What causing Sodium Silicate price to incline globally
- 16-May-2022 5:14 PM
- Journalist: Rene Swann
The latest analysis by ChemAnalyst shows global Sodium Silicate prices have displayed a significant hike during the first half of May 2022. Global demand fundamentals have been hampered under the influence of frequently shifting market dynamics in different regions. As per the data, the Sodium Silicate price has risen in the global market except in China due to ongoing pandemic-related uncertainties.
Global inflationary pressure has been compelling key players to revise their offers more frequently than ever before, which is affecting Sodium Silicate prices in the Asian market. As per the latest data, a rise of around 4.5% has been observed in product prices during the month of April 2022 in India and posing another hike of 5.5% by the mid of May 2022. These sharp increases were bolstered by stable demand from the domestic market coupled with high input costs, supported by the weakening rupee value against the USD.
On the other side, other Asian economies like Vietnam, Japan, and South Korea have showcased marginal hikes of around 1%, 1.8%, and 1.2%, respectively, during April 2022 and standing with another hike of around 1% to 5% by the mid of May 2022. As per the latest insights, these hikes were primarily driven by escalating raw material costs due to expensive imports.
Meanwhile, the Chinese market has been on the edge of country-wise lockdown, where demand fundamentals for several commodities especially related to construction chemicals, have declined during the past couple of months. However, despite all the odds, traders managed to maintain price buoyancy during April, which later started tumbling in the very next month, and the fall of more than 2.5% has already been observed by the mid of May 2022.
Talking about other regions like Europe, German traders has witnessed a huge increment of 7% by the mid of May, owing to stable demand from the domestic market supported by rising energy cost due to the ongoing Russo-Ukrainian war. ChemAnalyst market sources revealed that the hike in raw material costs was primarily driven by the energy crisis going on in Germany, where the worsening war situation has further disrupted the natural gas supplies in the country.
ChemAnalyst has estimated another round of price increment in the coming months, as the current market situation is not going to vanish anytime soon.