Is Sodium Benzoate Following the Footmark of Benzoic Acid Market?
- 13-May-2022 9:22 PM
- Journalist: Francis Stokes
Mumbai, India: Ever since the coronavirus came into existence, it has become hard to predict or keep track of market sentiments of different products. Especially in Asian countries like India and China, the market has become as vague and uncertain as it was never before. It became pretty difficult for anyone to identify the factors affecting a particular market.
Now, as the market of Benzoic Acid was observed contradicting in China and India, the ongoing trend of downstream Sodium Benzoate became the subject of discussion, and why it wouldn’t be?
It’s no surprise that a downstream product is tracing its feedstock path; however, it’s unusual in such a fluctuating market scenario, where too many factors are functional. ChemAnalyst researchers spoke with several Sodium Benzoate manufacturers and traders to decipher the truth.
A manufacturer from Pune, Maharashtra, quoted, “The prices of Sodium Benzoate has been increasing in the Indian domestic market as Benzoic Acid prices are surging.” This implies that the Soaring Benzoic Acid price value is the primary factor propelling Sodium Benzoate Prices. As it was confirmed by ChemAnalyst earlier, the Benzoic Acid market is gaining momentum in India amidst rising Toluene prices and augmenting freight charges on imports from China.
Contrary to that, the Benzoic Acid value in China has been declining due to the sudden drop in Toluene prices, which depicts that the Sodium Benzoate prices might also be falling in the country.
As per ChemAnalyst, “In countries like China and India, feedstock prices would remain the major force behind shaping the market trend of Sodium Benzoate. As Benzoic Acid prices are escalating in India and going down in China, Sodium Benzoate prices are following the same in respective countries.”
Let’s wait and see how long feedstock would be deciding the market of Sodium Benzoate. ChemAnalyst will keep its eye out to witness any twist and turn in the scenario. Stay with us to be updated about the future market sentiments of Sodium Benzoate