasing limited price recovery. The mismatch between supply and demand sustained market pressure, with manufacturers focusing on managing high stock levels. By November, prices fell slightly, continuing the trend of subdued demand. The glass sector faced production slowdowns, especially in key regions like Shahe and Anhui, exacerbating supply-demand imbalances. Seasonal factors, combined with cautious market sentiment following the traditional "Golden September and Silver October" peak season, contributed to weak trading activity. In December, prices reversed course, recording a marginal increase. Stable soda ash supply and cautious pre-Spring Festival replenishment tightened supply, while steady demand from the detergent and chemical sectors provided support. Despite limited construction activity and muted export growth, the glass sector maintained stable operations, contributing to a fragile but positive price trajectory. Overall, sodium tetraborate prices in APAC showed a weak-to-steady trend in Q4, driven by a complex interplay of seasonal demand, cautious purchasing, and steady production levels.
Europe
In Q4 2024, sodium tetraborate prices in Europe exhibited mixed trends, driven by oversupply concerns, subdued demand in key sectors, and macroeconomic pressures. In October, prices declined due to an oversupplied market in Germany, with high domestic and imported inventories. Stable upstream costs allowed producers to maintain output, but sluggish demand from the glass and construction sectors, coupled with cautious procurement practices, led to bearish market sentiment. By November, prices eased further, decreasing, as steady supply and sufficient inventories balanced the market. Demand remained stable in sectors like glass and detergents, but macroeconomic uncertainties, inflationary pressures, and potential trade disruptions tempered market activity. Excess stock from earlier production sustained oversupply risks, limiting price recovery. In December, prices rebounded, fueled by reduced European production and low year-end inventories. Despite subdued demand from glass manufacturing and export-driven industries, a strong recovery in automotive production boosted glass consumption, driving demand for sodium tetraborate. Local suppliers maintained stable output, mitigating supply chain disruptions caused by storms in northern Germany. Overall, Q4 2024 saw sodium tetraborate prices in Europe fluctuate amid a complex interplay of oversupply, cautious demand, and sector-specific dynamics.
For the Quarter Ending September 2024
North America
In Q3 2024, the North American Sodium Tetraborate market experienced a period of increasing prices, driven by several significant factors. Supply disruptions due to severe weather events, such as hurricanes, and plant shutdowns [Hurricane Beryl, Tropical Storm Francine] hindered production and logistics, leading to constrained supply and rising prices during the third quarter of 2024. Demand remained moderate to high, particularly in the glass sector, supported by strong employment growth in construction and robust home prices. These factors contributed to a bullish market sentiment, with prices steadily climbing throughout the quarter.
The USA witnessed the most significant price changes in the region, with a 4% increase from the previous quarter. Seasonal weather patterns and the ongoing hurricane season added further pressure to prices, reflecting a positive pricing environment. The correlation between supply constraints and increased demand fueled the price surge in the USA market.
The quarter-ending price for Sodium Tetraborate Decahydrate DDP New York in the USA stood at USD 1306/MT during September 2024, marking a considerable uptrend in pricing dynamics.
Asia
In Q3 2024, the Sodium Tetraborate market in the APAC region witnessed a notable decrease in prices, with China experiencing the most significant fluctuations. The quarter was characterized by a challenging environment, marked by disrupted supply chains and weakened demand. Factors such as supply chain disruptions, including severe weather conditions and operational bottlenecks, contributed to the downward pressure on prices. Additionally, reduced demand from downstream industries, particularly the glass sector, further exacerbated the negative pricing trends. The quarter saw a 6% decrease from the previous quarter, with a notable 3% drop between the first and second half of Q3. Plant shutdowns, such as those caused by Typhoon Gaemi, added to the supply constraints during the period. The quarter ended with Sodium Tetraborate FOB Dalian in China priced at USD 653/MT, reflecting the overall declining sentiment in the market. The overall pace of on-site inventory reduction was slow, with ample supply and high inventory levels. Pre-National Day stocking demand had been partially fulfilled, resulting in a decrease in finished product inventory. Overall, the supply side provided moderate support for the Sodium Tetraborate prices during the third quarter.
