Pandemic in China Strengthen Sodium Silicate Prices in Asia
- 08-Jun-2022 3:41 PM
- Journalist: Harold Finch
Ongoing market disturbance globally has been concerning key economies, making them anxious about inflation and industrial activities across their domestic market. ChemAnalyst has recently analyzed the market trend of Sodium Silicate, which shows a significant price variation during the first week of June in comparison with the price of May.
As per the data, an excessive hike of around 5% has been observed during the first week of June in India, followed by a previous revision of around 6% during May. Since China has undergone stringent lockdowns restrictions, imports have fallen enormously, leading to inadequate product availability in the Indian market. Furthermore, rising raw material Soda ash prices also remained a key reason behind these huge price revisions in India.
Despite being an exporter, China has also faced a significant price revision during May and June. As per the data, an increment of around 2% has been observed entering June 2022. ChemAnalyst market source revealed that producers had reduced their output sustain their product value, which could be depreciated by surplus supply. Furthermore, due to pandemic-related restrictions, trade disturbance across the domestic market also remained a major factor behind these price revisions.
The devastation caused by the pandemic in China also impacted the market of Japan and South Korea. The data shows that Japan and South Korea Sodium Silicate prices have hiked by around 2% and 1.5%, respectively, during the first week of June, in accordance with the ongoing market disturbance in China. However, market participants have been keenly looking forward to alternative routes of imports, but the inflations are not letting prices stabilize or decline across the global market.
Similar market sentiments have been observed for Vietnam and Indonesia in the meantime. Indonesian markets were hampered due to China, while Vietnamese players have been anxious due to unbalanced trade activities from neighbouring nations. ChemAnalyst data shows hikes of around 3.7% and 2% for Indonesia and Vietnam respectively, by the end of the first week of June 2022.