Global Sodium Bicarbonate Prices are Likely to Surge in Early Q2 2023
- 30-Mar-2023 5:34 PM
- Journalist: Robert Hume
With the commencement of the upcoming month, Sodium Bicarbonate prices are likely to increase. The price of raw materials, particularly Soda Ash, is predicted to rise in April 2023, which would have a further positive impact on the global Sodium Bicarbonate market. The traders with limited supplies have also placed large orders for Sodium Bicarbonate, which is likely to encourage other market participants to raise their pricing and profit margins. The world's main oil importer, China, showed signs of a solid economic recovery on the back of pushing up oil prices.
Prices for Soda Ash are anticipated to increase globally in the upcoming month, particularly in the German and U.S. market. As a result, Sodium Bicarbonate prices saw a consolidation in the final week of March 2023. While Europe's greatest economy struggles with inflation, airports, bus terminals, and train stations across Germany came to a complete standstill on Monday, disrupting commutes and affecting the Sodium Bicarbonate market situation. The 24-hour strikes were the latest in months of industrial action that have impacted major European economies as rising food and energy prices have a negative impact on living standards. The Verdi Trade Union, Railway and Transport Union EVG called the strike. As railway operator Deutsche Bahn halted train services, airports, including two of Germany's major in Munich and Frankfurt, suspended flights, leaving terminals virtually desolate.
In downstream industries such as textile, food, and pharmaceuticals, demand for Sodium Bicarbonate was likewise moderate. Although the U.S. imports most of its commodities from China, prices have increased and are predicted to remain on the higher end in the next quarter. Also, U.S. consumer prices increased in the previous months at a solid pace, further affecting the Sodium Bicarbonate market situation.
According to Chemanalyst, Sodium Bicarbonate prices have bounced back to a positive trajectory and are likely to continue the same trend in the upcoming quarter of 2023.