Throughout the first quarter of 2023, Sodium Gluconate Prices in North America was moderate to low. The slow economic activity, coupled with uninterrupted production, contributed to this demand trend. The construction sector experienced a marginal improvement by the end of the quarter, but it remained below expectations due to prolonged inflationary pressure. Moreover, the FED's frequent price revisions for domestic interest rates were adding to concerns about the country's economy and impacting the demand for the product. Further, labor shortage also restricted the actual growth in demand from the downstream industries.
In March 2023, the demand for products in India and China increased due to the seasonal demand surge and optimism about economic recovery. This resulted in a bullish market with moderate to high demand and stable supply in India, while in China, the market was bearish with low demand, stable supply, and prices on a downtrend due to the underwhelming economic recovery after the Lunar festival. In February 2023, both countries experienced a rise in demand from downstream industries, with stable supply and moderate demand in India, while China had stable supply with low demand, resulting in a bearish market.
The European economy has been underperforming due to the Russia-Ukraine war, which has put pressure on regional economic activities. As per data, demand for Sodium Gluconate from the domestic automotive sector has remained low, while other sectors, such as food & beverages and textiles, have also experienced seasonal lows. Despite some disruptions in the supply chain caused by snow, supplies remained stable to firm, and the narrow demand-supply gap supported a downward price trend. The reduced risk of a recession generated hope for future demand.
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