In the first quarter of 2023, North America experienced moderate to low Sodium Metasilicate Pentahydrate Prices. This was mainly due to slow economic activity, despite production continuing without any interruptions. Although the construction sector partially improved by the end of the quarter, it still faced inflationary pressure. Further, labor shortage also restricted the actual growth in demand from the downstream industries. The FED's frequent price revisions on domestic interest rates were also contributing to economic concerns and affecting demand for the product.
For Sodium Metasilicate Pentahydrate, prices decreased in both Chinese and Indian markets due to low demand and oversupply. Production activities remained strong in both countries, but the anticipated improvement in the Chinese economy did not materialize. This led to an abundance of products in the market and cheaper imports from China and South Korea. The decrease in overseas demand also contributed to the decline in prices. In both markets, supplies remained stable, and no notable disturbances in the supply chain were observed. The market situation for Sodium Metasilicate Pentahydrate was bearish, and the demand remained low from the downstream procurers.
Due to the Russia-Ukraine war, the European economy has performed below expectations, impacting regional economic activities. Data reveals that demand for Sodium Metasilicate Pentahydrate from the domestic automotive sector has remained low, while other sectors, such as construction and textiles, have also experienced a seasonal slowdown. Despite supply chain disruptions caused by snow, supplies remained stable to firm, and the narrow demand-supply gap supported a downward price trend. The reduced threat of a recession generated optimism for future demand.
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