Barite Prices, Monitor, Analysis & Demand

North America

In the final quarter of 2023, the North American Barite market displayed a consistent performance, shaped by various pivotal factors influencing pricing dynamics. Firstly, in October, Barite prices in the US spot market observed a decline due to diminished demand from the glass industry, linked to a slowdown in construction activities and economic uncertainties. The plastic industry outpaced the growth of the glass sector, resulting in a 1.8% revenue decline for domestic glass industries over five years. The closure of furnaces by Owens-Illinois further impacted warehouse supplies.

Transitioning into November, prices experienced an increase due to limited supply and heightened demand from the paint coating and fertilizer sectors, fueled by restricted imports and disruptions in the Panama Canal route. December saw a consistent pricing trend influenced by reduced demand during the winter season and disruptions in trade routes, including the Panama Canal and the Red Sea, attributed to drought and rebel attacks.

Adverse weather conditions resulted in decreased demand from the downstream construction sector, while sustained demand from paint, coating, and glass manufacturing contributed to stable prices. Global economic instability and cautious buying behavior also played a role in maintaining a steady Barite price trend in the US spot market.

Asia-Pacific

In the APAC region, the Barite market in the fourth quarter of 2023 witnessed several significant factors that impacted prices. In October, Barite prices in the Indian spot market decreased due to subdued demand from the paint, coating, and paper manufacturing sectors facing economic uncertainties. The paper industry saw an 8-10% revenue decline, while the collaboration between Optiemus and Corning Inc. positively impacted Barite prices in the glass fiber sector. The paint industry, reliant on Barite, experienced increased consumption due to boosted construction activities, countering the overall sluggish demand. November witnessed a further decline in Barite prices as both local and overseas downstream industries reduced demand. Technological advancements in extraction processes increased Indian Barite production, leading to higher domestic inventories. Global demand decreased with winter affecting construction and manufacturing activities, and disruptions in the Panama Canal added to market pessimism. In December, Barite pricing in the Indian spot market followed a consistent pattern, influenced by reduced demand during the winter and holiday seasons. Disruptions in trade routes, including the Panama Canal and the Red Sea, along with adverse weather conditions, contributed to decreased demand from downstream sectors. The paint, coating, and glass manufacturing industries exhibited static demand, leading domestic mills to maintain stable prices throughout the month amid challenging market conditions. The surplus supply of Barite and intense competition in the overseas market further influenced prices. The quarter ended with a price of USD 124/MT for Barite Powder SG 4.2 (Grey) Ex-Chennai in India.

Europe

During the final quarter of 2023, the European Barite market experienced a notable reduction in prices and underwent shifts in market dynamics. Challenges arose as the Barite market in Europe faced diminishing prices attributed to decreased demand from both domestic and international downstream industries. Despite steady construction activity in October, the glass industry encountered a slowdown due to market instability triggered by federal interest rate hikes. Optimism for increased Barite consumption in Spain emerged with the Glass Alliance Europe's commitment to EU decarbonization. However, in November, Barite prices continued to decline as demand waned from both local and overseas industries. The heightened production in Spain led to elevated inventory levels. Various factors, including economic uncertainties, declining raw material prices, and the approaching winter and holiday season, prompted buyers to exercise caution, refraining from placing large orders. Disruptions in the Red Sea trade, along with attacks by the Houthi Rebel group, impacted export activities and raised freight costs. Consumer concerns about rebel attacks in the Red Sea further hindered the placement of orders.

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MEA

In the fourth quarter of 2023, the Barite market in the Middle East region experienced a slow declining trend. In October, Barite prices in the United Arab Emirates surged as local spot market supplies decreased while inventory levels grew gradually. Pressure from the Chinese Glass market intensified competition, prompting the UAE government to impose a five-year anti-dumping duty on Chinese glass material imports. In November, Barite prices declined due to reduced demand from both local and global downstream industries. Turkish mills' increased production led to higher domestic warehouse inventories. Winter-related decreases in global demand, disruptions in the Panama Canal, and economic uncertainties contributed to the market's pessimism. In December, Barite pricing in the UAE spot market followed a consistent pattern influenced by decreased demand during the winter and holiday seasons. Trade route disruptions in the Panama Canal and the Red Sea, caused by drought conditions and rebel attacks, respectively, added challenges. Adverse weather and reduced demand from the construction sector slowed manufacturing activity. The paint, coating, and glass manufacturing sectors exhibited static demand, maintaining stable prices throughout December as domestic mills exercised caution amid uncertain market conditions. The latest price for Barite Powder SG 4.2 (Grey) CFR Jebel Ali in the UAE at the end of the quarter was USD 164/MT.

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