North American market kept on battling with domestic issues like the banking crisis, high inflation rate, slow economic activities etc., leading to frequent fluctuations in demand for several commodities, including Glutaraldehyde Prices. As per the data, feedstock formaldehyde prices fluctuated throughout the quarter, compelling prices of downstream derivatives, including Glutaraldehyde. As Glutaraldehyde has a wide number of applications in multiple industries, it is hard to predict the overall demand dynamics of the product, as it varies month over month and industry over the industry. However, the FED's frequent price revisions for domestic interest rates were also contributing to economic worries and impacting demand for the product.
The data shows that Asian Glutaraldehyde market fundamentals remained bearish throughout quarter 1 of 2023, owing to ample supplies and a narrow demand-supply gap. The price of Glutaraldehyde 50% FOB Shandong (China) and CFR JNPT (India) fell in March 2023 due to low demand and healthy production activities. The Chinese market saw a steep fall in price with no significant improvement in the economy and low overseas demand, while the Indian market also saw a significant fall in price due to low demand and cheaper imports from China. The supply remained stable, and producers kept their inventories flourishing under the expectation of improved demand. The market situation was bearish, and the demand remained low from the downstream procurers.
The European economy kept on battling with high inflationary pressure and low demand in several downstream industries during this quarter. Due to the Russia-Ukraine war, the European economy has performed below expectations, impacting regional economic activities. Data shows that demand for Glutaraldehyde from the domestic healthcare industry has remained low, while other sectors, such as Crude Oil Prices & Gas Prices and textiles, have also experienced low demand. Further, under the influence of low demand, domestic raw material prices like formaldehyde also ended up on a bearish note after facing an uptrend initially. Despite supply chain disruptions caused by snow, supplies remained stable to firm, and the narrow demand-supply gap supported a downward price trend. Additionally, the decreased threat of a recession generated hope for future demand.
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