Potassium Silicate Prices Trend and Forecast
North America
The US Potassium Silicate Prices has observed a slight decline in price patterns throughout the quarter of 2023 due to weak demand from the downstream industries. The construction industry continues to be hampered by the limited availability of skilled labor. A shortage in skilled labor in the construction industry was contributing to an increase in labor rates. In addition, trade contractors are being selective in taking on work to maintain the balance with available labor. The decline in fuel prices during the first quarter of 2023 has assisted in stabilizing transportation expenses. Other construction materials like cement and concrete prices rose due to inflation in the states and subdued the usage of the Potassium Silicate market.
Asia
The Asian market witnessed an inclined trend in Potassium Silicate during the first quarter of 2023. The Korean market deteriorated due to the impact of high-interest rates and rising raw material prices, and worries about the downturn in the local housing market were escalating. As a result, businesses were paying closer attention to global marketplaces. However, South Korea’s economy narrowly escaped a recession in the first quarter of 2023, barely growing after shrinking in the fourth quarter. China has followed the same price pattern throughout the quarter. Despite challenges such as tight capital and high operating costs, market confidence improved significantly in China.
Europe
The first quarter of 2023 saw a declining trend in the price of Potassium silicate commodities in Europe due to a lack of demand around the overseas market. High-interest rates, inflation rates, and geopolitical concerns all contributed to a fall in product demand. The price of the associated commodities has increased, and the trade activities of Potassium silicate have decreased due to inflation rates. Demand dynamics persisted in their lackluster state and intended a downward trend in pricing for the entire quarter. The cost of Potassium Silicate hovered around USD 1334/MT on an FD Darlowo (Poland) basis at the end of the quarter.
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