For the Quarter Ending March 2024
North America
The Ulexite market in the North America region experienced a stable pricing environment during the first quarter of 2024. The market was influenced by various factors, including supply and demand dynamics, global economic conditions, and seasonal fluctuations. Overall, the pricing trends remained consistent, with no significant deviations from the previous quarter.
In the USA, the largest market for Ulexite in the region, prices exhibited a slight increase during the first quarter. This can be attributed to stable demand from downstream industries and a moderate supply of Ulexite. The market was also influenced by global economic conditions, as well as disruptions in trade routes, such as the Panama Canal and the Red Sea. Seasonal factors played a role in price fluctuations, with the winter season leading to reduced demand from the construction sector. However, other industries, such as automotive and chemical manufacturing, continued to drive demand for Ulexite. When comparing the first quarter of 2024 to the same quarter last year, prices showed a moderate increase. This indicates a positive pricing environment for Ulexite in the region.
Additionally, there was a slight increase in prices from the previous quarter in 2024. In conclusion, the Ulexite pricing environment in the North America region, particularly in the USA, remained stable during the first quarter of 2024. The market was influenced by various factors, including supply and demand dynamics, global economic conditions, and seasonal fluctuations. Overall, prices showed a slight increase, indicating a positive market sentiment. The quarter-ending price for Ulexite FOB Savannah in the USA was recorded at USD 694/MT.
Europe
In Q1 2024, the European Ulexite market exhibited a bullish trend driven by increased demand from downstream industries coupled with supply constraints due to logistical challenges. Disruptions in global trade, notably the Houthi campaign against shipping in the Red Sea, impacted UK retailers with significant increases in container shipping prices and delays of up to a month for goods. This resulted in supply shortages of Ulexite and cash flow challenges across Europe, fostering a bullish market sentiment in the region. Additionally, the European metal industry performed well in February as buyers deferred restocking activities in anticipation of further price drops. Trading in the European spot metal market was notably subdued during the first month of the quarter, with buyers refraining from bookings despite price decreases since January. Overall, the combination of increased demand for Ulexite from downstream sectors, supply challenges due to logistical disruptions, and cautious trading behaviour in the metal market shaped the Q1 2024 market dynamics in Europe. The bullish sentiment in the Ulexite market reflected broader supply chain issues and market uncertainties stemming from global trade disruptions during the quarter.
APAC
The pricing environment for Ulexite in the APAC region during Q1 2024 has been positive overall, with significant factors influencing market prices. In general, the quarter has seen an uptick in prices compared to the same quarter last year, reflecting the growing demand for Ulexite in various industries. Several factors have contributed to the increase in Ulexite prices. One key driver has been the strong demand from downstream industries, such as construction, automotive, and chemical sectors. Increased construction activity, driven by favourable weather conditions, has stimulated demand for Ulexite in the paint and coating industries. Additionally, the shift towards conventional energy vehicles post-COP28 has led to a modest increase in demand from the automotive sector. The stability of the Red Sea situation, following Houthi Rebel attacks, has further strengthened consumer confidence and led to an increase in order placements. India, in particular, has experienced significant price changes during the quarter. Prices have shown an overall upward trend, with moderate to high demand from the domestic market. The performance of the Indian metal industry has been positive, with healthy production levels and firm demand from downstream industries. Looking at the quarter as a whole, Ulexite prices have increased by a certain percentage from the previous quarter in 2024. While there is no specific data provided for the percentage change, the overall trend indicates a positive pricing environment. In conclusion, the latest quarter-ending price for Ulexite Ex-Gujarat in India is USD 560/MT. The pricing environment for Ulexite in the APAC region during Q1 2024 has been positive, driven by strong demand from downstream industries and improved market sentiment.
For the Quarter Ending December 2023
North America
In the fourth quarter of 2023, the Ulexite market in North America experienced a stable performance, with a few key factors influencing prices. Firstly, In October, Ulexite prices in the US spot market dipped due to decreased demand from the glass industry, linked to a slowdown in construction and economic uncertainties. The plastic industry outpaced glass growth, causing a 1.8% revenue drop for domestic glass industries over five years. Owens-Illinois closed furnaces, impacting warehouse supplies.
November saw a price surge due to constrained supply and heightened demand from paint coating and fertilizers, caused by restricted imports and disruptions in the Panama Canal route. December witnessed a consistent price trend influenced by decreased demand during winter and disruptions in trade routes (Panama Canal and the Red Sea) due to drought and rebel attacks.
Adverse weather conditions reduced downstream construction sector demand, while paint, coating, and glass manufacturing sustained demand, leading to stable prices. Global economic instability and cautious buyer behavior contributed to a stable Ulexite price trend in the US spot market. The latest price of Ulexite FOB Savannah in the USA at the quarter ending December 2023 was USD 674/MT.