Europe
In the third quarter of 2024, the European Sodium Tetraborate market experienced a notable decline in prices, driven primarily by weak demand and abundant supply. Throughout September, market conditions softened as ample supply became the dominant factor influencing the pricing landscape. Prices saw a downward trend as weak demand across key end-use industries, particularly in the construction sector, led to a surplus of material in the market. One of the main contributors to this market dynamic was the sluggish demand from the glass industry, which relies heavily on Sodium Tetraborate. Furthermore, competitive pricing strategies across the European market intensified the price decline. Manufacturers and suppliers sought to maintain market share amid rising energy costs and challenging economic conditions, particularly in France, where the most pronounced price changes were observed. Overall, the combination of oversupply, reduced construction activity, and economic challenges weighed heavily on Sodium Tetraborate prices in Q3 2024, with the market expected to remain under pressure until demand fundamentals show signs of recovery. The overall trend in Q3 showed a consistent decrease in prices, with a notable 5% change from the previous quarter and a substantial 11.7% drop between the first and second half of the quarter. In Germany specifically, the pricing environment remained negative, reflecting the broader European trend. The quarter ended with Sodium Tetraborate priced at USD 795/MT CFR Hamburg, underscoring the prevailing bearish sentiment in the market.
For the Quarter Ending June 2024
North America
In Q2 2024, Sodium Tetraborate pricing in North America experienced a marked upward trajectory, underpinned by a confluence of supply-side constraints and burgeoning demand across various sectors. The quarter has been significantly impacted by disruptions in the supply chain, notably exacerbated by severe weather events, including the hurricane season which constrained production and elevated costs. Furthermore, logistical challenges at major shipping routes, such as the Panama Canal, contributed to the tightened availability of Sodium Tetraborate.
Elevated input costs, particularly in crude oil and natural gas, also played a critical role in driving prices higher, as producers faced increased operating expenses. Inflationary pressures and higher commodity prices further compounded the situation, leading to a robust price environment. Focusing on the USA, where the maximum price changes were observed, the market displayed a strong bullish trend. Seasonal factors such as increased industrial activity and the ripple effects of the hurricane season significantly influenced price dynamics, with notable correlations to upstream cost fluctuations.
Reflecting a 13% price escalation from the first to the second half of the quarter. The pricing environment in the USA remained predominantly positive throughout Q2 2024, culminating in a quarter-ending price of USD 868/MT for Sodium Tetraborate FOB Illinois. This quarter underscored the volatility and sensitivity of the Sodium Tetraborate market to external supply disruptions and seasonal demand fluctuations, driving a consistent upward pricing sentiment.
APAC
In Q2 2024, the Sodium Tetraborate market in the APAC region experienced a marginal upward trend in prices. This quarter has been marked by a confluence of factors driving the increase, such as rising input costs, an uptick in container freight rates, and a series of General Rate Increases (GRIs) implemented by carriers. Elevated upstream crude oil prices and heightened logistical expenses also played pivotal roles in augmenting the overall cost structure. The surge in container freight rates, largely attributed to a severe shortage of container space, compounded the upward price pressure, making it remarkably challenging for market players to maintain competitive pricing structures. Focusing on China, the market witnessed the maximum price escalations. The increased production activities, fuelled by profitability improvements among aggregation enterprises, led to higher input costs. The rise in Sodium Tetraborate prices was further propelled by enhanced freight costs and production cuts in export markets, notably Taiwan and South Korea. Despite a slight decline in the Manufacturing Purchasing Index, the overall sentiment remained positive due to an incremental production trajectory. Seasonality factors played a role, with the second half of the quarter reflecting a more pronounced price increase compared to the first half. The latest quarter-ending price for Sodium Tetraborate FOB Dalian in China stood at USD 716/MT, marking a resilient end to the quarter. The pricing environment, thus, has been decidedly positive, driven by robust market dynamics and a significant recovery in manufacturing activities, despite some lingering challenges. The overall trend suggests a stable yet progressive pricing outlook, bolstered by sustained demand and controlled supply disruptions.
