SOP (Potassium Sulfate) Price Trend and Forecast

SOP (Potassium Sulfate) Regional Price Overview

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

SOP (Potassium Sulfate) Price Trend for the Q1 of 2024

Stay updated with the latest SOP (Potassium Sulfate) prices, historical data, and tailored regional analysis
 

SOP (Potassium Sulfate) Price Trend for the Second Half of 2023

Stay updated with the latest SOP (Potassium Sulfate) prices, historical data, and tailored regional analysis
 

Asia

Potassium sulfate (SOP) prices are highly dependent on the feedstock materials caustic potash and sulfuric acid, as the market trends for these chemicals usually align closely with each other. During the second half of the year 2023, the potassium sulfate prices were found following the fluctuations in caustic potash and sulfuric acid prices. For the majority of the said period the trend was found tracing an inclined trajectory.

In the Chinese market, the monthly average prices went from about 453 USD/MT in July’23 to around 494 USD/MT in December’23. This imparted an approximate 9% increment on the Chinese potassium sulfate price graph. This change also influenced the regional market dynamics for potassium sulfate. Downstream demands were also supportive of the market trend for the most part. Overall, a positive market performance was witnessed.

Europe

The European potassium sulfate prices were found to be wavering during the second half of 2023. The market was still relatively relaxed during the middle of the given six-month span. The downstream ceramics and glass manufacturing firms, too, registered a decline in consumer interest. This was primarily because the economic recovery was already running slow amidst the ever-stretching Russia and Ukraine conflict when the war broke out between Israel and Hamas as well. This course of events tugged the SOP market in the latter phase of Q4’23. Overall, mixed market sentiments were found in H2’23.

North America

Potassium sulfate prices observed a fluctuating yet confined trajectory during the last two quarters of 2023. The intricate interplay between the supply and demand outlooks during the discussed period kept the markets afloat. Feedstock prices provided occasional relaxation; however, the consumer demands were humble for the most part. A largely buoyant price-performance was observed.

Analyst Insight

According to Procurement Resource, Potassium Sulfate prices are expected to incline in the coming months as the supply chain disturbances in the Red Sea will have repercussions in the longer run.
 

Potassium Sulfate Price Trend for the First Half of 2023

Asia

In the first quarter of 2023, the feedstock prices inclined till the middle of the quarter and supported the rise in the prices of potassium sulfate. However, towards the end of this quarter, the rates of imports increased by several folds while demand and exports fell significantly, hurting the market sentiments of potassium sulfate. The falling trend continued in the second quarter, too, as the number of consumer inquiries slowed down. In addition to this, the influx of cheap imports from Russia and weak domestic demand played a crucial role in dictating the downward trajectory of potassium sulfate prices.
 

Potassium Sulfate Price Chart

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Europe

The European market experienced a downward trend in the prices of potassium sulfate primarily due to the ongoing decrease in the prices of raw materials and a significant increase in inventory levels. Additionally, trade sanctions imposed on Russian imports and a reduced number of inquiries further dampened market confidence, resulting in a decline in potassium sulfate prices. Further, the fertilizer sector also faced challenges in European countries. Moreover, rising inflation and worsening economic conditions pushed the price trend of potassium sulfate in a negative direction.

North America

In North America, the price trajectory of potassium sulfate exhibited a gradual decrease during both the first and second quarters of 2023. This decline was primarily due to sluggish demand from downstream industries, particularly the fertilizer sector, and the ample supply of the product within the region, which impeded the upward movement of potassium sulfate prices. Furthermore, the global market witnessed the availability of discounted materials from Asia, Africa, and South America, which ultimately led to a reduction in the price trend of potassium sulfate.

Analyst Insight

According to Procurement Resource, the price trend of Potassium Sulfate is estimated to decline on account of the weak situation of fertilizers and other downstream sectors and rising rates of inflation and interests charged by banks.

Procurement Resource provides latest prices of SOP (Potassium Sulfate). 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.