Asia-Pacific
In the APAC region, the Ulexite market in the last quarter of 2023 (Q4) witnessed a significant decline in prices. Firstly, in the initial period of October, Ulexite prices in the Indian spot market remained stable, driven by consistent demand from the paint, coating, and glass manufacturing industries despite economic uncertainties. The glass industry's increased demand was linked to Corning Inc.'s proposal to establish India's first gorilla glass manufacturing facility. The partnership between Optiemus and Corning Inc. also positively influenced Ulexite prices. In November, prices saw a significant uptick due to constrained supply and heightened demand from the paint coating and fertilizer industries. Domestic inventory scarcity resulted from restricted imports and disruptions in the Panama Canal route, leading traders to prefer the Suez Canal route with extended lead times and increased freight charges. Trade disruptions in the Red Sea, caused by the Houthi Rebel attacks in Yemen, further decreased Ulexite inventory, raising prices amid heightened trade activities. Favorable weather conditions in India stimulated demand in construction and downstream industries, while a global shift towards conventional vehicles post-COP28 contributed to a modest increase in the automotive sector. Consumer confidence in the stability of the Red Sea situation strengthened order placements. The quarter-ending price of Ulexite Ex-Gujarat in India is USD 525/MT.
Europe
In the last quarter of 2023, the European Ulexite market witnessed a significant decrease in prices and shifts in market dynamics. The Ulexite market in Europe encountered challenges marked by diminishing prices due to reduced demand from both domestic and international downstream industries. While construction activity remained steady in October, the glass industry experienced a slowdown due to market instability triggered by federal interest rate hikes. The Glass Alliance Europe's commitment to EU decarbonization generated optimism for an uptick in Ulexite consumption in Spain. However, in November, Ulexite prices continued to decline as demand dwindled from both local and overseas industries. The heightened production in Spain contributed to increased inventory levels. Economic uncertainties, declining raw material prices, and the approach of the winter and holiday season prompted buyers to exercise caution, refraining from placing large orders. Disruptions in the Red Sea trade, coupled with attacks by the Houthi Rebel group, impacted export activities and raised freight costs. Consumer apprehensions about rebel attacks in the Red Sea further dampened the placement of orders.
For the Quarter Ending September 2023
North America
The price of Ulexite in the US spot market saw a significant decline in Q3 2023. Lingering inflation dampened local demand, and the construction industry slowdown due to monsoon disruptions, along with a struggling housing sector during an economic downturn, led to a government interest rate hike. The paint industry refrained from ordering, and downstream industries such as paint and coating faced reduced demand. Ulexite prices plunged in August due to diminished demand from the oil, gas, and paint sectors. However, market players expected a price recovery with the growth in the electric vehicle and construction sectors in the last quarter. In September, Ulexite prices remained stable as the glass industry's demand was flat, reflecting a slow construction rate. Economic uncertainties and the growth of the plastic industry reduced Ulexite consumption. The glass industry revenue decline prompted plant closures. Global economic stability, following interest rate announcements, led to a wait-and-see approach among market players, resulting in a steady Ulexite price trend, with slightly higher supply due to reduced glass industry consumption.
Asia-Pacific
In the third quarter of 2023, Ulexite prices in India rose due to reduced extraction rates and increased demand from the paper and pulp industry. Mining activity in major Ulexite mines in Gujarat slowed down because of rainfall and the impact of the Biparjoy cyclone on Gujarat's coastal areas. Calcium Carbonate, a Ulexite by-product, saw growing demand from India's paper and pulp industries, which were expanding, partly driven by a shift away from single-use plastics. Pharmaceutical glass tubing production in Telangana also increased demand for Borax, another Ulexite by-product. Inventory levels remained firm in August, and demand from local and overseas downstream industries stabilized due to the monsoon season. Lingering inflation rates and interest rate hikes in the US and Europe affected purchasing trends. Nonetheless, increased mining activity and government plans for higher production signaled a potential bullish trend soon, driven by growth in the electric vehicle and paint and coating industries. The abundance of supply led to discounts and lower prices to attract both domestic and international buyers, while factors like inflation and the economic situation influenced demand and pricing.
Europe
During Q3 of 2023, the German spot market witnessed a decline in Ulexite prices, primarily attributed to an oversupply caused by government initiatives to stimulate the Ulexite mining industry. Additionally, global demand for Ulexite, driven by overseas nations seeking to enhance their Ulexite extraction techniques for defense-related materials, rose significantly. Ulexite, once predominantly utilized in the electronics sector, has now become indispensable in various industries, including defense, clean energy, aerospace, and nuclear technology. The heightened consumption in the German spot market during this period led local mills to increase their prices. Simultaneously, supply challenges arose due to both scorching weather conditions and decreased inventory levels, further intensifying the price dip. In the mid-Q3 phase, the market experienced a further drop in prices due to the influx of cheaper imports. Germany's economic and political climate proved to be somewhat mixed, but there remained a sense of optimism for future market activity. Notably, an important development was the memorandum of understanding (MoU) signed between Turkey and Saudi Arabia, which bolstered the supply of Ulexite.
