In Q1 2024, the global Sodium Bicarbonate market experienced a moderate downward trend in key region China, USA, and India primarily due to weak demand from the food, pharmaceutical, and detergent industries. In China, the price of Food-Grade Sodium Bicarbonate (Purity >99%) averaged $263/MT, marking a 5.73% decline from the previous quarter. This drop was attributed to reduced demand in the food industry, caused by economic slowdowns, as well as lower export volumes to Europe and North America, where inflationary pressures affected bulk purchases. Additionally, the pharmaceutical sector showed limited growth, leading to decreased demand for Sodium Bicarbonate in antacids and medicinal formulations.
In Q2 2024, Sodium Bicarbonate prices rose to $274/MT, marking a 4.18% increase from Q1. This price movement was influenced by rising production costs and temporary supply disruptions due to stricter environmental regulations in China. Despite the price increase, the market remained under pressure from excess supply in APAC, as China and India continued high production levels amid sluggish demand. Lower export demand from Europe and weak performance in the detergent sector further limited market growth, with manufacturers reducing bulk purchases due to economic uncertainty. However, steady demand from the water treatment and pharmaceutical sectors helped stabilize the market, preventing a sharper decline.
By early Q3 2024, Sodium Bicarbonate prices in China showed signs of stabilization, reaching $274/MT in July. The market remained soft, but temporary price support came from rising production costs, driven by stricter environmental regulations in China, which led to temporary factory shutdowns. Additionally, stable pharmaceutical demand and a gradual recovery in exports to the Middle East and Africa provided slight relief. However, excess inventories and continued weak demand from food and detergent manufacturers kept the market under pressure.
Looking ahead to Q4 2024, the Sodium Bicarbonate market is expected to remain volatile. A potential demand spike in the food industry during the holiday season might lead to short-term price increases, but overall market conditions will remain subdued due to unstable Soda Ash prices, tightening environmental regulations in China, and rising energy costs affecting production. Unless a significant demand recovery occurs in key sectors like detergents, food, and pharmaceuticals, prices are unlikely to experience sustained upward momentum.