Global Sodium Ascorbate Prices Continue to Plummet Till the End of 2022
- 23-Dec-2022 3:01 PM
- Journalist: Bob Duffler
Sodium Ascorbate prices in the global market have been in a tenuous position for the past few months amidst the limited trading activities experienced towards the end of the year. The price fall of Sodium Ascorbate in both regions, including China, a major manufacturer, is being supported by the ongoing decline in the feedstock Vitamin C and Sodium Bicarbonate cost. Additionally, the markets for Sodium Ascorbate are somewhat burdened by decreasing downstream pharmaceutical and Food & Beverage industry demand, which drives down the price of the downstream product.
Demand for Sodium Ascorbate has decreased globally from various end-user sectors, such as the pharmaceutical sector. One of the primary reasons for this includes upstream Vitamin C prices, which have also reduced because of the drop in inquiries in the domestic market, which kept the market sentiments of downstream Sodium Ascorbate on a weaker side. In contrast, a market expert noted that major producers (mainly China) have started reducing their Sodium Ascorbate output to balance a material surplus with diminishing demand in the last quarter of 2022.
According to a recent analysis, market players in Germany restrained themselves from placing newer orders and concentrated on the destocking procedures; as a result, further queries for Sodium Ascorbate were muted to a lower level. Overall, the prices for Sodium Ascorbate demonstrated till now witnessed a dwindling trend of around 2.38 percent.
Similarly, Sodium Ascorbate prices fell around 2.07 percent to date with no improvement in its downstream demand from the food and pharma sectors. This weak trend drives the market participants to cut off their prices of downstream Sodium Ascorbate and significantly increase their sales to destock the inventories.
According to the ChemAnalyst: "It is anticipated that with the start of New Year, i.e., 2023, the cost of Sodium Ascorbate will improve noticeably. Market players are expected to place new orders amidst an upsurge in end-user demand.