Magnesium Sulphate Prices: In the second quarter of 2023 | ChemAnalyst

Chemanalyst08 Sep, 2023Business

During the second quarter of 2023, Magnesium Sulphate prices in North America experienced a bearish trend. Initially, the strengthening of the US dollar led to a decrease in the import prices of MgSO4. Prices remained stable but saw a slight decline due to moderate demand and rising labor costs caused by labor shortages resulting from a regional economic recession. Additionally, the demand for MgSO4 fell during the quarter, primarily due to reduced offtakes from fertilizer industries, which was influenced by a global decrease in demand for agrochemical products by farmers. Consequently, inventory levels increased, leading exporters to lower their quotations in an attempt to boost sales.