For the Quarter Ending September 2023
Magnesium Sulphate prices in North America exhibited fluctuating movements, experiencing a nearly 12% increase during the third quarter of 2023. At the quarter’s onset, prices surged due to heightened demand for Magnesium Fertilizer from the Horticulture sector, aiming to enhance cultivation rates amidst the global food inflation upswing and decreased importation of Russian fertilizers. Mid-quarter, prices saw a marginal decline as production costs reduced in the exporting region. The Federal Reserve Bank’s decision to raise interest rates to curb inflation led to decreased buyer demand, causing an economic slowdown. Fertilizer demand in the Horticulture sector remained moderate. Toward the quarter’s end, limited production rates resulted from elevated Magnesium Powder prices, increased inquiries, and constrained supplies. Exporters raised quotations due to rising demand from regional buyers engaged in intensified crop cultivation. Meanwhile, Pharma sector demand remained moderate. Ultimately, by the end of Q3 2023, Magnesium Sulphate prices in the USA reached USD 462/MT.
In Asia during the third quarter of 2023, Magnesium Sulphate prices depicted mixed sentiments. Early in the quarter, prices rose due to global demand surges amid escalating global food inflation and increased consumption in the Horticulture sector. El Nino effects disrupted rain patterns, impacting demand-supply dynamics with storms like Doksuri Saola and heavy rainfall. In the latter half of the quarter, prices surged again as suppliers restricted supply rates due to moderate production rates and heightened inquiries for Magnesium Powder feedstock. Simultaneously, fertilizer manufacturers increased demand for the Autumn season. Stocking activities rose toward Q3’s end in anticipation of the Golden Week Holidays in key exporting regions like China. By the quarter’s close, Magnesium Sulphate prices were at USD 119/MT in South Korea and USD 130/MT in Indonesia.
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Magnesium Sulphate prices in Europe experienced shifting dynamics in the third quarter of 2023. Initially, prices rose due to reduced Russian fertilizer imports and increased Horticulture sector consumption, driven by the need to enhance cultivation rates amid global food inflation and dry weather. Mid-quarter, prices stabilized, dropping negligibly as offtakes and procurement activities slowed, while increased production rates resulted from lower Magnesium Powder prices. However, prices surged toward the quarter’s end due to heightened Magnesium Powder prices and increased inquiries, coinciding with inadequate inventory levels during the regional summer holiday and limited feedstock Magnesium supplies. In conclusion, Magnesium Sulphate prices rose by nearly 16% during the quarter. By the quarter’s end, prices in Italy and Spain were USD 514/MT and USD 484/MT, respectively.
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