Sodium Cyanide Price Trend and Forecast

Sodium Cyanide Regional Price Overview

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

Sodium Cyanide Price Trend for the First Half of  2024

Asia

Sodium cyanide prices observed a mixed trend during the first half of the year 2024, driven by variations in its upstream and downstream dynamics. The first quarter was relatively more stable and positively inclined in Asia, primarily because the upstream cost pressure was sustained for the majority of the first three months. Feedstock costs were high, and the commencement of the Israel-Hamas war in the Middle East disturbed the supply chains, further amplifying market uncertainties.
 

Sodium Cyanide Price Chart

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This led to unpredictable market behaviors in some regions. Some suppliers started hoarding products, anticipating production halts, while others tried to vacate the inventories. Amidst this, the market remained conflicted for the most part. As crude oil prices took a slight downturn in both India and China in the second quarter, the sodium cyanide market also experienced some relaxation. Overall, mixed market sentiments were witnessed.

Europe

In the European sodium cyanide market, the pricing outlook was not very different from the Asian sodium cyanide markets; the prices were found to fluctuate here as well. The European markets were relatively more disturbed than other global markets. Primarily, the long ongoing war in the European backyard between Russia and Ukraine intensified even more as it entered its third year. Along with that, the emergence of armed conflict between Israel and Hamas created more troubles for the already disturbed supply chains. The downstream consuming sentiments were generally weak, while the upstream dynamics remained the primary driver for the most part.

North America

In the American markets, the sodium cyanide prices were similar to the Asian and European sodium cyanide markets. The price graph showcased similar fluctuations; however, the overall market trajectory was still stable since the external disturbances were not as influential. The downstream mining industries, too, offered substantial support. The feedstock availability was sufficient. Overall, a more moderate and average price performance was witnessed for sodium cyanide in America during H1’24.

Analyst Insight

According to Procurement Resource, Sodium Cyanide prices are expected to waver in the upcoming quarters owing to the current supply and demand equation.
 

Sodium Cyanide Price Trend for the Second Half of 2023

Asia

In the early months of the third quarter, traders were optimistic about the price trajectory of sodium cyanide due to rising costs of feedstock materials like ammonia and methane, suggesting higher production costs.

Alongside increased procurement rates from downstream industries and gradually rising manufacturing expenses, sodium cyanide prices saw an upward trend. However, this optimistic market sentiment lasted only until the middle of the following quarter. Although initially supported by growing demand from both domestic and overseas industries, the prices eventually fell as export rates declined and the supply-demand gap widened due to excessive supply and subdued demand.

Europe

The price escalation of sodium cyanide in Europe during the third quarter of 2023 was driven by heightened consumer interest in both domestic and international markets.

This growth was further fueled by rising natural gas costs and the depreciation of the European economy against the US Dollar. Additionally, a temporary production halt by major industry players led to rapidly depleted inventories in the fourth quarter. However, later in the quarter, market conditions were dampened by increasing uncertainties in trading activities and disruptions in traditional trade routes, particularly due to issues with the Red Sea route.

North America

In North America, sodium cyanide prices initially saw only a slight increase in the third quarter. However, as consumers began stockpiling feedstock materials, production costs rose. Supply shortages were exacerbated by strong demand from both domestic and international markets and reduced export rates from Asian countries. Unlike the markets in Asia and Europe, North America managed to sustain its positive momentum into the fourth quarter, with sodium cyanide prices continuing to rise due to favorable consumer sentiments.

Analyst Insight

According to Procurement Resource, the price trend of Sodium Cyanide is expected to continue its northward trajectory as the uprising trading challenges and rise in the cost of raw materials will favor an uptrend in the pricing patterns of sodium cyanide in the upcoming quarters.
 

Sodium Cyanide Price Trend for First Half of 2023

Asia

The first and second quarters of 2023 witnessed a declining trend in the prices of sodium cyanide as the feedstock market failed to provide the required support.

The major factor that influenced this decline was the weak demand from the downstream industries, leading to a significant rise in the level of inventories. This low demand and high availability of sodium cyanide widened the supply-demand gap and, thus, negatively impacted the price trend of sodium cyanide.

Europe

The cost of feedstock materials fell consistently in the first and second quarters of 2023 due to the significant decline in prices of natural gas. In addition to this, low demand from downstream industries, restricted supply from Russia, and excess availability of the materials in the region affected the price trend of sodium cyanide throughout this phase. Overall, the market dynamics of sodium cyanide were also challenged by the negligible number of offtakes from domestic and international buyers, and as a result, the price trend of sodium cyanide declined in the European market.

North America

In North America, the price trend of sodium cyanide was majorly affected by the short demand for feedstock materials and rising levels of inventories in the first and second quarters of 2023. The decline in the prices was much more prominent in the second quarter.

The diminished level of inquiries, low consumption of consumers, and weak movement of its derivatives proved to be some major challenges in the region. In addition to this, the rate of exports to other North American countries also declined as the sea levels were not favorable, and thus, the price trend of sodium cyanide went southwards.

Analyst Insight

According to Procurement Resource, the price trend of Sodium Cyanide is estimated to decline in the upcoming quarters due to poor performance and negligible support from the feedstocks sector.

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