Sulphuric Acid Prices Plunge in Belgium Amidst Weak Demand
- 17-Jan-2023 3:34 PM
- Journalist: Peter Schmidt
This month, the price quotation of Sulphuric Acid by the traders was weak in Belgium. The enterprise has lowered its price to relieve inventory pressure due to poor shipments from domestic refineries. The demand from the downstream fertilizers market has been stable due to steadiness in utilizing the product in the regional market.
Amid an uncertain outlook, Belgium data showed that global demand for Sulphuric Acid continues to weaken in the international market, relieving pressure from the supply chains that operate the world's largest economy. There has been a decline in crude oil prices due to fears of future demand weakness dragging down the price of ship fuel.
The market value of Sulphuric Acid plummeted in the Belgium market during the first month of 2023, compared to the last month of the previous year, with monthly pricing of USD 217/tonne IR Grade FD Antwerp as per ChemAnalyst Research Team Data. The Sulphuric Acid analyst of the business community believes that in the short term, the Sulphuric Acid market may fluctuate slightly under the influence of supply and demand along with raw material Sulphur.
The supply chain in the Belgium market was observed to be disrupted in the domestic market, affecting the market sentiments and causing a shortage of products. The demand for the downstream fertilizers decreased in the Belgium market, due to which Sulphuric Acid prices fell with supply and downstream fertilizers market value changes.
The consumption of Sulphur based derivatives decreased, widening the market in terms of prices. Prices have risen as feedstock (Sulphur Di Oxide) costs fluctuated in the regional market and were met with falling consumption levels. The costs of Sulphuric Acid in the European market during January 2023 decreased due to a fall in the procurement of raw materials and other capital to produce the product.