In Q1 2024, Sodium Silicate(glass/lumps) prices in India decreased by approximately 5.9% from Q4 2023, The decline in sodium silicate prices during Q1 2024 can be attributed to a confluence of factors. A primary driver was the slowdown in the construction sector, influenced by economic conditions, interest rate fluctuations, and government policies. This resulted in reduced demand for sodium silicate, a key component in concrete and adhesives. Additionally, fluctuations in demand from other industries such as textiles, paper, and water treatment contributed to the overall price movement.
In Q2 2024, prices of Sodium Silicate slightly declined by 1.1%, although prices remained stable during initial months of the quarter but saw decline at the end. During this period, producers might have excess inventory from previous quarters, leading them to offer discounts or sell at lower prices to clear stocks.
For Q3 2024, prices in august declined by 3.3% compared to previous month. End of the quarter might experience an increase in demand which could spike the product prices. Rise in prices could be seen due to inventory replenishment and potential supply constraints. The extent of the price increase will depend on the interplay of these factors and the overall market dynamics.
As for Q4 2024, prices could see moderate increases due to rising demand from construction and industrial sectors, particularly with growing infrastructure development in India. However, the market may also experience price volatility due to global supply chain constraints, fluctuating fuel prices, and potential disruptions in the sourcing of raw materials like sodium oxide and silica.