For the Quarter Ending June 2023

North America:

During the second quarter of 2023, Magnesium Sulphate prices in North America experienced a bearish trend. Initially, the strengthening of the US dollar led to a decrease in the import prices of MgSO4. Prices remained stable but saw a slight decline due to moderate demand and rising labor costs caused by labor shortages resulting from a regional economic recession. Additionally, the demand for MgSO4 fell during the quarter, primarily due to reduced offtakes from fertilizer industries, which was influenced by a global decrease in demand for agrochemical products by farmers. Consequently, inventory levels increased, leading exporters to lower their quotations in an attempt to boost sales. Midway through the quarter, demand and supply dynamics remained steady, but an uptick in logistics costs provided some support to product prices. Toward the end of the quarter, import prices for Magnesium Sulphate declined, leading to decreased import costs. Exporters adopted destocking practices, resulting in higher domestic inventory levels and lower product prices. By the end of the quarter, Magnesium Sulphate prices in the USA had reached USD 415/MT.

APAC:

In the Asian region, Magnesium Sulphate prices exhibited a bearish trend during the second quarter of 2023. At the beginning of the quarter, demand waned among importers due to relatively low fertilizer offtakes by regional farmers and ample supplies in the local market. Midway through the quarter, overseas markets showed strong demand for Asian fertilizers, but the strengthening of the US Dollar and weakening of other currencies affected international product prices negatively. Simultaneously, decreasing upstream Sulphur prices lowered the production costs of MgSO4. Towards the end of the quarter, there was a marginal drop in Magnesium Sulphate prices, attributed to increased buying activities leading up to the Dragon Boat Festival in China, a key regional exporter and producer. Furthermore, demand from the regional pharmaceutical sector remained moderate throughout the quarter. By the end of Q2 2023, Magnesium Sulphate prices in Indonesia had settled at USD 130/MT.

Get Real Time Prices of Magnesium Sulphate: https://www.chemanalyst.com/Pricing-data/magnesium-sulphate-1249

Europe:

Similar to the North American market, Magnesium Sulphate prices in Europe contracted during the second quarter of 2023. Initially, prices remained stable but experienced a slight decline due to moderate demand and reduced orders from buyers, owing to the steady availability of supplies. Simultaneously, sluggish consumption from fertilizer industries and diminished demand for agrochemicals in the agriculture sector negatively impacted product costs. Producers responded by revising their quotations downward to stimulate demand. Towards the end of the quarter, price declines intensified due to the continued availability of supplies from Asia and reduced buying and manufacturing activities in the region. The decision by the European Central Bank and the Bank of England to raise bank interest rates in an effort to curb inflation prompted buyers to be more cautious in their purchasing decisions, leading to a decrease in unnecessary trading activities. Furthermore, declining container freight costs further reduced the import prices of MgSO4. In conclusion, by the end of the second quarter, Magnesium Sulphate prices in the Netherlands and Spain had reached USD 394/MT and USD 418/MT, respectively.


About Us:

ChemAnalyst is a subsidiary of TechSci Research, which was established in 2008, and has been providing exceptional management consulting to its clients across the globe for over a decade now. For the past four years, ChemAnalyst has been a prominent provider of Chemical commodity prices in more than 15 countries. We are a team of more than 100 Chemical Analysts who are committed to provide in-depth market insights and real-time price movement for 300+ chemical and petrochemical products. ChemAnalyst has reverberated as a preferred pricing supplier among Procurement managers and Strategy professionals worldwide. On our platform, we provide an algorithm-based subscription where users can track and compare years of historical data and prices based on grades and incoterms (CIF, CFR, FOB, & EX-Works) in just one go.


Contact Us:

ChemAnalyst

420 Lexington Avenue, Suite 300,

New York, NY, United States, 10170

Call +1 3322586602

Email: [email protected]

Website: https://www.chemanalyst.com