For the Quarter Ending September 2023
North America
After beginning the quarter on an unfavorable note,
Vitamin B4 prices increased in the second half of the quarter, rounding off the third quarter of 2023 on a positive note. Following the unbalanced demand and supply circumstances, the domestic market for this commodity began to rise later in August, owing to improved demand for Vitamin B4 from the pharmaceutical and nutraceutical sectors. Inventory-wise, the mid-quarter drop in stock levels prompted sellers to raise their quotations by a significant margin. The cost of importing nutraceuticals increased in the second part of the quarter due to currency changes between the US dollar and the Chinese yuan (CNY). While inflation moderated slightly in the third quarter of 2023 as a result of the United States' economic turnaround, the Fed Reserve's interest rate hike kept market investors in choppy waters. Furthermore, Chinese merchants increased their price quotations ahead of China's golden week and mid-autumn vacations in September in response to increased demand from outside, particularly the United States, causing the price quotations to jump even more.
Asia Pacific
The price trajectory for Vitamin B4 in the third quarter of 2023 exhibited a strong trend toward higher costs, with prices rising from $620/mt to $650/mt from July to September. The development of China was slower than expected in the first half of 2023, then deteriorated in the second half due to rising deflation, high unemployment, and weak foreign demand. Although a few variables have contributed to China's Vitamin B4 price increase this quarter, the two most significant have been tight currency (stronger Yuan (RMB)) against the USD and higher local demand from end-user businesses. Higher orders for Vitamin B4 from pharmaceutical and nutraceutical providers considerably impacted the nation's dietary supplement market in Q3 2023. The strengthening of the Yuan and the fall in the value of the US dollar increased the cost of exporting nutraceuticals, including Vitamin B4, resulting in higher expenses for both the domestic and international markets. In terms of inventory, market participants who have met consumer demands have kept supply moderate to low, and manufacturing production has been stable during the period. Due to an increase in demand and inquiries, there was a slight increase in both freight and manufacturing in the latter weeks of September, prior to the Golden Week holidays.
During the third quarter of 2023, the market for Vitamin B4 in Germany demonstrated a mixed pattern, with values first declining from $720/mt to $670/mt from July to August and then rising to $710/mt in September. Product availability in the first half of the quarter drove merchants to cut their prices. However, this tendency changed, and a paucity of stock in the later half forced them to boost their quotations by a significant margin. According to industry analysts, the German manufacturing sector was still struggling as the third quarter began. As a result of increased queries from domestic pharmaceutical and nutraceutical companies, imports of Vitamin B4 from Asia, particularly China, remained positive throughout the quarter. Reduction of the Euro has also been a major factor in Germany's price increase, since the strong USD forced domestic players to pay high prices when importing goods from China. High inflation and Germany's unfavorable manufacturing environment remained the main challenges to the economy, and considering this market participants adopted a wait-and-see stance.
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