Europe
In Q2 2024, the Sodium Tetraborate market in Europe experienced an upward trend in prices, driven predominantly by multiple supply disruptions and persistent demand fluctuations. A notable factor influencing market prices was the series of regional supply chain challenges, such as the ongoing strike action by the French National Federation of Ports and Docks and severe flooding in Germany, which significantly hindered logistics and production rates. Additionally, production constraints due to plant shutdowns, including a critical facility in Germany, exacerbated the tight supply situation, pushing prices higher. Germany witnessed the most pronounced price changes in this period, reflecting broader market trends and specific local factors. The German market grappled with low production rates and increased input costs, while inflationary pressures and destocking efforts further influenced price dynamics. The downstream construction sector faced a muted demand, resulting from elevated interest rates and economic stagnation, yet the limited availability of Sodium Tetraborate kept prices buoyant. The overall trend in Germany leaned toward a steadily increasing pricing environment, with seasonality playing a role in demand variations. Price changes correlated strongly with supply constraints and logistical disruptions, highlighting the market's sensitivity to external pressures. The comparison between the first and second halves of the quarter showed a 3% price increase, reflecting consistent upward momentum. Conclusively, the market sentiment remained bullish, with the latest quarter-ending price at USD 900/MT of Sodium Tetraborate CFR Hamburg, indicating a positive pricing environment dominated by supply challenges and steady demand.
For the Quarter Ending March 2024
North America
In Q1 2024, the pricing environment for Sodium Tetraborate in North America was characterized by mixed sentiments with some fluctuations in the USA market. In the USA market, Sodium Tetraborate prices experienced a significant decline of 4.2% in February 2024. This decrease was primarily driven by reduced costs of the key feedstock, Boric Acid, which led to lower manufacturing expenses.
Additionally, a slowdown in purchasing activity in downstream sectors, particularly in agriculture and construction, contributed to a buildup of inventory, further putting downward pressure on prices. In January 2024, Sodium Tetraborate prices remained stable in the USA market. This stability was influenced by balanced upstream and downstream factors, with demand from downstream industries remaining unchanged and ample supply availability.
The price stability was also supported by a reduction in the price of a key feedstock, Soda Ash, which helped to reduce production costs. Looking at the overall trend and seasonality, Sodium Tetraborate prices in the USA market experienced a 9% increase in March 2024, mainly due to higher shipping costs caused by diversions in shipping routes away from the Red Sea. However, the market remained bearish overall, with a 4% decrease in prices in February 2024.
APAC
In the APAC region, the pricing of Sodium Tetraborate during Q1 2024 exhibited a mixed trend, influenced by various factors. In China, Sodium Tetraborate prices initially declined in January 2024 due to reduced import prices and sluggish demand in the agriculture and construction sectors. However, prices rebounded in February 2024 due to a tight supply caused by lower production activities during the Lunar New Year holiday. Consequently, the market witnessed a bearish trend in January followed by a bullish trend in February. Contrastingly, the Indian market saw fluctuation within a narrow range with minimal changes in prices. The cost dynamics of its key feedstock, Soda Ash, played a significant role in maintaining this price trend. Overall, the pricing environment for Sodium Tetraborate in the APAC region during Q1 2024 was mixed. While China experienced significant price fluctuations, with prices reducing by more than 10% in the first quarter of 2024 compared to the previous quarter, the Indian market remained relatively stable within a narrow price range.
Europe
In Q1 2024, Sodium Tetraborate prices in Europe experienced a mixed pricing environment, with both positive and negative trends observed. Overall, the market was influenced by factors such as constrained raw material supply, elevated production costs, and fluctuating demand from various sectors. The limited availability of soda ash, a key feedstock for Sodium Tetraborate, led to higher raw material expenses for manufacturers. This scarcity disrupted the supply chain and resulted in increased production costs. Strikes across European countries also impacted transportation, leading to higher transportation charges and affecting prices. Demand for Sodium Tetraborate remained moderate to high, driven by the healthcare and laundry sectors. However, demand from the agriculture sector was slightly lower due to farmer protests and tax increments. Belgium experienced the maximum price changes during this quarter. Prices for Sodium Tetraborate in Belgium declined in January 2024, primarily due to reduced production costs and ample inventories. However, prices rebounded in February and March due to improved demand from downstream industries and higher production costs. In terms of seasonality and correlation, there was a slight decline in prices compared to the same quarter last year. However, there was a positive correlation between the previous quarter in 2024, with prices increasing gradually. In conclusion, the pricing environment for Sodium Tetraborate in Q1 2024 in Europe was generally mixed, prices reduced in Q1 2024 by around 3.5% compared to the previous quarter.
