North America
The FOB New Jersey prices for Vitamin B9 experienced a positive upswing in the period, concluding the third quarter of 2023 on a high note. July saw values at $47,150/mt, which then rose to $48,000/mt by September. The persistent surge in demand from pharmaceutical and nutraceutical industries drove the domestic market upward in the latter half of the quarter. The primary catalyst for the favorable price trend in the United States was the consistently low to modest inventory levels, prompting sellers to incrementally raise quotations each month. The strengthening of the US dollar against the Yuan led to currency fluctuations, contributing to an uptick in the cost of importing nutraceuticals in the latter part of the quarter. While a reversal in the US economy caused a slight deceleration in inflation during the third quarter of 2023, the Federal Reserve’s interest rate hike remained a concern for market players. Warehouse usage, inventory, and storage costs in the US surged dramatically from the first week of July, leading to a significant increase in the cost of goods such as Vitamin B9. Additionally, Chinese merchants raised their price discussions ahead of China’s vacations at the end of September, responding to heightened demand from the US, further driving up price quotations.
Asia Pacific
The third quarter of 2023 witnessed a sudden shift in the price trajectory for Vitamin B9 in the Asia Pacific region, with prices escalating from $25,500/mt to $26,440/mt between July and September. China’s price increase for vitamin B9 during this quarter resulted from several factors, with the stronger Yuan (RMB) relative to the USD and increased local demand from Nutra and Pharma businesses being the most significant. China’s economic growth in the first half of 2023 fell short of expectations due to deflation, high youth unemployment, and weak foreign demand. The second half of the year witnessed a loss of momentum, and the third quarter started on an unfavorable note. Throughout the period, manufacturing production remained steady, with market players maintaining moderate to low inventory levels to meet overall demand. A slight boost in both freight and manufacturing occurred in the latter weeks of September, just before the Golden Week vacations, driven by increased demand and inquiries.
Get Real Time Prices of Vitamin B9: https://www.chemanalyst.com/Pricing-data/vitamin-b9-1253
Europe
In Europe, Vitamin B9 prices commenced the third quarter of 2023 on a negative note in Germany’s domestic market, starting at $27,950/mt. However, by September, negotiations pushed prices up to $28,700/mt, concluding the quarter positively. As the economy stabilized in July, German suppliers of Vitamin B9 responded to growing demand by placing substantial orders to replenish their supply. Despite these positive developments, challenges persisted in the German manufacturing sector as the quarter unfolded. Import of Vitamin B9 from Asia, particularly China, remained positive throughout the quarter, driven by fresh inquiries from local pharmaceutical and nutraceutical industries. The depreciation of the Euro, coupled with the impact of a strong US dollar on imports from China, played a significant role in Germany’s price increase. Market investors maintained a wait-and-see approach, given ongoing economic challenges such as Germany’s subpar manufacturing climate and high inflation.
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