Asian Countries to Witness Uptrend in Benzoic Acid prices
- 24-May-2022 4:34 PM
- Journalist: Timothy Greene
Mumbai, India: After contrasting for several days, Benzoic Acid is now showcasing parallel market sentiments in Asian countries like India and China. A few days ago, the prices of Benzoic Acid were rising in India amidst escalated freight charges on its imports from China. In contrast, benzoic Acid prices were declining in China at the same time owing to reduced toluene prices. However, the situation has changed recently, and the prices of Benzoic Acid are surging in both these countries.
Now, the question of utmost importance is, what is the reason behind this change? To Decipher the truth, ChemAnalyst researchers did a market analysis of Benzoic Acid in both these countries, only to realise that the Toluene pricing trend is depicting an upward trajectory in China. As the prices of feedstock and toluene are going higher, so is the value of Benzoic Acid in the Chinese domestic market. Yesterday, Toluene prices went up by almost 1% in the Chinese market, which carried the Benzoic Acid market along with it.
Likewise, the price of Benzoic Acid is soaring in the Indian market as China is the major exporter of Benzoic Acid to India. If Benzoic Acid prices are increasing in China, then why it wouldn’t be in countries that are importing it from China. Furthermore, the skyrocketing freight charges and crude oil prices amid the Russia-Ukraine ongoing conflicts are adding to the already augmented price value of Benzoic Acid in India.
According to ChemAnalyst, “The Benzoic Acid market in China and India, will go hand-in-hand for a few more weeks, and the Benzoic Acid prices would keep surging in both the countries. In India, the price value of Benzoic Acid would show a dip in June as the manufacturers would want to clear up their stocks to avoid spoilage in the upcoming monsoon season. However, the Benzoic Acid trend would keep surging in the month of June as well.