In the North American market, the Sodium Bromide Prices observed a mixed pricing trend in the first quarter of 2023. The market sentiments for the product were in positive territory in the first month of Q1 2023 amid increased production rates and a surge in demand from the downstream oil and gas drilling industry. In the next two months of Q1, the market prices of Sodium Bromide plummeted owing to weaker demand in the downstream oil and gas drilling industry and suppressed inquiries from domestic as well as international market participants. Amid looming inflationary pressure, uncertainties regarding the economy and the collapse of two banks in the US resulted in a weaker consumer demand outlook.
In the first quarter of April, the Sodium Bromide market in India showcased mixed pricing trends. The prices remained on a bullish trajectory in the first month of Q1 amid increased procurement of higher-priced Sodium Bromide from the European markets in the region. In the second month, the market prices plummeted due to moderate demand from the downstream industries in the domestic region. In March, the prices dropped slightly owing to weaker cost support from the upstream Bromine. The market prices fell primarily due to built-up inventories and moderate demand from the downstream oil and gas drilling industry in the domestic region. Thus, the market prices of Sodium Bromide CFR JNPT settled at INR 1829.53 per ton at the end of Q1 2023.
In the first quarter of April, the Sodium Bromide markets in the European region exhibited mixed pricing trends. The market prices observed a bullish argument at the spot market in the first month of Q1 owing to higher energy prices that directly constrained the availability of the material in the region. In February, the prices fell drastically, and the market fundamentals remained bearish in the region as the overseas inquiries dropped and the major manufacturers had ample inventories of the product. The prices continued to drop in March amid built-up inventories and sluggish demand outlook from the downstream water treatment and oil drilling industries. Thus, the offered quotes for Sodium Bromide FD Barcelona settled at USD 1780 per tonne at the end of Q1 2023.
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