Sodium Azide Price Trend and Forecast

Sodium Azide Regional Price Overview

Get the latest insights on price movement and trend analysis of Sodium Azide in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Sodium Azide Price Trend for the First Half of 2024

Asia

In the Asian market, particularly in China and India, sodium azide prices reflected the oscillations in the pricing patterns of its raw material prices. In the first quarter of 2024, the quotations of these commodities in Asia exhibited a mixed pattern, with downward pressure early in the year due to low demand from downstream sectors, followed by an upward shift later in the quarter.
 

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This fluctuation in the prices contributed to a relatively stable sodium azide market in the region. However, in the second quarter of the year, the sodium azide market was impacted by the declining market momentum in China, driven by weak international demand and sluggish procurement from downstream industries like fertilizers and chemicals.

Europe

In Europe, the sodium azide market faced downward price pressure during the first half of 2024, largely driven by the ongoing decline in feedstock prices. The sodium azide market in Europe continued its downward trend from the end of 2023 into the first quarter of 2024, influenced by lower production costs and subdued demand.

The decrease in natural gas prices further reduced the cost of production, creating a ripple effect on sodium azide prices. Additionally, logistical challenges related to the geopolitical situation in the Middle East, which affected imports, further complicated the supply chain for sodium azide. In the second quarter, the decline in prices persisted, as demand from the agricultural sector remained weak due to disrupted supply routes and elevated freight charges. These factors contributed to a softening of sodium azide prices throughout the first half of the year.

North America

In North America, the sodium azide market followed a similar trend, shaped by feedstock price fluctuations and regional demand dynamics. In the first quarter of 2024, the prices in North America saw mixed movements due to varying levels of demand from downstream sector and stable production rates. While there was some downward pressure on ammonia prices early in the year, restocking activities in the fertilizer sector helped stabilize the market, providing modest support for sodium azide prices.

Moving into the second quarter, the North American ammonia market witnessed a continued decline in prices due to reduced purchasing activity from downstream industries, particularly the fertilizer market. This decline in ammonia prices, combined with stable manufacturing rates for sodium azide, led to bleak price trends for the compound in the region. Despite stable production levels, weak demand from key sectors, including automotive and pharmaceutical applications, further contributed to the overall downward price movement of sodium azide during the first half of 2024.

Analyst Insight

According to Procurement Resource, the price trend of Sodium Azide is expected to sustain its bearish outlook as the procurement rates of the downstream industries are less likely to improve.
 

Sodium Azide Price Trend for the Second Half of 2023

Asia

In Asia, the demand for sodium azide remained widely positive, especially in China and India, driven by its applications in pharmaceuticals and airbags for the automotive industry. However, disruptions in ammonia production, coupled with plant shutdowns in some regions, led to supply constraints. These factors, along with fluctuations in sodium prices, pushed the price trend of sodium azide upward in the region. The rising cost of raw materials, combined with strong demand, led to a steady increase in sodium azide prices during H2 2023.

Europe

In Europe, the sodium azide market witnessed a mixed trend due to fluctuating raw material availability. The rising cost of ammonia, further supported by limited natural gas supplies and increased production costs, contributed to upward pressure on sodium azide prices. However, the overall demand for sodium azide in Europe was tempered by weak performance in some end-use sectors, particularly the automotive industry, which led to a stabilization of prices towards the end of the year.

North America

In North America, the sodium azide market was largely shaped by the supply chain constraints and feedstock price fluctuations. The region experienced a moderate decline in prices during the second half of the year due to reduced demand from downstream industries, especially the automotive sector, which saw reduced output. Moreover, improved production rates and stable availability of sodium and ammonia toward the end of the year helped alleviate price pressures, leading to a more balanced market in the later months of H2 2023.

Analyst Insight

According to Procurement Resource, the price trend of Sodium Azide is expected to turn bearish in the quarters ahead as the key drivers of the market are likely to remain in the red zone during this period.
 

Sodium Azide Price Trend for First Half of 2023

Asia

In the production of sodium azide, ammonia serves as the major feedstock material and thus was able to dictate its price trend. In the first quarter of 2023, due to excess availability of feedstock material and lack of demand from the downstream industries, the price trend of sodium azide moved southwards. The second quarter also followed the same trend. In addition to the fall in demand, the export rates of China declined, which in turn hampered the market sentiments of sodium azide prices.

Europe

In European countries, the price trend of sodium azide suffered from the falling cost of natural gas. The rates of procurement in the domestic and overseas markets also dropped significantly, but the supply exceeded the demand, resulting in an imbalance between supply-demand equilibria. Further, the extreme weather conditions and unseasonal rainfall in the region delayed the farming season and thus adversely affected the price trend of sodium azide.

North America

During the first and second quarters of the year, sodium azide prices declined due to a substantial reduction in demand from both local and international buyers. Furthermore, the price trajectory was influenced by an increase in imports, with the introduction of new imports causing disruptions in the region's supply and demand dynamics.

Analyst Insight

According to Procurement Resource, the price trend of Sodium azide is estimated to follow a southwards journey due to the weak condition of its feedstock market and the consistently falling cost of natural gases.

Procurement Resource provides latest prices of Sodium Azide. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.