For the Quarter Ending June 2023
North America
The price of Ulexite in the USA declined in the second quarter of 2023 due to a rise in economic instability along with a rising inflation rate. In the second quarter, the US economy faced a drastic phase as the downfall of major banks in the USA led to the debt crisis condition across the USA. The inflation rate rose at a faster pace leading to lower buying capacity from local consumers. The buyers were hesitant to place large orders as market sentiments got pessimistic. Meanwhile, the recent trade war between the USA and China has led to decreased demand for Ulexite from China. The rising cost of mining Ulexite in the USA, due to environmental regulations and labor costs is putting downward pressure on Ulexite prices. The declining prices of Ulexite are having a negative impact on the US Ulexite industry. Many companies are laying off workers and closing mines. The government is considering providing financial assistance to the industry to help it stay afloat.
APAC
The price of Ulexite in India has been on a declining trend in the second quarter of 2023 due to decreased demand from the local and overseas markets. The macroeconomic factor concerning declining economic conditions and mounting inflation rate led to reduced consumption rates by local and overseas buyers. The demand for boron from the downstream glass industries remained on a lower edge in the Indian spot market amid increased extraction rates. The increased supply from new mines in India in Gujrat and Rajasthan led to an increase in inventory level for Ulexite. The limited imports from the European and US markets due to the declining economic state amid lower manufacturing activity across the Global market provoked the buyers to place large orders. The increased interest rate in the overseas Chinese market led to a decline in demand for Ulexite ore and resulted in mounting inventory levels. As a result of the declining prices, many Ulexite miners in India are facing financial difficulties. The government is considering providing financial assistance to these miners to help them weather the storm.
Europe
The price of Ulexite in Germany has shown a decline in the second quarter of 2023amid an increased extraction rate from overseas countries such as Australia and Peru. The local inventory level was on a higher edge as the supply from new mines in South America was mounting. In Q2, the German economic condition worsened as it entered a recession period. This resulted in a lack of demand from the downstream glass and automotive industry, which is a major user of Ulexite. The buyers were hesitant to place large orders as the German spot market showed a bearish sentiment. As a result of the declining prices, some Ulexite mines in Germany have been forced to close. However, the German Ulexite industry is still relatively strong and is expected to recover in the coming quarters. Overall, the price of Ulexite has declined in Germany in the second quarter of 2023. This is due to several factors, including increased supply, decreased demand, and uncertain economic conditions. The declining prices are having a negative impact on the Ulexite industry across Germany.
For the Quarter Ending March 2023
North America
The Ulexite market in the USA observed a mixed pricing trend in the first quarter of 2023. In January Q1, the market prices surged amid increased demand from the end-use industries. In addition, the economy experienced inflationary pressure, and as a result, transportation costs rose in the region. The pricing trend continued the upward trajectory in February as the inflation issue heightened the uncertainty in the US market. In addition, the supply and demand gap widened due to weaker performance in the downstream packaging sector. The production rates were moderate and sufficient availability of the product was maintained, due to which, in March, the market prices of Ulexite tumbled as the domestic demand outlook remained subdued.
APAC
In the first quarter of 2023, the market prices of Ulexite showcased a bearish pricing trend in the Indian domestic region. The market sentiments of Ulexite were affected by limited market transactions and ample inventories of the product in the region. The domestic suppliers reduced operating rates to manage their production costs. In the mid-Q1, the market sentiments for Ulexite stabilized with a slight drop in the market prices due to stagnant demand from the downstream housewares and automotive sectors and wait-and-see consumer attitude in the region. In the last month of Q1, the prices declined amid low demand and falling prices of Agro intermediates. Additionally, the upstream Natural gas prices also plunged in this time frame in the Indian market. Thus, the market prices of Ulexite Ex-Gujarat settled at USD 636 per ton at the end of Q1 2023.
Europe
In the first quarter of 2023, the Ulexite market observed mixed pricing trends in the European region. In the first month of Q1, the market prices increased amid increased manufacturing activities and a surge in downstream demand in the region. Also, the active procurement rates from the product were observed. In February, the market prices of Ulexite plummeted owing to uncertainties regarding economic conditions and rising inflationary pressure, due to which the downstream demand deteriorated in the European region. In March, the prices declined further amid slow production outputs and a lagging demand outlook. Also, the manufacturing PMI dropped in this time frame.
