SOP (Potassium Sulfate) Price Trend and Forecast
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
Product | Category | Region | Price | Time Period |
SOP (Potassium Sulfate) | Agriculture, Farming and Commodity | China | 462 USD/MT | March 2024 |
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SOP (Potassium Sulfate) Price Trend for the Second Half of 2023
Product | Category | Region | Price | Time Period |
SOP (Potassium Sulfate) | Agriculture, Farming and Commodity | China | 453 USD/MT | July’23 |
SOP (Potassium Sulfate) | Agriculture, Farming and Commodity | China | 494 USD/MT | December’23 |
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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.
SOP refers to Sulfate of Potash which is a mixture of both potash and sulfur. The general composition for Sulfate of Potash involves 51% soluble potash and about 18% sulfur. It also includes traces of metals like calcium and magnesium. SOP is majorly used as a fertilizer and acts as an excellent source of potassium and sulfur nutrients. It is a low-chloride type of a fertilizer that aids the plants to resist diseases and pests.
Report Features | Details |
Product Name | SOP |
Industrial Uses | Sulfate of Potash, Potassium Sulfate |
Chemical Formula | K2SO4 |
Synonyms | Fertilisers, Glass manufacturing, Mining, Propellant |
Molecular Weight | 174.259 g/mol |
Supplier Database | Agrico Canada L.P, Ameropa Australia Pty Ltd, Archean Group, AG CHEMI GROUP s.r.o, AgroLiquid, ArrMaz Gulf Chemicals, Ltd. |
Region/Countries Covered | Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru Africa: South Africa, Nigeria, Egypt, Algeria, Morocco |
Currency | US$ (Data can also be provided in local currency) |
Supplier Database Availability | Yes |
Customization Scope | The report can be customized as per the requirements of the customer |
Post-Sale Analyst Support | 360-degree analyst support after report delivery |
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
SOP (Sulfate of Potash) is produced by Decantation process where Langbeinite is treated with a concentrated solution of Potassium chloride which results in the precipitation of potassium sulfate. The precipitated potassium sulfate is then separated by decantation. SOP can also be prepared by Mannheim Process.
The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).
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