Hannah Harms's questions to Solvay SA (SLVYY) leadership • Q1 2025
Question
Hannah Harms of Bank of America inquired about the reasons for the sequential softness in the seaborne soda ash market, asking if it was driven by price, volume, specific country weakness, or Indian import policies.
Answer
CEO Philippe Kehren explained that the seaborne market, particularly in Southeast Asia, is softer compared to Q1 2024 when China was importing. He stated that China has returned to its normal export levels. Sequentially, he attributed the weakness to weakening demand in 2025 amid macroeconomic uncertainty and trade disputes causing customer caution.