For the Quarter Ending September 2023
North America
The CFR New York prices for sodium bicarbonate remained stable at $415 per metric ton, concluding the third quarter of 2023 on a positive note. This price stability indicated a clear preference for higher price levels, with an average quarterly increase of 1.21%. The domestic sodium bicarbonate market experienced an upward trend during the quarter, driven by growing demand across various industries. Limited to modest inventory levels compelled sellers to incrementally raise their prices each month, contributing to an optimistic price trend in the United States. Moreover, fluctuations in the currency exchange rates between the US dollar and the Yuan resulted in higher import costs in the latter part of the quarter. While inflation slowed due to changes in the US economy, the Federal Reserve's decision to raise interest rates kept market participants cautious. Warehouse costs, utilization, and inventory expenses surged at the beginning of July, causing sodium bicarbonate prices to increase due to rising inventory management and storage expenses. Midway through Q3, prices decreased significantly due to lower demand from downstream sectors and sufficient inventories, impacting the market. However, by September, prices rebounded and reached their peak trajectory. In summary, it's likely that importing countries experienced a similar trajectory to exporting countries during this period.
Asia Pacific
In the third quarter of 2023, sodium bicarbonate prices witnessed a notable rise, escalating from $301 per metric ton in July to $332 per metric ton FOB Shanghai and from $322 per metric ton in July to $345 per metric ton CFR Busan by September. This trend indicated a clear preference for higher prices, with an average quarterly increase of 5.10% and 2.32%, respectively. China, the world's second-largest economy, exhibited a slower growth rate than anticipated in the first half of 2023, extending into the second half of the year, casting a negative shadow over the beginning of the third quarter. This was mainly attributed to worsening deflation, a high rate of youth unemployment, and weak foreign demand. Several factors contributed to the price surge of sodium bicarbonate in China during this quarter, with the most influential factors being the strengthening of the Chinese Yuan (RMB) against the US dollar and increased local demand from end-user businesses. Concurrently, the prices of the raw material soda ash in the Chinese market strengthened, driven by rising energy costs. Market dynamics revealed supply constraints as acid factories maintained low inventories. Although maintenance companies gradually resumed production, demand did not show significant improvement, leading to considerable market pressure. The increased value of the Yuan and the weakening US dollar raised export costs, affecting both the local and foreign markets. Market participants meeting general demand kept their supplies relatively low, and manufacturing production remained stable throughout the period. The heightened demand and disruptions in the supply chain created an imbalance, resulting in upward pressure on prices. In the final weeks of September, just before the Golden Week holidays, both freight and manufacturing saw an increase due to a spike in demand and inquiries. Another contributing factor to the price surge was strategic bulk ordering by market participants seeking to replenish their inventories. The heightened demand prompted many buyers to expedite their sodium bicarbonate procurement, intensifying overall demand pressures during the holiday season.
Get Real Time Prices of Sodium Bicarbonate: https://www.chemanalyst.com/Pricing-data/sodium-bicarbonate-1186
Europe
In the third quarter of 2023, sodium bicarbonate costs followed a consistent trend, exhibiting a slight decline from $310 per metric ton in July to $255 per metric ton FOB Izmir in September. This trend indicated a notable price decrease, resulting in an average quarterly drop of 6.99%. Consequently, the global sodium bicarbonate market experienced an oversupply, causing a significant decline in its market value. Domestic traders, who had accumulated substantial reserves of sodium bicarbonate, strategically decided to lower their price quotes to mitigate losses, further contributing to the overall market suppression. This price decrease can be attributed to a substantial reduction in the cost of its main raw material, soda ash, in the preceding months. The lower soda ash prices subsequently reduced production costs for sodium bicarbonate manufacturers. This, in turn, made sodium bicarbonate production more cost-efficient, with these savings passed on to consumers. Additionally, a stable demand forecast for sodium bicarbonate played a crucial role in the price reduction. To stay competitive, the European domestic market adjusted prices to undercut major exporting countries, thereby influencing the sodium bicarbonate market in the third quarter.
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The Sodium Bicarbonate Market 2021 research report gives emerging industry data, global segments and regional outlook.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the sodium bicarbonate market include AGC Inc, Bashkir Soda Company, Church & Dwight Co., Inc., CIECH Group, KAZAN SODA ELEKTRIK, NATURAL SODA LLC, Novacap, Şişecam Group, Solvay, Tata Chemicals Ltd and Tosoh Corporation.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Sodium Bicarbonate Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/sodium-bicarbonate-market/download-sampleMarket DynamicsThe increasing consumption in the food industry and growing demand from the personal care industry is driving the market growth.
Whereas, the growing use of baking soda as a deodorizing agent in personal care products is expected to create potential opportunity over the forecast period.This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis.