For the Quarter Ending December 2022
North America
Ulexite levels have been steadily growing in North America throughout Q4. Prices have been impacted by a lack of upstream Boron supply in the early months of the year due to lesser import volumes, lower inventory levels, and reduced refinery operating rates. Ulexite prices in the United States were supported by growing crude oil prices. Moreover, during the quarter, supply chain issues contributed to the burdens of both producers and procurers. Prices have risen due to strong demand from the end user industries in abrasion or others. Ulexite FOB Savannah (USA) during December was assessed at USD 798/MT.
APAC
The fourth quarter of 2022 saw a downward pricing trend in the APAC region's Ulexite market. Ulexite's market sentiments have been impacted by the rise in COVID instances in the Chinese market, as demand for this product has dwindled as a result of lockdown restrictions. The lack of demand in the spot market and the excess supply coming from the growing regions put pressure on the price of Ulexite. The slowdown in economic activity put pressure on the Asian market. Additionally, the Ulexite downstream market also saw a decline in market transactions.
Europe
In the fourth quarter of 2022, prices for Ulexite in the European region exhibited an increasing price trajectory with small volatility. Prices were higher at the start of Q4 due to the strong demand as contrasted to the supply side's accumulated stock. The feedstock Boron remained robust, which raised the operational cost rate. At the end of Q4, the general price trend was observed to be on the rise. However, low freight prices and a large supply of available containers made logistics easy in the fourth quarter.
For the Quarter Ending September 2022
North America
Ulexite prices rose this quarter in the USA due to increased demand from downstream sectors brought on by solid demand from packaging and other end-use fertilizer areas. The pulp and paper industry's enormous demand has led to an expansion of the Ulexite market and increased prices. In addition, growing input prices have driven the product's price on the local market. Low inventories and high agricultural offtakes to meet the demand to alleviate the boron shortfall have increased the product's price. Prices for Ulexite were anticipated to be USD 780/MT in September.
APAC
Ulexite prices have risen sharply in the third quarter of 2022, owing to increased demand from the glass fiber and ceramic industries. The commodity price has increased due to increased offtakes with low supplies on the global market. The product's demand has grown internationally on the back of the agriculture sector's requirements. Owing to a surge in orders from the agricultural sectors due to its use as fertilizer to address the boron shortage, the price of Ulexite has grown in India's domestic market. Ulexite's market value in the Indian domestic market has expanded due to the significant demand from the paper and pulp sector. Increased offtakes have driven the need for Ulexite from the agriculture sector to treat the boron deficit.
Europe
Ulexite costs rose in the European region in the third quarter of 2022. The manufacturing process has also been hampered by rising upstream natural gas prices. Ulexite manufacturers now have many more opportunities on the market thanks to fundamental changes in demand in the glass, fiber, and fertilizer industries. The agricultural sector has seen a substantial increase in the need for Ulexite due to its use in treating various plant species' deficiencies of boron, a mineral crucial for plant growth. The product price has dramatically escalated because of the limited inventory levels and high market demand.
For the Quarter Ending June 2022
North America
In North America, the price of Ulexite increased throughout the Q2 of 2022, backed by an increase in demand from the end-use industries, including glass fibers and ceramic industries used as a source of forming an ultra-gloss transparent glass. In the first half of Q2, even though Ulexite prices are typically stable, present market conditions have a lot of volatility. In the second half of Q2, the fundamentals of demand for the product from the glass and fibers, fertilizers, and sectors have greatly increased the opportunities for producers in the Ulexite market. Additionally, the price of packaging and processing has gone up along with the cost of energy like natural gas, which is to blame for the increase in Ulexite's domestic market pricing in the USA.
Asia Pacific
In Asia-Pacific Region, the price of Ulexite increased throughout the Q2 of 2022, backed by an increase in demand from the to an increase in demand from the agricultural sectors as it is used as a fertilizer to cure the deficiency of Boron. In the first half of Q2, it is estimated that, unlike other extremely soluble borates, Ulexite induces a slow Boron release coherent with the slow uptake of Boron required by plants. In the second half of Q2, the tremendous demand from the paper and pulp industry has also boosted the market value of Ulexite in the Indian domestic market.
Europe
In Europe, the price of Ulexite fluctuated throughout the Q2 of 2022 due to the unpredictable market dynamics. In the first half of Q2, the prices increased in the first month due to high demand and the source of slow-release Boron for use in agricultural applications. In the first half of Q2, the use of Ulexite increased as ulexite 2-4 mm is a greyish granular substance, and it was directly used on crops or soil or in a fertilizer mixture. However, the prices were on a downward trajectory in the second month of the quarter, backed by a consistent increase in price, thus, decreasing the demand. Moreover, in the last month of the quarter, the prices increased due to the high input cost and the rise in raw materials price, mainly Boron. Thus, the price of the product remained fluctuated throughout the quarter.
