Contrary to global market, India Fumed Silica prices declined in May 2022
- 23-May-2022 3:38 PM
- Journalist: Peter Schmidt
Global Fumed Silica manufacturers have witnessed consistent price escalation in the international market since the Russia Ukraine tensions worsened. As per the recent assessment by ChemAnalyst, Fumed Silica prices has risen in the global market owing to steep high input cost bolstered by rising upstream values amidst high demand.
As per the ChemAnalyst data, the Asian market has showcased the steepest rise except for India, which has witnessed a marginal fall in spot purchases by the mid of May 2022. The data shows a hike of around 2.3% in Japan by the mid of May; thus, as a consecutive effect, the South Korean market showcased a steep hike of 3% in the meantime. South Korea's imported material prices have risen in the domestic market owing to changing regional market sentiments.
On the other side, India has demonstrated a decline of around 0.7% during a similar timeframe due to adequate supplies and narrowed demand-supply gap across the domestic market. However, suppliers have told ChemAnalyst that, previously, domestically traded prices ended on a high note. Therefore, in order to initiate offtakes, traders maintained overall stability in prices and started offering discounts on bulk purchases.
Talking about the European market, rising inflationary pressure, which has become a decade high, remained a major reason behind these consistent price increases in the regional market. Germany has showcased a hike of around 1.5% by the mid of May 2022, while Belgium and Netherland witnessed a marginal rise of 1.2 and 1% respectively . Since the Russia Ukraine war has started, global market sentiments have changed, especially in key European countries.
As per the ChemAnalyst estimations, Fumed Silica market is likely to remain buoyant in forthcoming months on the back of stable offtakes amidst rising inflationary pressure on consumers.